MORE NEWS THIS WEEK

Phoenix Housing Market Shows Signs of Life - In June, Phoenix had the strongest resale activity in six years, helping to lift total sales from the year-ago month when federal tax credits were boosting the market. There were about 10,500 sales of new and existing houses and condos during June in the metro area covering Maricopa and Pinal counties, up 8.3% from May and 1.5% from June of last year, according to DataQuick, the real-estate research company based in San Diego. Read article:
http://blogs.wsj.com/developments/2011/07/27/phoenix-housing-market-shows-signs-of-life/

30-Year Fixed-Rate Mortgage Follows Treasury Yields Higher - Freddie Mac's Primary Mortgage Market Survey shows mortgage rates changing little for the week amid mixed macroeconomic data. 30-year fixed-rate mortgage (FRM) averaged 4.55% with an average 0.8 point for the week ending July 28, 2011, up from last week when it averaged 4.52%. Last year at this time, the 30-year FRM averaged 4.54%. Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Macroeconomic data released this week were a mixed bag. On the positive side, the index of leading indicators in June rose for the second consecutive month, beating the market consensus forecast." Read article:
http://realtytimes.com/rtpages/20110729_rates.htm

ATTENTION MILITARY FIRST TIME HOME BUYERS!!!!!!!!!

New Grant for Military First-Time Home Buyers - A new program is offering financial assistance to first-time home buyers who are veterans or active-duty military members. The Pentagon Federal Credit Union Foundation is offering the assistance through its Dream Makers program. A grant up to $5,000 to use on down payments and closing costs when buying their first home. Read article:
http://realtormag.realtor.org/daily-news/2011/07/26/new-grant-for-military-first-time-home-buyers

7/25/11 update on housing market

Realtors' confidence levels shoot up, survey reports - Phoenix-area real estate agents are regaining confidence in the local housing market, according to the results of a survey released Thursday. The Arizona Regional Multiple Listing Service conducts a monthly survey of active real-estate agents to gauge their confidence in the housing market. In July, the index shot upward nearly 7 points. Read article:
http://www.azcentral.com/business/realestate/articles/2011/07/21/20110721realtors-confidence-levels-shoot-up-survey-reports.html

Homebuyers Make Lifestyle Options Priority - The adage when it comes to real estate has been "location, location, location." A recent survey, though, shows that lifestyle options are a priority. These include health and safety, access to cultural activities, and family-friendly neighborhoods. Of course, location is still important, but today's buyers are looking for a sense of belonging in a community as well as creating a desirable lifestyle with the home they buy. Read article:
http://realtytimes.com/rtpages/20110722_lifestyle.htm

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