Beware Sellers!!!!!!!

Sellers beware: 8 factors that devalue a good home - There are a number of factors that sellers should consider regarding the resale value of their property. Some of these issues may devalue your home or scare some potential buyers away entirely, even if your home is an otherwise outstanding property. Among the issues, there's: 1) Location, location, location; 2) Good renovations gone bad; 3) Overly creative customization; 4) Unappealing curb appeal; and 5) Pets gone wild. See the full article for a complete list and details:
http://www.msnbc.msn.com/id/43114245/ns/business-personal_finance/

fresh brew 5\23/11

Valley housing auctions fast and furious - A record number of foreclosure houses were sold at trustee-sale auctions, in metro Phoenix in April. The number of sales has been growing for months and the record pace is expected to continue through next year. The outdoor food court in downtown Phoenix has effectively become the trading floor for the region's hottest commodity: foreclosed houses. Most days, more than 30 people surround the tables. At least five auctioneers set up their laptops and sell to the highest bidder. Read article:
http://www.azcentral.com/business/realestate/articles/2011/05/22/20110522phoenix-housing-auctions-foreclosures.html

Avoid Home Flaws Being Uncovered Too Late - Home inspections don’t always turn up everything wrong with a home, but unknowing buyers can quickly turn unsatisfied when they move into their new home if they find a bunch of problems. Home inspections, for example, don’t specifically test for environmental safety hazards like lead, asbestos, or radon. To help avoid post-move-in surprises, buyers also might consider bringing in additional safety inspectors to evaluate the home. Read article:
http://www.realtor.org/rmodaily.nsf/pages/News2011052006

Homebuilding on the mend!!

Experts: Metro Phoenix new-home market is on mend - Metro Phoenix's homebuilding market is on the second step of a five-phase recovery process, according to one of the nation's top housing analysts. During a Urban Land Institute panel discussion this week on the future of homebuilding, real-estate consultant John Burns laid out the five stages the current market must go through to rebound: 1) job growth, 2) reduced housing vacancies, 3) a market in which demand exceeds supply, 4) increases in rents and home prices, and then, finally, 5) new construction. "Phoenix is on its way," said Burns. "The area has job growth and is firmly in Stage 2." Read article:
http://www.azcentral.com/business/realestate/articles/2011/05/19/20110519phoenix-new-home-market-improving.html

new brew this week 5/11/11

Phoenix-area foreclosures down slightly in April - In April, for the second month in a row, the foreclosure rate among Phoenix-area homes decreased slightly from the previous month, according to a recent ASU study. In January and February, 43% of home-resale transactions in the Phoenix-area market were foreclosures. The incidence of foreclosure declined to nearly 38% of transactions in March and again to about 36% in April. Read article:
http://www.azcentral.com/business/realestate/articles/2011/05/10/20110510metro-phoenix-foreclosures-april.html

Mortgage Fraud Reaches Record High - Scammers are taking advantage of the real estate market, changing their schemes to take advantage of a distressed real estate market. Reports of mortgage fraud in 2010 reached the highest level on record, the Treasury Department reports. Mortgage fraud reports include everything from borrowers falsifying information on loan documents, fraudulent appraisals, to elaborate schemes that target home owners underwater on their mortgage. Read article:
http://www.realtor.org/rmodaily.nsf/pages/News2011051002

BUY NOW!!!!!!

Gallup Poll: Americans Say Buy Now - Homes are more affordable now than they’ve been in the last 35 years, reports Zillow.com. The average buyer nowadays can expect to spend about 17% of her monthly gross income on a mortgage, which compares to a 25% average since 1975. Americans seem to be getting the message about the value of home ownership. Nearly 70% of Americans say now is a good time to buy. Read article:
http://www.realtor.org/RMODaily.nsf/pages/News2011050502

Lower Foreclosure Numbers

Encouraging Foreclosure Numbers?


March saw a couple of records fall. One we’ve already mentioned: the number of homes purchased at auction by third-party buyers. There were 5,003 residential foreclosures in Maricopa County: 3,692 reverted to the beneficiary, and 1,311, or about 26.2%, were sold to third-party cash buyers. The smart money at auction, believing they are looking at a fleeing opportunity, continue to be aggressive with a strong rental market yelling in their ear, “Buy, buy, buy!” Why do auction buyers think time is of the essence? Let me give you a couple of reasons. In March we saw the biggest drop in active notices ever, a nearly 10% drop. Active foreclosure inventory fell from 37,533 to 33,955, a drop of 3,658 properties. Why are the numbers of active pending notices declining? We now have monthly trustee’s deeds nearly on par with new filings. In March we saw 5,692 new notices and 5,226 trustee’s deeds, leaving cancellations to hammer away at the existing inventory. In March, Maricopa County saw 3,582 residential cancellations. Looking a little farther downstream at the REO inventory, even with 3,692 properties returning to the banks, REO inventory declined slightly, from 20,076 in February to 19,861 in March. If we define the distressed property inventory as the number of active notices plus the number of REOs, our numbers are 33,955 plus 19,861, or 53,816, down from February’s 57,609.

closing costs help

Fannie Offers Closing Cost Help for REOs - To spark more interest in its massive holdings of foreclosed properties, Fannie Mae is offering to cover up to 3.5% of closings for homeowners who can close by June 30. Fannie sells most its REO properties through HomePath, which also provides financing for second homes and investment properties. Buyers receiving closing cost assistance must certify that they will be owner occupants. Read article:
http://www.nationalmortgagenews.com/dailybriefing/2010_323/fannie-offers-deals-1024282-1.html