12/11/11

November housing stats for Phoenix show improvement - Here are some positive metrics based on data from the ARMLS:
* There were 1,889 property sales in November. That’s down from 2,029 sales recorded in October, but up from November 2010, when there were 1,677 sales.
* The November median price was $88,000, as compared with $83,000 in October and $80,000 in November 2010.
* Average days on the market for November stood at 59, as compared with 60 in October and 67 in November 2010.
Read article:
http://www.bizjournals.com/phoenix/blog/business/2011/12/november-housing-stats-for-phoenix.html

Report: Big Drop in Mortgage Delinquencies in 2012 - The number of borrowers behind on their mortgage payments is expected to drop sharply by the end of next year, according to a new report released by TransUnion. Rates are expected to rise to about 6% during the first three months of the new year before dropping to 5% by the end of 2012, TransUnion forecasts. At its peak in the fourth quarter of 2009, mortgage delinquencies stood at a 6.89% rate. Read article:
http://realtormag.realtor.org/daily-news/2011/12/08/report-big-drop-in-mortgage-delinquencies-in-2012

12/05/11

Housing is in last phase of 'bubble,' expert says - Nishu Sood, director of Wall Street's Deutsche Bank Securities, used the term "revulsion" to describe the current phase of metro Phoenix's housing market. Sood was the lead speaker at the Scottsdale-based Land Advisors' third annual housing forecast for the Phoenix area, presented to a group of the region's top real-estate executives. He was quick to point out that revulsion was the last phase in the "bubble" cycle before recovery for the region's housing market. Sood feels more positive about Phoenix's housing market and its oncoming recovery than he did about many other parts of the country. Read article:
http://www.azcentral.com/business/realestate/articles/2011/12/01/20111201housing-last-phase-bubble-expert-says.html

Are the Holidays a Good Time to Sell? - Sixty percent of real estate professionals advise their sellers to list a home during the holidays because it’s a good time to sell. Seventy-nine percent of the agents surveyed said that more serious buyers come out during the holidays, and 61% say less competition from other properties make it a great time to sell. Plus, 17% of agents say the cold weather is actually a benefit, making homes feel more cozy. Read article:
http://realtormag.realtor.org/daily-news/2011/12/05/are-holidays-good-time-sell

Things are looking up :)

Housing in 2012: Things are looking up - Last year the economic forecasting firm Fiserv predicted that home values would sink around 5% in 2011, and that prices in three-quarters of the nation's major metro areas would fall. The bad news is, the firm wasn't that far off the mark. The good news: In the coming year, Fiserv thinks 95% of the 384 metro areas it tracks will see prices rise. Foreclosures will continue to weigh on the market. According to Core- Logic, there are 5.4 million homes that are for sale or part of the market's "shadow inventory". Read article:
http://money.cnn.com/2011/11/11/pf/make_money_2012_housing.moneymag/index.htm

Have we hit rock bottom?

New stats indicate Arizona's housing market may have hit bottom - There are indications that the state's housing market may finally have hit bottom. A few of the state's metro areas moved into the positive range in the last quarter in terms of average home values. Marshall Vest, economist at the Eller College of Management at the University of Arizona points to the increase for the metro Phoenix area which includes both Maricopa and Pinal counties. While small - just 2.2% over the prior quarter - he said it bucks what has been a multi-year trend of declines. Read article:
http://www.eastvalleytribune.com/arizona/article_b2a648ae-1ac1-11e1-bdc3-001cc4c002e0.html

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