11/28/11

Stronger Lure for Home Buyers - Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities. The Phoenix market has a median mortgage Payment of $651 and a median rent of $762 for an affordability gap of -$111 -- a significant incentive for potential buyers. Read article:
http://online.wsj.com/article/SB10001424052970203764804577060502694077494.html?mod=WSJ_RealEstate_LeftTopNews

Should I Take My Home Off The Market During The Holidays? - Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Here are some more things to remember: 1) Relocating families often don't have a choice in when they can leave for their new destination. 2) Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created. When is your home ever more beautiful and inviting? 3) With reduced inventories and motivated buyers, you will have all the members of the MLS on your team. 4) If you do get a contract, you can arrange the terms to suit your needs. Read article:
http://realtytimes.com/rtpages/20111125_holidays.htm

11/16/11

Will Rates Stay Low? - While the Federal Reserve has promised to keep rates "low" until 2013, it is clear to many experts that the current historical lows we are experiencing will not last. According to the latest projections from the National Association of Realtors® (NAR), interest rates should gradually rise out of historic lows as we move through 2012. The NAR reports that current surveys reflect the tight credit conditions. Read article:
http://realtytimes.com/rtpages/20111116_staylow.htm

11/12/11

More Arizonans can refinance under plan - Many homeowners will be able to find out next week how to seek refinancing, no matter how underwater they are on their mortgages. The new program, as laid out by the president, would be open only to homeowners who are current on their payments or have missed no more than one in the past year. It applies only to those with mortgages backed by government-owned mortgage giants Fannie Mae and Freddie Mac, but the two entities back more than half of all mortgages, meaning many homeowners are likely eligible. Read article:
http://www.azcentral.com/business/articles/2011/11/10/20111110more-arizonans-can-refinance-underwater-mortgages-under-new-plan.html

30-Year Fixed-Rate Mortgage Averages 3.99 Percent - Freddie Mac's Primary Mortgage Market Survey showed average mortgage rates changing little from the previous week amid a mix of economic data reports as the 30-year fixed-rate mortgage averaged 3.995, dropping below 4.00% for the second time this year. The 30-year fixed averaged 3.94% in the October 6, 2011 survey. 30-year fixed-rate mortgage (FRM) averaged 3.99% with an average 0.7 point for the week ending November 10, 2011, down from last week when it averaged 4.00%. Last year at this time, the 30-year FRM averaged 4.17%. Read article:
http://realtytimes.com/rtpages/20111111_rates.htm

10/31/11 HAVE A SAFE HALLOWEEN!!!!!!!!!!!!!!!!!!!!!!!!!!

12 Most-Searched Housing Markets - Which cities are home buyers targeting the most? Realtor.com recently released its search rankings of 146 metros during the month of September. The Phoenix-Mesa market made the list at #7 with a median list price of $150,000. Read article:
http://realtormag.realtor.org/daily-news/2011/10/31/12-most-searched-housing-markets

Survey Reveals 5 Home Buying Myths - Overall, today’s home buyers tend to be fairly knowledgeable about the real estate market. However, a recent survey revealed five main areas of confusion. According to the survey, 41% of buyers think they will have to purchase private mortgage insurance, regardless of the amount of their downpayment. In reality, buyers only need to purchase PMI if their downpayment is less than 20% of the home’s purchase price. Additionally, 56% of the buyers said the purpose of the appraisal was to determine if a home was in good condition. In reality, the purpose of an appraisal is to estimate fair market value. Read article:
http://realtormag.realtor.org/daily-news/2011/10/28/survey-reveals-5-home-buying-myths

10/24/11

Obama To Promote New Steps To Help Housing Woes - According to an administration official, Obama's housing initiative will help homeowners with little or no equity in their homes refinance by cutting the cost of doing so and removing caps for deeply underwater borrowers. The new rules apply to homeowners with federally guaranteed mortgages who are current on their payments. With the president's jobs bill struggling in Congress, the White House is refocusing its efforts on steps Obama can take to address the nation's economic woes without getting lawmakers' approval. Read article:
http://www.npr.org/templates/story/story.php?storyId=141648275

10/20/11 this weeks update

CoreLogic: Good and bad in Phoenix, U.S. housing markets - CoreLogic released its U.S. Housing and Mortgage Trends report today with an interesting mix of national and local information. Here’s a look at data for the Phoenix metro area for July 2011:
- Total sales: 9,346
- REO sales: 3,415
- Short sales: 1,327
- Percent of sales that were distressed: 50.7 percent
- Home prices month-over-month: Up 1.3 percent
- Percent of home loans 90 days delinquent or longer: 9.9 percent
- Pre-foreclosure filings: 6,022
- Auction filings: 6,035
Read article:
http://www.bizjournals.com/phoenix/blog/business/2011/10/corelogic-good-and-bad-in-phoenix.html

What Your Clients Can Do If Rejected for a Loan - Lending experts say buyers shouldn’t give up if rejected for a loan — they may still be able to qualify for a mortgage if they keep trying. They should take a close evaluation of why the original mortgage application was turned down, and find ways to address those issues. Applicants can, by law, find out why they were rejected in a mortgage application. Some borrowers may need to save up for a larger down payment or take steps to improve their credit score. Others may find shopping around for other lenders can help. Read article:
http://realtormag.realtor.org/daily-news/2011/10/17/what-your-clients-can-do-if-rejected-for-loan

Additional articles that you may find of interest:

Assistnace for short sale assistance

Arizona trying new ways to assist homeowners - Of the $268 million allotted to the state since 2010, only about $4 million has been spent as of this week. Last week, officials launched a program to use the funds to help borrowers complete short sales. The state agency is now offering homeowners $4,500, plus money to pay closing costs such as the real-estate agent's fee, if they work with their lender to complete a short sale. It started taking applications for its short-sale assistance last week, and several real-estate agents already have made inquiries. Read article:
http://www.azcentral.com/arizonarepublic/news/articles/2011/09/30/20110930arizona-trying-new-ways-assist-homeowners.html