7/21/11 newest update

Phoenix real estate market starting to stage a comeback - When will the Phoenix real estate markets return to normal? Either 2013 or 2014, according to several residential and commercial real estate experts who presented their opinions at Real Estate Forward, a forum sponsored by the Arizona Regional Multiple Listing Service in conjunction with the Phoenix Business Journal. “This is not the time to go out and buy one home. It’s time to buy two or three homes,” said Scott Golba, who owns a property management firm and is an expert on residential rentals. Read article:
http://www.bizjournals.com/phoenix/blog/business/2011/07/phoenix-real-estate-starting-comeback.html

Gen Y to Lead 'Massive Increase in Housing Demand' - Watch out for Generation Y: This large, diverse, well-educated generation will drive the housing market recovery over the next 10 years, according to economists with the University of Southern California Lusk Center for Real Estate. Gen Y (15-32 year olds) boasts about 77.4 million members, which is about equal in size to the baby boomers (46-64 years old). Yet, Gen Y is much more diverse and educated (60% of Gen Y goes to college). Read article:
http://realtormag.realtor.org/daily-news/2011/07/20/gen-y-lead-massive-increase-in-housing-demand

week of 7/13/11

Phoenix-area foreclosures are down again - There was more good news for the Phoenix-area housing market in June, according to a recent ASU report. The rate of foreclosures continued to drop for the fourth consecutive month. Foreclosures represented 31% of the existing-home transactions in the Phoenix-area market in June, according to ASU, down from 35% in May, 36% in April, 38% in March, and 43% in January and February. Read article:
http://www.azcentral.com/business/realestate/articles/2011/07/13/20110713phoenix-foreclosures-down-again.html

Mortgage Rates: Lingering Low Mortgage Rates Remain a Great Deal - A survey of wholesale and direct lenders shows that, except for jumbo 30-year fixed mortgage rates, all other mortgage rates have remained stable for the past week. Current 30-year fixed mortgage rates are at 4.250% and 15 year fixed mortgage rates are at 3.500%. FHA continues to be the leader for lending these days with its low down payment requirements and easier credit qualifying. Jumbo 30-year fixed mortgage rates fluctuated this past week and currently are at 5.000%. Read article:

6/22/11 freshest brew

Experts offer varied housing outlooks - Housing-market watchers are searching for signs Phoenix's five-year housing downturn is near an end. Several reports show the market improving, and prices inching up this year. Data from Phoenix groups the Cromford Report and the Information Market:
- Home sales were up 3.5% in May over April.
- Pending sales are almost flat in May from April, signaling June could be another good month.
- Listings continue to fall and are down almost 10% from May.
Read article:
http://www.azcentral.com/business/realestate/articles/2011/06/21/20110621catherine-reagor-phoenix-experts-offer-varied-housing-outlooks.html

More Lawmakers Fight 20% Down Payment - A proposed 20% down payment rule for qualified residential mortgages is too high, argues a growing group of lawmakers in the House of Representatives. Late last week, about 240 lawmakers in the House sent a second letter to federal regulators urging them to lower the down payment rule on QRMs. Last month, about 150 lawmakers had signed a letter urging the same. Read article:
http://www.realtor.org/rmodaily.nsf/pages/News2011062102

Fresh brew week of 6/11/11

How the self-employed get mortgages - "There are two main problems that self-employed borrowers face when qualifying for a mortgage," says Cory Martilla, corporate sales manager of Supreme Lending in Dallas. "First, they need to prove their income with tax returns rather than using a 'stated income' loan. Second, the recession has caused declining income for many self-employed people. Even if their income has stabilized, the loan will be based on the average of two years of tax returns, which could show reduced income." Read article:
http://www.bankrate.com/finance/mortgages/how-the-self-employed-get-mortgages-1.aspx

Phoenix police warn about foreclosure rental scam - Phoenix police are investigating a scam that has people pay a deposit on a rental home that turns out to be in foreclosure and not available for renting, according to Phoenix police. The scammers are targeting people throughout the Valley. The scam works like this: After breaking into foreclosed homes and switching the locks on the doors, scammers use the Internet to target potential home renters. They place ads on websites such as Craigslist and mostly involve month-to-month rentals with no credit checks. These scams also target people who have recently had homes foreclosed. Read article:
http://www.azcentral.com/business/realestate/articles/2011/06/09/20110609phoenix-foreclosed-home-scam-abrk.html

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