"Home prices posted another record decline in October, falling 18% compared with a year earlier, according to a closely watched report released Tuesday.
The 20-city S&P Case-Shiller index has posted losses for a staggering 27 months in a row. In October, 14 of the 20 cities set fresh price decline records.
'The bear market continues; home prices are back to their March 2004 levels,' says David Blitzer, Chairman of the Index Committee at Standard & Poor's."
Click below to read more...
Home prices post record 18% drop
Tuesday, December 30, 2008
Sunday, December 28, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (12/28/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 54,392 (-306)
Single Family Detached - 44,707 (-257)
Patio homes - 921
Townhouses - 3,535
Apartment Style - 3,121
Gemini/Twin Homes - 400
Manufactured/Mobile Housing - 1,416
Modular/Pre-fab - 40
Loft Style - 251
Total Sold Listings (2008) - 58,426 (+966)
Single Family Detached - 51,362 (+880)
Patio homes - 856
Townhouses - 2,844
Apartment Style - 2,093
Gemini/Twin Homes - 321
Manufactured/Mobile Housing - 837
Modular/Pre-fab - 17
Loft Style - 96
Total Active Listings - 54,392 (-306)
Single Family Detached - 44,707 (-257)
Patio homes - 921
Townhouses - 3,535
Apartment Style - 3,121
Gemini/Twin Homes - 400
Manufactured/Mobile Housing - 1,416
Modular/Pre-fab - 40
Loft Style - 251
Total Sold Listings (2008) - 58,426 (+966)
Single Family Detached - 51,362 (+880)
Patio homes - 856
Townhouses - 2,844
Apartment Style - 2,093
Gemini/Twin Homes - 321
Manufactured/Mobile Housing - 837
Modular/Pre-fab - 17
Loft Style - 96
Friday, December 26, 2008
Mortgage applications soar as rates fall
"Near record low mortgage rates sent mortgage applications shooting higher last week, especially for refinances, according to an industry report.
The Mortgage Bankers Association reported that its overall Market Composite Index, a measure of mortgage loan application volume, shot up 48% on a seasonally adjusted basis for the week ending Dec. 19.
That was driven by a 62.6% leap in the group's Refinance Index. But the Conventional Purchase Index also increased 17.7%. The only component of the overall index to fall was the Government Purchase Index, which largely tracks FHA loans. It slipped 3.4%"
Click below to read more...
Mortgage applications soar as rates fall
The Mortgage Bankers Association reported that its overall Market Composite Index, a measure of mortgage loan application volume, shot up 48% on a seasonally adjusted basis for the week ending Dec. 19.
That was driven by a 62.6% leap in the group's Refinance Index. But the Conventional Purchase Index also increased 17.7%. The only component of the overall index to fall was the Government Purchase Index, which largely tracks FHA loans. It slipped 3.4%"
Click below to read more...
Mortgage applications soar as rates fall
The rush to refi is on - should you join?
"Falling interest rates are fueling a mortgage refinance frenzy as homeowners rush to reduce their housing payments.
The average rate for a 30-year, fixed mortgage dropped to 5.08% last week, according to the Mortgage Bankers Association, more than a full point lower than just a month ago.
Mortgage applications were up a whopping 48% last week, according to the MBA and more than 80% were from homeowners looking to lower housing costs."
Click below to read more...
The rush to refi is on - should you join?
The average rate for a 30-year, fixed mortgage dropped to 5.08% last week, according to the Mortgage Bankers Association, more than a full point lower than just a month ago.
Mortgage applications were up a whopping 48% last week, according to the MBA and more than 80% were from homeowners looking to lower housing costs."
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The rush to refi is on - should you join?
Tuesday, December 23, 2008
Home sales dropped 8.6% last month
"The number of existing homes sold during November plummeted 8.6% as prices plunged by record amounts, according to a closely watched housing industry report issued Tuesday.
The National Association of Realtors said that home sales dropped to an annualized rate of 4.49 million units. That was down from 4.98 in October and much less than the 4.93 million units projected by a consensus of industry analysts as reported by Briefing.com.
'The only region where we're seeing more sales are where bargain hunters are taking advantage of distressed sale prices,' said Lawrence Yun, the Realtors' chief economist. 'About 45% of transactions, nationally, were of distressed properties.'"
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Home sales dropped 8.6% last month
The National Association of Realtors said that home sales dropped to an annualized rate of 4.49 million units. That was down from 4.98 in October and much less than the 4.93 million units projected by a consensus of industry analysts as reported by Briefing.com.
'The only region where we're seeing more sales are where bargain hunters are taking advantage of distressed sale prices,' said Lawrence Yun, the Realtors' chief economist. 'About 45% of transactions, nationally, were of distressed properties.'"
Click below to read more...
Home sales dropped 8.6% last month
Sunday, December 21, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (12/21/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 54,698 (-101)
Single Family Detached - 44,964 (-88)
Patio homes - 935
Townhouses - 3,575
Apartment Style - 3,105
Gemini/Twin Homes - 404
Manufactured/Mobile Housing - 1,422
Modular/Pre-fab - 38
Loft Style - 255
Total Sold Listings (2008) - 57,460 (+1,453)
Single Family Detached - 50,482 (+1,295)
Patio homes - 846
Townhouses - 2,811
Apartment Style - 2,061
Gemini/Twin Homes - 318
Manufactured/Mobile Housing - 830
Modular/Pre-fab - 16
Loft Style - 96
Total Active Listings - 54,698 (-101)
Single Family Detached - 44,964 (-88)
Patio homes - 935
Townhouses - 3,575
Apartment Style - 3,105
Gemini/Twin Homes - 404
Manufactured/Mobile Housing - 1,422
Modular/Pre-fab - 38
Loft Style - 255
Total Sold Listings (2008) - 57,460 (+1,453)
Single Family Detached - 50,482 (+1,295)
Patio homes - 846
Townhouses - 2,811
Apartment Style - 2,061
Gemini/Twin Homes - 318
Manufactured/Mobile Housing - 830
Modular/Pre-fab - 16
Loft Style - 96
Saturday, December 20, 2008
Unfinished subdivisions stuck with underfunded HOAs
"When the San Tan Heights Homeowners Association switched from developer control to homeowner-elected leaders in August, its new board members and management company learned that the HOA was practically DOA.
Its problems included nearly $1.6 million in unpaid dues that the previous HOA board in the Queen Creek-area community had made no effort to collect.
The biggest individual delinquencies belong to bankrupt home builders."
Click below to read more...
Unfinished subdivisions stuck with underfunded HOAs
Its problems included nearly $1.6 million in unpaid dues that the previous HOA board in the Queen Creek-area community had made no effort to collect.
The biggest individual delinquencies belong to bankrupt home builders."
Click below to read more...
Unfinished subdivisions stuck with underfunded HOAs
Mortgage rates fall to 37-year low
"Mortgage rates fell this week, with the 30-year fixed mortgage sinking to its lowest rate in 37 years as the Federal Reserve cut interest rates to historic lows.
Government-sponsored mortgage lender Freddie Mac (FRE, Fortune 500) said Thursday that fixed rates on 30-year mortgages averaged 5.19% for the week ending Dec. 18. That's down from 5.47% last week and below the year-ago rate of 6.14%.
'Interest rates for 30-year fixed-rate mortgage rates fell for the seventh consecutive week, moving these rates to the lowest since the survey began in April 1971,' said Frank Nothaft, Freddie Mac vice president and chief economist."
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Mortgage rates fall to 37-year low
Government-sponsored mortgage lender Freddie Mac (FRE, Fortune 500) said Thursday that fixed rates on 30-year mortgages averaged 5.19% for the week ending Dec. 18. That's down from 5.47% last week and below the year-ago rate of 6.14%.
'Interest rates for 30-year fixed-rate mortgage rates fell for the seventh consecutive week, moving these rates to the lowest since the survey began in April 1971,' said Frank Nothaft, Freddie Mac vice president and chief economist."
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Mortgage rates fall to 37-year low
Tuesday, December 16, 2008
Housing permits, starts sink to record lows
"Housing permits and starts fell to record lows in November, the government said Tuesday, in the latest sign that the housing market is continuing its decline.
Housing permits fell more than 15% to an annual rate of 616,000 last month, the Commerce Department said, while starts slid nearly 19% to an annual rate of 625,000.
'[Housing permits and starts] are startlingly low and really underscore the degree to which builders are cutting back aggressively on construction,' said Mike Larson, a real estate analyst for the Weiss Group. 'We still have too many homes for sale on the market.'"
Click below to read more...
Housing permits, starts sink to record lows
Housing permits fell more than 15% to an annual rate of 616,000 last month, the Commerce Department said, while starts slid nearly 19% to an annual rate of 625,000.
'[Housing permits and starts] are startlingly low and really underscore the degree to which builders are cutting back aggressively on construction,' said Mike Larson, a real estate analyst for the Weiss Group. 'We still have too many homes for sale on the market.'"
Click below to read more...
Housing permits, starts sink to record lows
Monday, December 15, 2008
U.S. homes lose $2 trillion in value during 2008
"American homeowners will collectively lose more than $2 trillion in home value by the end of 2008, according to a report released Monday.
The real estate Web site Zillow.com calculated that home values have dropped 8.4% year-over-year during the first three quarters of 2008, compared with the same period of 2007.
Some 11.7 million Americans are now 'underwater,' owing more on their mortgage balances than their homes are worth."
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U.S. homes lose $2 trillion in value during 2008
The real estate Web site Zillow.com calculated that home values have dropped 8.4% year-over-year during the first three quarters of 2008, compared with the same period of 2007.
Some 11.7 million Americans are now 'underwater,' owing more on their mortgage balances than their homes are worth."
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U.S. homes lose $2 trillion in value during 2008
Sunday, December 14, 2008
Foreclosure workshop draws crowds in Gilbert
"Fears of impending foreclosure drew about 110 people to Gilbert on Saturday for a workshop that addressed everything from budgets to last-resort loan options.
The workshops, sponsored by the Leadership Centre and the Arizona Foreclosure Prevention Task Force, have been held Valley-wide. One in Glendale drew 1,800 people.
The workshops are designed to help homeowners learn their options to avoid a foreclosure before their home is sold by the lender."
Click below to read more...
Foreclosure workshop draws crowds in Gilbert
The workshops, sponsored by the Leadership Centre and the Arizona Foreclosure Prevention Task Force, have been held Valley-wide. One in Glendale drew 1,800 people.
The workshops are designed to help homeowners learn their options to avoid a foreclosure before their home is sold by the lender."
Click below to read more...
Foreclosure workshop draws crowds in Gilbert
Number of Active & Sold Listings in the Phoenix-Metro Area (12/14/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 54,799 (-26)
Single Family Detached - 45,052 (+22)
Patio homes - 929
Townhouses - 3,561
Apartment Style - 3,120
Gemini/Twin Homes - 405
Manufactured/Mobile Housing - 1,443
Modular/Pre-fab - 38
Loft Style - 251
Total Sold Listings (2008) - 56,007 (+897)
Single Family Detached - 49,187 (+816)
Patio homes - 830
Townhouses - 2,738
Apartment Style - 2,017
Gemini/Twin Homes - 311
Manufactured/Mobile Housing - 815
Modular/Pre-fab - 16
Loft Style - 93
Thursday, December 11, 2008
53% of rescued borrowers default anyway
"More than half of delinquent homeowners whose mortgages were modified earlier this year ended up redefaulting within six months, a top bank regulator said Monday.
Some 53% of borrowers with loans modified in the first three months of 2008 and 51% of those with loans modified in the second quarter could not keep up with payments within six months, according to U.S. Comptroller John Dugan, who spoke at a housing conference.
The report, which will be released in full next week, covers nearly 35 million loans worth a total of $6 trillion - or 60% of all primary mortgages in the United States."
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53% of rescued borrowers default anyway
Some 53% of borrowers with loans modified in the first three months of 2008 and 51% of those with loans modified in the second quarter could not keep up with payments within six months, according to U.S. Comptroller John Dugan, who spoke at a housing conference.
The report, which will be released in full next week, covers nearly 35 million loans worth a total of $6 trillion - or 60% of all primary mortgages in the United States."
Click below to read more...
53% of rescued borrowers default anyway
Mortgage rates hit 41/2 year low of 5.47%
"Mortgage rates fell again this week, following the government's efforts to assist the troubled housing market.
Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.47% for the week ending Dec. 11. That's down from 5.53% last week and well below 6.11%, which is where the rate stood at this time last year.
Mortgage rates began to fall after November 25th, when the administration announced that it would pump another $800 billion into the credit markets to unfreeze consumer and mortgage lending."
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Mortgage rates hit 41/2 year low of 5.47%
Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.47% for the week ending Dec. 11. That's down from 5.53% last week and well below 6.11%, which is where the rate stood at this time last year.
Mortgage rates began to fall after November 25th, when the administration announced that it would pump another $800 billion into the credit markets to unfreeze consumer and mortgage lending."
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Mortgage rates hit 41/2 year low of 5.47%
Wednesday, December 10, 2008
Mortgage applications down from prior week's surge
"Mortgage applications fell last week, edging down after a surge in the week prior when the Federal Reserve's purchase of debt pushed down interest rates. That enticed many homeowners to refinance.
The Mortgage Bankers Association reported Wednesday that mortgage loan application volume fell 7.1% on a seasonally adjusted basis for the week ended Dec. 5.
The week prior, mortgage loan application volume had surged 112.1% on a seasonally adjusted basis."
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Mortgage applications down from prior week's surge
The Mortgage Bankers Association reported Wednesday that mortgage loan application volume fell 7.1% on a seasonally adjusted basis for the week ended Dec. 5.
The week prior, mortgage loan application volume had surged 112.1% on a seasonally adjusted basis."
Click below to read more...
Mortgage applications down from prior week's surge
Monday, December 8, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (12/7/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 54,825 (-379)
Single Family Detached - 45,030 (-332)
Patio homes - 922
Townhouses - 3,568
Apartment Style - 3,168
Gemini/Twin Homes - 399
Manufactured/Mobile Housing - 1,450
Modular/Pre-fab - 38
Loft Style - 250
Total Sold Listings (2008) - 55,110 (+1,332)
Single Family Detached - 48,368 (+1,199)
Patio homes - 820
Townhouses - 2,712
Apartment Style - 1,989
Gemini/Twin Homes - 307
Manufactured/Mobile Housing - 806
Modular/Pre-fab - 16
Loft Style - 92
Sunday, December 7, 2008
Foreclosures soar 76% to record 1.35 million
"A record 1.35 million homes were in foreclosure in the third quarter, driving the foreclosure rate up to 2.97%, the Mortgage Bankers Association said Friday.
That's a 76% increase from a year ago, according to the group's National Delinquency Survey.
At the same time, the number of homeowners falling behind on their mortgages rose to a record 6.99%, up from 5.59% a year ago, the association said."
Click below to read more...
Foreclosures soar 76% to record 1.35 million
That's a 76% increase from a year ago, according to the group's National Delinquency Survey.
At the same time, the number of homeowners falling behind on their mortgages rose to a record 6.99%, up from 5.59% a year ago, the association said."
Click below to read more...
Foreclosures soar 76% to record 1.35 million
Do your homework before home auctions
"See a 3,000-square-foot home, built in 2005, on the auction block with opening bid set at $50,000. Or a possible rental property, built in 1962, with an opening bid of $10,000.
It's enough to make your palms itch.
But before you raise your paddle, the auctioneer seems to be raising the price without any bids."
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Do your homework before home auctions
It's enough to make your palms itch.
But before you raise your paddle, the auctioneer seems to be raising the price without any bids."
Click below to read more...
Do your homework before home auctions
Thursday, December 4, 2008
Tolleson blocks hit hard by foreclosures
"On two parallel streets in south Tolleson, residents are struggling to hang on to their homes.
Others are stuck, unable to sell because they owe more than their home is worth.
Some want to stay but are growing more concerned as they watch their neighbors leave."
Click below to read more...
Tolleson blocks hit hard by foreclosures
Others are stuck, unable to sell because they owe more than their home is worth.
Some want to stay but are growing more concerned as they watch their neighbors leave."
Click below to read more...
Tolleson blocks hit hard by foreclosures
Mortgage applications surge 112% in latest week
"Mortgage applications more than doubled last week, a mortgage bankers' group said Wednesday, as government bailouts led to sinking interest rates that made refinancing especially more attractive.
In the weekly report, the Market Composite Index - the association's measure of mortgage loan application volume - surged 112.1% on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4% from the previous week; it was down 21.9% from a year earlier, the report said. Results included an adjustment to account for the Thanksgiving holiday."
Click below to read more...
Mortgage applications surge 112% in latest week
In the weekly report, the Market Composite Index - the association's measure of mortgage loan application volume - surged 112.1% on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4% from the previous week; it was down 21.9% from a year earlier, the report said. Results included an adjustment to account for the Thanksgiving holiday."
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Mortgage applications surge 112% in latest week
Wednesday, December 3, 2008
Foreclosures make home selling too tough
"Selling a home in this market is hard enough. Competing in a neighborhood flooded with foreclosed homes that are heavily discounted is nearly impossible.
There are nearly a million repossessed homes on the market right now. And these homes, dubbed in the industry as REO (real estate owned) properties, are being marketed by the most motivated of all sellers - that is, the lenders stuck holding the bag when homeowners default.
On average, foreclosed homes are priced almost 40% lower than normal real estate listings, according to data supplied by Trulia.com, the real estate Web site."
Click below to read more...
Foreclosures make home selling too tough
There are nearly a million repossessed homes on the market right now. And these homes, dubbed in the industry as REO (real estate owned) properties, are being marketed by the most motivated of all sellers - that is, the lenders stuck holding the bag when homeowners default.
On average, foreclosed homes are priced almost 40% lower than normal real estate listings, according to data supplied by Trulia.com, the real estate Web site."
Click below to read more...
Foreclosures make home selling too tough
FDIC head says stepped up foreclosure prevention is needed
"The nation's top banking regulator warned Tuesday that help for troubled homeowners is failing to keep pace with the foreclosure crisis.
'We're definitely behind the curve, and we fall further behind the curve every day,' FDIC Chairwoman Sheila Bair told an audience at the Fortune 500 Forum in Washington, D.C.
According to Bair, the nation's financial system would be in much better condition today if earlier warnings she made about mortgage modification had been heeded."
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FDIC head says stepped up foreclosure prevention is needed
'We're definitely behind the curve, and we fall further behind the curve every day,' FDIC Chairwoman Sheila Bair told an audience at the Fortune 500 Forum in Washington, D.C.
According to Bair, the nation's financial system would be in much better condition today if earlier warnings she made about mortgage modification had been heeded."
Click below to read more...
FDIC head says stepped up foreclosure prevention is needed
Valley housing recovery on track
"National real-estate analyst Tim Sullivan of the Sullivan Group put together a seven-point test to track a recovery of metropolitan Phoenix's housing market. Last December, the Valley passed only one of the measures.
Check out the area's current housing report card on Sullivan's seven criteria. The market is getting better marks."
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Valley housing recovery on track
Check out the area's current housing report card on Sullivan's seven criteria. The market is getting better marks."
Click below to read more...
Valley housing recovery on track
Sunday, November 30, 2008
How foreclosures have swept the Valley
"More than 40,000 Valley homeowners have lost their homes to foreclosure in the past 18 months.
A combination of factors led to the surge. Adjustable-rate mortgages have reset to higher interest rates. Investors have walked away from bad purchases. Job losses are mounting.
Today, The Arizona Republic offers new views of the problem plaguing the Valley's housing market, with an analysis of these foreclosures."
Click below to read more...
How foreclosures have swept the Valley
A combination of factors led to the surge. Adjustable-rate mortgages have reset to higher interest rates. Investors have walked away from bad purchases. Job losses are mounting.
Today, The Arizona Republic offers new views of the problem plaguing the Valley's housing market, with an analysis of these foreclosures."
Click below to read more...
How foreclosures have swept the Valley
Number of Active & Sold Listings in the Phoenix-Metro Area (11/30/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 55,204 (-41)
Single Family Detached - 45,362 (-51)
Patio homes - 921
Townhouses - 3,593
Apartment Style - 3,163
Gemini/Twin Homes - 383
Manufactured/Mobile Housing - 1,486
Modular/Pre-fab - 40
Loft Style - 256
Total Sold Listings (2008) - 53,778 (+1,155)
Single Family Detached - 47,169 (+1,054)
Patio homes - 805
Townhouses - 2,664
Apartment Style - 1,940
Gemini/Twin Homes - 303
Manufactured/Mobile Housing - 791
Modular/Pre-fab - 16
Loft Style - 90
Friday, November 28, 2008
New home sales tumble 5.3%, lowest in nearly 18 years
"Sales of newly constructed homes slumped in October to an annual rate not seen since 1991, according to government figures released Wednesday.
The U.S. Census Bureau reported that new home sales fell to an annualized rate of 433,000 in October. That's down 5.3% from the revised 457,000 annual rate recorded in September, and off more than 40% from a year ago.
'October was definitely another disappointing month for the home-building industry,' said Mike Larson, real estate analyst at Weiss Research. But he added that the decline was not surprising given the ongoing weakness in the housing market."
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New home sales tumble 5.3%, lowest in nearly 18 years
The U.S. Census Bureau reported that new home sales fell to an annualized rate of 433,000 in October. That's down 5.3% from the revised 457,000 annual rate recorded in September, and off more than 40% from a year ago.
'October was definitely another disappointing month for the home-building industry,' said Mike Larson, real estate analyst at Weiss Research. But he added that the decline was not surprising given the ongoing weakness in the housing market."
Click below to read more...
New home sales tumble 5.3%, lowest in nearly 18 years
Mortgage rates plummet after $800 billion credit infusion
"Mortgage rates fell sharply yesterday after the administration announced that it will pump another $800 billion into credit markets to free up frozen consumer and mortgage lending.
That number dwarfed previous government actions aimed at bolstering the mortgage lending market.
'The feds agreed to spend a half a trillion dollars to buy up mortgage backed securities and another $100 billion to fund lending for Fannie and Freddie; we're not talking chump change anymore,' said Keith Gumbinger of HSH Associates, a publisher of mortgage information."
Click below to read more...
Mortgage rates plummet after $800 billion credit infusion
That number dwarfed previous government actions aimed at bolstering the mortgage lending market.
'The feds agreed to spend a half a trillion dollars to buy up mortgage backed securities and another $100 billion to fund lending for Fannie and Freddie; we're not talking chump change anymore,' said Keith Gumbinger of HSH Associates, a publisher of mortgage information."
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Mortgage rates plummet after $800 billion credit infusion
Tuesday, November 25, 2008
Existing home sales down more than expected in October
"Sales of existing homes fell in October and prices continued to decline as potential buyers remain sidelined by the weak economy, according to a real estate group's report issued Monday.
The National Association of Realtors reported that sales by homeowners slid in October to an annual pace of 4.98 million. That was down 3.1% from September's revised reading of 5.14 million.
Economists surveyed by Briefing.com were expecting sales to have declined to an annual rate of 5.05 million in October."
Click below to read more...
Existing home sales down more than expected in October
The National Association of Realtors reported that sales by homeowners slid in October to an annual pace of 4.98 million. That was down 3.1% from September's revised reading of 5.14 million.
Economists surveyed by Briefing.com were expecting sales to have declined to an annual rate of 5.05 million in October."
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Existing home sales down more than expected in October
Home prices post a record decline in Case-Shiller survey
"The home price plunge stayed on a record pace this summer, according to a widely watched gauge of national real estate markets released Tuesday.
The S&P Case-Shiller Home Price national index recorded a 16.6% decline in the third quarter compared with the same period a year ago. That eclipsed the previous record of 15.1% set during the second quarter.
Prices in Case-Shiller's separate index of 10 major cities fell a record 18.6%, while its 20-city index dropped a record 17.4%"
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Home prices post a record decline in Case-Shiller survey
The S&P Case-Shiller Home Price national index recorded a 16.6% decline in the third quarter compared with the same period a year ago. That eclipsed the previous record of 15.1% set during the second quarter.
Prices in Case-Shiller's separate index of 10 major cities fell a record 18.6%, while its 20-city index dropped a record 17.4%"
Click below to read more...
Home prices post a record decline in Case-Shiller survey
Monday, November 24, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (11/23/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 55,245 (+476)
Single Family Detached - 45,413 (+324)
Patio homes - 916
Townhouses - 3,586
Apartment Style - 3,155
Gemini/Twin Homes - 381
Manufactured/Mobile Housing - 1,497
Modular/Pre-fab - 37
Loft Style - 260
Total Sold Listings (2008) - 52,623 (+1,136)
Single Family Detached - 46,115 (+1,030)
Patio homes - 793
Townhouses - 2,624
Apartment Style - 1,914
Gemini/Twin Homes - 299
Manufactured/Mobile Housing - 777
Modular/Pre-fab - 14
Loft Style - 87
Total Active Listings - 55,245 (+476)
Single Family Detached - 45,413 (+324)
Patio homes - 916
Townhouses - 3,586
Apartment Style - 3,155
Gemini/Twin Homes - 381
Manufactured/Mobile Housing - 1,497
Modular/Pre-fab - 37
Loft Style - 260
Total Sold Listings (2008) - 52,623 (+1,136)
Single Family Detached - 46,115 (+1,030)
Patio homes - 793
Townhouses - 2,624
Apartment Style - 1,914
Gemini/Twin Homes - 299
Manufactured/Mobile Housing - 777
Modular/Pre-fab - 14
Loft Style - 87
Sunday, November 23, 2008
Fannie and Freddie suspend foreclosures
"Mortgage giants Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009, meant to give a recently announced rescue plan time to work.
The Streamlined Modification Program, set to launch Dec. 15, enables delinquent borrowers to get a modified mortgage that lowers payments to no more than 38% of their gross incomes.
'By delaying these foreclosure sales, the nation's servicers will have the opportunity to work with more borrowers who could qualify for a modification under the new [program],' said Freddie Mac CEO David M. Moffett in a statement."
Click below to read more...
Fannie and Freddie suspend foreclosures
The Streamlined Modification Program, set to launch Dec. 15, enables delinquent borrowers to get a modified mortgage that lowers payments to no more than 38% of their gross incomes.
'By delaying these foreclosure sales, the nation's servicers will have the opportunity to work with more borrowers who could qualify for a modification under the new [program],' said Freddie Mac CEO David M. Moffett in a statement."
Click below to read more...
Fannie and Freddie suspend foreclosures
Wednesday, November 19, 2008
U.S. tries new tack on mortgage program
"The Bush administration said Wednesday that it was changing its nearly-moribund mortgage rescue plan in an effort to spark more lenders and homeowners to participate.
The Department of Housing and Urban Development's Hope for Homeowners mortgage rescue plan, which Congress toiled over for months before passing legislation last summer, took effect Oct. 1.
The program aimed to help hundreds of thousands of homeowners by putting up government insurance behind cheaper, refinanced mortgages, for people at risk of foreclosure."
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U.S. tries new tack on mortgage program
The Department of Housing and Urban Development's Hope for Homeowners mortgage rescue plan, which Congress toiled over for months before passing legislation last summer, took effect Oct. 1.
The program aimed to help hundreds of thousands of homeowners by putting up government insurance behind cheaper, refinanced mortgages, for people at risk of foreclosure."
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U.S. tries new tack on mortgage program
Sunday, November 16, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (11/16/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 54,769 (+621)
Single Family Detached - 45,089 (+511)
Patio homes - 919
Townhouses - 3,532
Apartment Style - 3,089
Gemini/Twin Homes - 371
Manufactured/Mobile Housing - 1,478
Modular/Pre-fab - 37
Loft Style - 254
Total Sold Listings (2008) - 51,487 (+1,089)
Single Family Detached - 45,085 (+1,012)
Patio homes - 782
Townhouses - 2,579
Apartment Style - 1,886
Gemini/Twin Homes - 292
Manufactured/Mobile Housing - 765
Modular/Pre-fab - 13
Loft Style - 85
Total Active Listings - 54,769 (+621)
Single Family Detached - 45,089 (+511)
Patio homes - 919
Townhouses - 3,532
Apartment Style - 3,089
Gemini/Twin Homes - 371
Manufactured/Mobile Housing - 1,478
Modular/Pre-fab - 37
Loft Style - 254
Total Sold Listings (2008) - 51,487 (+1,089)
Single Family Detached - 45,085 (+1,012)
Patio homes - 782
Townhouses - 2,579
Apartment Style - 1,886
Gemini/Twin Homes - 292
Manufactured/Mobile Housing - 765
Modular/Pre-fab - 13
Loft Style - 85
FDIC: Plan could help 1.5 million keep homes
"Publicly breaking with the Bush administration's official stance, the Federal Deposit Insurance Corp. proposed Friday to use $24 billion in government funding to help 1.5 million American households avoid foreclosure.
Where to find that money, though, is in dispute. FDIC officials want to use part of the $700 billion bailout of the financial industry to pay for it. But the Treasury Department is opposed to that idea.
Testifying on Capitol Hill Friday, Neel Kashkari, the Treasury Department's assistant secretary for financial stability, said the aim of the $700 billion plan was to make investments with the hope of getting the money back. That he said, was “fundamentally different from just having a government spending program” that would disburse money with no chance of ever seeing any returns."
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FDIC: Plan could help 1.5 million keep homes
Where to find that money, though, is in dispute. FDIC officials want to use part of the $700 billion bailout of the financial industry to pay for it. But the Treasury Department is opposed to that idea.
Testifying on Capitol Hill Friday, Neel Kashkari, the Treasury Department's assistant secretary for financial stability, said the aim of the $700 billion plan was to make investments with the hope of getting the money back. That he said, was “fundamentally different from just having a government spending program” that would disburse money with no chance of ever seeing any returns."
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FDIC: Plan could help 1.5 million keep homes
Metro Phoenix housing prices dip again
"Lenders' pledges to be more aggressive about modifying delinquent mortgage loans did nothing to ease Maricopa County's swelling foreclosure rate in October, according to the latest housing report from Arizona State University. Foreclosures on single-family homes increased from 3,655 in September to 3,745.
Meanwhile, home resales followed a predictable pattern of seasonal decreases, dipping to 4,465 transactions in October from 4,625 sales the month before.
The city with the highest ratio of foreclosures to resales was Phoenix, where there were 65 more foreclosures than regular sales.
The median resale price also fell slightly, to $175,000 in October from $180,000 in September."
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Metro Phoenix housing prices dip again
Meanwhile, home resales followed a predictable pattern of seasonal decreases, dipping to 4,465 transactions in October from 4,625 sales the month before.
The city with the highest ratio of foreclosures to resales was Phoenix, where there were 65 more foreclosures than regular sales.
The median resale price also fell slightly, to $175,000 in October from $180,000 in September."
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Metro Phoenix housing prices dip again
Thursday, November 13, 2008
Indebted builders start new company
"As debt-ridden Scottsdale home builder Hacienda Builders faces one creditor lawsuit after another, the company's top executives continue to do business under a new name, Encanta Construction.
Hacienda Builders' Web site home page displays only the brief message, 'Due to economic conditions, Hacienda Builders has ceased day-to-day operations,' along with an e-mail address to request information about its subcontractors.
Hacienda, a 17-year-old company involved in the West Valley master-planned communities Tartesso and Verrado, did not pay the renewal fee for its contractor's license, which expired in September."
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Indebted builders start new company
Hacienda Builders' Web site home page displays only the brief message, 'Due to economic conditions, Hacienda Builders has ceased day-to-day operations,' along with an e-mail address to request information about its subcontractors.
Hacienda, a 17-year-old company involved in the West Valley master-planned communities Tartesso and Verrado, did not pay the renewal fee for its contractor's license, which expired in September."
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Indebted builders start new company
Foreclosures in October jump 25% from a year ago
"As government and industry scrambled to stem the housing crisis, another 84,868 homes were lost to foreclosure in October, according to a report released Thursday.
Last month 279,561 struggling borrowers received foreclosure filings, including default notices, notices of auction sales and bank repossessions, according to RealtyTrac, an online marketplace for foreclosures. That's a 5% increase from September, and up 25% from October 2007.
'October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year,' said James J. Saccacio, chief executive officer of RealtyTrac, in a statement."
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Foreclosures in October jump 25% from a year ago
Last month 279,561 struggling borrowers received foreclosure filings, including default notices, notices of auction sales and bank repossessions, according to RealtyTrac, an online marketplace for foreclosures. That's a 5% increase from September, and up 25% from October 2007.
'October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year,' said James J. Saccacio, chief executive officer of RealtyTrac, in a statement."
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Foreclosures in October jump 25% from a year ago
Wednesday, November 12, 2008
$700 billion rescue plan enters second stage
"Treasury Secretary Henry Paulson said Wednesday that the government would broaden the reach of its $700 billion bailout plan to support non-bank financial institutions that provide consumer credit, such as credit cards and auto loans.
In this second stage of the bailout, officials also hope to attract private capital, possibly through matching investments, to give the government's injections more heft.
Paulson also said the government is no longer planning to buy troubled mortgage assets, the original goal of the plan. And officials are continuing to examine ways to help homeowners and slow the tide of foreclosures."
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$700 billion rescue plan enters second stage
In this second stage of the bailout, officials also hope to attract private capital, possibly through matching investments, to give the government's injections more heft.
Paulson also said the government is no longer planning to buy troubled mortgage assets, the original goal of the plan. And officials are continuing to examine ways to help homeowners and slow the tide of foreclosures."
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$700 billion rescue plan enters second stage
Tuesday, November 11, 2008
Homeowners cling to false optimism about own home
"The housing market may have bust, but many homeowners are still living in a bubble.
Despite dismal housing headlines and reports showing falling prices nationwide, owners in some once-hot areas still believe their home is gaining value or at least holding its own. And by hanging onto too-high expectations, sellers are unwittingly keeping the market from finding a bottom.
Real estate professionals across the country are reporting difficulty convincing sellers the true market value of their homes."
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Homeowners cling to false optimism about own home
Despite dismal housing headlines and reports showing falling prices nationwide, owners in some once-hot areas still believe their home is gaining value or at least holding its own. And by hanging onto too-high expectations, sellers are unwittingly keeping the market from finding a bottom.
Real estate professionals across the country are reporting difficulty convincing sellers the true market value of their homes."
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Homeowners cling to false optimism about own home
Citi steps up foreclosure prevention help
"Citigroup says it will expand its foreclosure prevention efforts and try to keep 130,000 troubled borrowers with $20 billion in mortgages in their homes.
The news follows similar initiatives announced earlier this year by IndyMac Bank, which was seized by the Federal Deposit Insurance Corp. last summer, as well as Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) each of which heralded enhanced housing rescue efforts.
Banks are undoubtedly feeling pressured to be more aggressive in aiding home owners, given how many billions of taxpayer dollars have poured into the industry to stem the credit crisis."
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Citi steps up foreclosure prevention help
The news follows similar initiatives announced earlier this year by IndyMac Bank, which was seized by the Federal Deposit Insurance Corp. last summer, as well as Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) each of which heralded enhanced housing rescue efforts.
Banks are undoubtedly feeling pressured to be more aggressive in aiding home owners, given how many billions of taxpayer dollars have poured into the industry to stem the credit crisis."
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Citi steps up foreclosure prevention help
Government's mortgage rescue plan
"The Bush administration is set to unveil on Tuesday a potentially extensive new program to modify mortgages and help at-risk homeowners and stabilize the battered real estate market.
The plan centers on Fannie Mae and Freddie Mac, which between them own or back about $5 trillion in loans. The federal government took over the firms in September due to mounting losses on their portfolios of mortgages."
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Government's mortgage rescue plan
The plan centers on Fannie Mae and Freddie Mac, which between them own or back about $5 trillion in loans. The federal government took over the firms in September due to mounting losses on their portfolios of mortgages."
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Government's mortgage rescue plan
Monday, November 10, 2008
OK on Prop. 100 to ban new transfer taxes
"Arizonans' approval of the homes initiative will prevent homeowners and businesses from being hit with new taxes for buying and selling real estate in the state's depressed economy.
Business leaders say the measure, listed as Proposition 100 on Tuesday's ballot, also will keep Arizona more competitive with other states vying to attract new companies and jobs throughout the recession and beyond.
The vast majority of voters agreed Tuesday that government should not impose any new taxes on the sale, purchase or ownership transfer of real property."
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OK on Prop. 100 to ban new transfer taxes
Business leaders say the measure, listed as Proposition 100 on Tuesday's ballot, also will keep Arizona more competitive with other states vying to attract new companies and jobs throughout the recession and beyond.
The vast majority of voters agreed Tuesday that government should not impose any new taxes on the sale, purchase or ownership transfer of real property."
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OK on Prop. 100 to ban new transfer taxes
Fannie Mae reports $29 billion loss
"Troubled mortgage-finance giant Fannie Mae reported on Monday that it lost $29 billion in the most recent quarter, putting the firm closer to having to draw on the $100 billion in taxpayer dollars committed to it in September.
Fannie Mae said that as of Friday it had yet to draw on those funds. But the company warned in a filing that 'if current trends in the housing and financial markets continue or worsen...we may have a negative net worth as of December 31, 2008.'
In that event, Fannie said it would need to tap into an unspecified amount of those taxpayer dollars."
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Fannie Mae reports $29 billion loss
Fannie Mae said that as of Friday it had yet to draw on those funds. But the company warned in a filing that 'if current trends in the housing and financial markets continue or worsen...we may have a negative net worth as of December 31, 2008.'
In that event, Fannie said it would need to tap into an unspecified amount of those taxpayer dollars."
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Fannie Mae reports $29 billion loss
Sunday, November 9, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (11/9/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 54,148 (+425)
Single Family Detached - 44,578 (+326)
Patio homes - 909
Townhouses - 3,465
Apartment Style - 3,070
Gemini/Twin Homes - 370
Manufactured/Mobile Housing - 1,459
Modular/Pre-fab - 38
Loft Style - 259
Total Sold Listings (2008) - 50,398 (+1,104)
Single Family Detached - 44,073 (+779)
Patio homes - 775
Townhouses - 2,545
Apartment Style - 1,868
Gemini/Twin Homes - 286
Manufactured/Mobile Housing - 757
Modular/Pre-fab - 14
Loft Style - 80
Total Active Listings - 54,148 (+425)
Single Family Detached - 44,578 (+326)
Patio homes - 909
Townhouses - 3,465
Apartment Style - 3,070
Gemini/Twin Homes - 370
Manufactured/Mobile Housing - 1,459
Modular/Pre-fab - 38
Loft Style - 259
Total Sold Listings (2008) - 50,398 (+1,104)
Single Family Detached - 44,073 (+779)
Patio homes - 775
Townhouses - 2,545
Apartment Style - 1,868
Gemini/Twin Homes - 286
Manufactured/Mobile Housing - 757
Modular/Pre-fab - 14
Loft Style - 80
Realtors: September pending home sales fall
"Homebuyers pulled back some more in September amid turmoil in the financial markets.
The Pending Home Sales Index for the month fell 4.6% to 89.2 after climbing 7.4% in August, according to the National Association of Realtors (NAR). Still, the index was up 1.6% from a year ago.
NAR said the dip in sales was tempered by a sharp decline in prices, which fell 9% year-over-year in September. Also propping up sales to some extent were affordable mortgage interest rates, which dipped below 6% for a 30-year fixed-rate loan during the month, according to Freddie Mac.
It doesn't look like things will improve soon."
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Realtors: September pending home sales fall
The Pending Home Sales Index for the month fell 4.6% to 89.2 after climbing 7.4% in August, according to the National Association of Realtors (NAR). Still, the index was up 1.6% from a year ago.
NAR said the dip in sales was tempered by a sharp decline in prices, which fell 9% year-over-year in September. Also propping up sales to some extent were affordable mortgage interest rates, which dipped below 6% for a 30-year fixed-rate loan during the month, according to Freddie Mac.
It doesn't look like things will improve soon."
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Realtors: September pending home sales fall
Friday, November 7, 2008
Rent out your vacation home for extra income
"Whether it's the snowy slopes of Colorado, the blue waters of Miami Beach, or the picturesque golf courses of Hilton Head Island, finding a quality vacation rental is becoming easier every day.
That's especially true now as the economy sinks into recession. Vacation home owners who once refused to open their prized retreats to renters are now reconsidering, seeking more cash for their pockets.
Homeowners interested in becoming temporary landlords can benefit from some advice to help them along in a process that can be both time consuming and mined with expensive pitfalls."
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Rent out your vacation home for extra income
That's especially true now as the economy sinks into recession. Vacation home owners who once refused to open their prized retreats to renters are now reconsidering, seeking more cash for their pockets.
Homeowners interested in becoming temporary landlords can benefit from some advice to help them along in a process that can be both time consuming and mined with expensive pitfalls."
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Rent out your vacation home for extra income
Thursday, November 6, 2008
Expectations lowered for new mortgage aid program
"The government expects only 20,000 troubled borrowers will be able to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.
The $300 billion Hope for Homeowners' program was launched Oct. 1. Designed by lawmakers eager to respond to the mortgage crisis, the Congressional Budget Office had projected it would let 400,000 troubled homeowners swap risky loans for conventional 30-year fixed rate loans with lower rates.
But the early results are discouraging: the government received only 42 applications in the program's first two weeks, according to the Federal Housing Administration. The low turnout was first reported by the industry newsletter Housing Wire. Since the applications take about 60 days to process, no loans have been approved yet."
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Expectations lowered for new mortgage aid program
The $300 billion Hope for Homeowners' program was launched Oct. 1. Designed by lawmakers eager to respond to the mortgage crisis, the Congressional Budget Office had projected it would let 400,000 troubled homeowners swap risky loans for conventional 30-year fixed rate loans with lower rates.
But the early results are discouraging: the government received only 42 applications in the program's first two weeks, according to the Federal Housing Administration. The low turnout was first reported by the industry newsletter Housing Wire. Since the applications take about 60 days to process, no loans have been approved yet."
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Expectations lowered for new mortgage aid program
Mounting job losses now fuel foreclosures
"For years, bad loans and their aftershocks have been sending homeowners into foreclosure. Now it's lost jobs that are putting troubled borrowers over the edge.
As the economy tanks, unemployment is the major factor driving a much larger proportion of foreclosures now than in the earlier stages of the mortgage meltdown.
In June, 45.5% of all delinquencies reported by Freddie Mac were due to unemployment or the loss of income, according to the company. That's a rise from a level of 36.3% in 2006."
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Mounting job losses now fuel foreclosures
As the economy tanks, unemployment is the major factor driving a much larger proportion of foreclosures now than in the earlier stages of the mortgage meltdown.
In June, 45.5% of all delinquencies reported by Freddie Mac were due to unemployment or the loss of income, according to the company. That's a rise from a level of 36.3% in 2006."
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Mounting job losses now fuel foreclosures
The best time to buy a home - Ask the Expert
"No one knows when we’ll reach a bottom, but you can get a great bargain, if you shop around.
Questions: Given all the foreclosures and other problems in the housing market and the economy, do you think this is a good time for someone to buy a house? Or would I be better off waiting for the housing market to recover?"
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The best time to buy a home - Ask the Expert
Questions: Given all the foreclosures and other problems in the housing market and the economy, do you think this is a good time for someone to buy a house? Or would I be better off waiting for the housing market to recover?"
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The best time to buy a home - Ask the Expert
Monday, November 3, 2008
Rent-to-own: A debatable path to homeownership
"Not quite an owner, but more than a renter: A lease-to-own agreement is a bit like housing purgatory.
But the arrangement is increasingly popular today because more sellers are having trouble unloading their homes in the real estate recession and plenty of buyers can't get a mortgage because skittish lenders are cutting back on making loans.
Through a rent-to-own contract, a renter locks in the right to buy a home at a later date at a set price. The renter puts down a nonrefundable deposit, and sometimes - depending on the contract - part of the monthly rent goes toward the down payment.
There are pros and cons on both sides."
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Rent-to-own: A debatable path to homeownership
But the arrangement is increasingly popular today because more sellers are having trouble unloading their homes in the real estate recession and plenty of buyers can't get a mortgage because skittish lenders are cutting back on making loans.
Through a rent-to-own contract, a renter locks in the right to buy a home at a later date at a set price. The renter puts down a nonrefundable deposit, and sometimes - depending on the contract - part of the monthly rent goes toward the down payment.
There are pros and cons on both sides."
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Rent-to-own: A debatable path to homeownership
Construction spending falls
"Construction spending fell in September, according to a government report released Monday, although the decline was smaller than economists expected.
Overall spending fell 0.3%, to a seasonally adjusted annual rate of $1.06 trillion, the Commerce Department. Overall, the figure is down 6.6% from a year ago."
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Construction spending falls
Overall spending fell 0.3%, to a seasonally adjusted annual rate of $1.06 trillion, the Commerce Department. Overall, the figure is down 6.6% from a year ago."
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Construction spending falls
Sunday, November 2, 2008
Bank of America agrees to halt 2,000 foreclosures in the Valley
"A large number of Phoenix-area homeowners facing foreclosure have received a reprieve.
Bank of America, which last summer bought the nation's largest subprime lender, Countrywide, has suspended foreclosure notices pending against nearly 2,000 homes across the Valley in the past week in an effort to help homeowners hold on to their property. And relief for even more homeowners is expected to follow.
The move, which will lead to cuts in people's mortgage payments, is part of the bank's recent settlement agreement with the office of Arizona Attorney General Terry Goddard and could help stem the growing number of foreclosures that has crippled the local housing market."
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Bank of America agrees to halt 2,000 foreclosures in the Valley
Bank of America, which last summer bought the nation's largest subprime lender, Countrywide, has suspended foreclosure notices pending against nearly 2,000 homes across the Valley in the past week in an effort to help homeowners hold on to their property. And relief for even more homeowners is expected to follow.
The move, which will lead to cuts in people's mortgage payments, is part of the bank's recent settlement agreement with the office of Arizona Attorney General Terry Goddard and could help stem the growing number of foreclosures that has crippled the local housing market."
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Bank of America agrees to halt 2,000 foreclosures in the Valley
Number of Active & Sold Listings in the Phoenix-Metro Area (11/2/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 53,723 (-328)
Single Family Detached - 44,252 (-248)
Patio homes - 897
Townhouses - 3,421
Apartment Style - 3,050
Gemini/Twin Homes - 354
Manufactured/Mobile Housing - 1,460
Modular/Pre-fab - 36
Loft Style - 253
Total Sold Listings (2008) - 49,543 (+1,677)
Single Family Detached - 43,294 (+1,526)
Patio homes - 765
Townhouses - 2,515
Apartment Style - 1,842
Gemini/Twin Homes - 282
Manufactured/Mobile Housing - 755
Modular/Pre-fab - 13
Loft Style - 77
Total Active Listings - 53,723 (-328)
Single Family Detached - 44,252 (-248)
Patio homes - 897
Townhouses - 3,421
Apartment Style - 3,050
Gemini/Twin Homes - 354
Manufactured/Mobile Housing - 1,460
Modular/Pre-fab - 36
Loft Style - 253
Total Sold Listings (2008) - 49,543 (+1,677)
Single Family Detached - 43,294 (+1,526)
Patio homes - 765
Townhouses - 2,515
Apartment Style - 1,842
Gemini/Twin Homes - 282
Manufactured/Mobile Housing - 755
Modular/Pre-fab - 13
Loft Style - 77
Friday, October 31, 2008
Almost 10 million homeowners are 'underwater' or just above
"At least 7.5 million Americans owe more on their mortgages than their homes are currently worth, according to a real estate research firm's report released Friday.
In other words: If they sold their homes today, they'd have to bring a check to the closing. Ouch.
Another 2.1 million people stand right on the brink, according to the report by First American CoreLogic. Their homes are worth less than 5% more than the mortgages they're paying on them."
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Almost 10 million homeowners are 'underwater' or just above
In other words: If they sold their homes today, they'd have to bring a check to the closing. Ouch.
Another 2.1 million people stand right on the brink, according to the report by First American CoreLogic. Their homes are worth less than 5% more than the mortgages they're paying on them."
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Almost 10 million homeowners are 'underwater' or just above
JPMorgan to revise loans, avoid foreclosures
"JPMorgan Chase & Co. said Friday it is expanding its program to modify mortgages in an effort to avoid foreclosures on up to $70 billion in loans.
The enhanced program will include the opening of 24 regional counseling centers, the hiring of 300 additional loan counselors, new financing alternatives, reaching out to borrowers with pre-qualified modification terms and a new process to independently review each loan before it is moved into foreclosure.
Chase said the changes are expected to be implemented in the next 90 days, and until those changes can be made, it will not put any loans into foreclosure."
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JPMorgan to revise loans, avoid foreclosures
The enhanced program will include the opening of 24 regional counseling centers, the hiring of 300 additional loan counselors, new financing alternatives, reaching out to borrowers with pre-qualified modification terms and a new process to independently review each loan before it is moved into foreclosure.
Chase said the changes are expected to be implemented in the next 90 days, and until those changes can be made, it will not put any loans into foreclosure."
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JPMorgan to revise loans, avoid foreclosures
Freeway closures and restrictions this weekend
"Freeway-improvement projects will require closures or lane restrictions this weekend. Most of the restrictions will occur overnight. The Arizona Department of Transportation recommends drivers consider alternate routes or give themselves extra travel time while the following restrictions are in place:"
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Freeway closures and restrictions this weekend
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Freeway closures and restrictions this weekend
Thursday, October 30, 2008
Potential foreclosure plan still being debated
"The government is expected to announce soon that it will devote up to $50 billion to directly address the source of the financial crisis: bad mortgages and millions of homeowners at risk of foreclosure.
White House spokesman Tony Fratto said on Thursday that 'no decisions' have been made on 'a number of housing proposals' that the administration has been reviewing 'for some time.'"
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Potential foreclosure plan still being debated
White House spokesman Tony Fratto said on Thursday that 'no decisions' have been made on 'a number of housing proposals' that the administration has been reviewing 'for some time.'"
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Potential foreclosure plan still being debated
Your house: The risk your home policy won't cover
"As if it weren't bad enough that home prices are going down (way down), the cost of homeowners insurance is also moving in the wrong direction: up (in some areas, way up).
And the worst increases aren't confined to the hurricane-ravaged Gulf region. Just ask Paula Aschettino, who lives on Cape Cod, Mass., which hasn't seen a major storm since 1991. Yet in the past two years, her premium has jumped 50% to $4,800 a year."
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Your house: The risk your home policy won't cover
And the worst increases aren't confined to the hurricane-ravaged Gulf region. Just ask Paula Aschettino, who lives on Cape Cod, Mass., which hasn't seen a major storm since 1991. Yet in the past two years, her premium has jumped 50% to $4,800 a year."
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Your house: The risk your home policy won't cover
Mortgage applications jumped last week
"Borrowers streamed back into the mortgage market last week as loan applications jumped nearly 17%, according to a regular survey from the Mortgage Bankers Association.
'Rates were going down last week,' said Keith Gumbinger of HSH Associates, a publisher of mortgage information. 'There were people, especially homeowners wanting to refinance, waiting to pull the trigger. And as soon as the number went down, they did.'"
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Mortgage applications jumped last week
'Rates were going down last week,' said Keith Gumbinger of HSH Associates, a publisher of mortgage information. 'There were people, especially homeowners wanting to refinance, waiting to pull the trigger. And as soon as the number went down, they did.'"
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Mortgage applications jumped last week
Tuesday, October 28, 2008
Phoenix leads nation in home price drop
Phoenix leads nation in home price drop: "Metropolitan Phoenix now leads the nation for home price declines, according to the S&P/Case-Shiller Home Price index released this morning. The Valley’s existing home price fell 30.7 percent between August 2007 and August 2008.
The Valley just beat out Las Vegas for the top spot for the biggest drop in home prices. The Nevada city’s resale home price has fallen 30.6 percent based on the index.
Miami, Los Angeles, San Francisco and San Diego were all right behind with home price declines of more than 25 percent."
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Phoenix leads nation in home price drop
The Valley just beat out Las Vegas for the top spot for the biggest drop in home prices. The Nevada city’s resale home price has fallen 30.6 percent based on the index.
Miami, Los Angeles, San Francisco and San Diego were all right behind with home price declines of more than 25 percent."
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Phoenix leads nation in home price drop
Case-Shiller: Another record plunge in home prices
"Home prices fell in August for the 25th consecutive month and prices in 10 major markets plunged a record 17.7% year over year, according to a key index of real estate values released Tuesday.
The S&P Case-Shiller Home Price 10-city index dropped 1.1% for the month. The 20-city index recorded a record year-over-year decline of 16.6% with a 1% fall in August.
The indexes compare the sale prices of the same homes each year to determine price trends and are considered one of the most accurate home price gauges."
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Case-Shiller: Another record plunge in home prices
The S&P Case-Shiller Home Price 10-city index dropped 1.1% for the month. The 20-city index recorded a record year-over-year decline of 16.6% with a 1% fall in August.
The indexes compare the sale prices of the same homes each year to determine price trends and are considered one of the most accurate home price gauges."
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Case-Shiller: Another record plunge in home prices
Sunday, October 26, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (10/26/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 54,051 (+133)
Single Family Detached - 44,500 (+156)
Patio homes - 881
Townhouses - 3,479
Apartment Style - 3,046
Gemini/Twin Homes - 355
Manufactured/Mobile Housing - 1,487
Modular/Pre-fab - 38
Loft Style - 265
Total Sold Listings (2008) - 47,866 (+974)
Single Family Detached - 41,768 (+866)
Patio homes - 741
Townhouses - 2,462
Apartment Style - 1,798
Gemini/Twin Homes - 275
Manufactured/Mobile Housing - 736
Modular/Pre-fab - 13
Loft Style - 76
Total Active Listings - 54,051 (+133)
Single Family Detached - 44,500 (+156)
Patio homes - 881
Townhouses - 3,479
Apartment Style - 3,046
Gemini/Twin Homes - 355
Manufactured/Mobile Housing - 1,487
Modular/Pre-fab - 38
Loft Style - 265
Total Sold Listings (2008) - 47,866 (+974)
Single Family Detached - 41,768 (+866)
Patio homes - 741
Townhouses - 2,462
Apartment Style - 1,798
Gemini/Twin Homes - 275
Manufactured/Mobile Housing - 736
Modular/Pre-fab - 13
Loft Style - 76
Friday, October 24, 2008
Foreclosure filings spike 71% in 3rd quarter
"The housing crisis still has a choke hold on America: In September, 81,312 homes were lost to foreclosure, according to a report released Thursday.
RealtyTrac, an online marketer of foreclosed properties, said that 851,000 homes have been repossessed by lenders since August 2007.
In September, 265,968 troubled borrowers received foreclosure filings - such as default notices, auction sale notices and bank repossessions. That's a decline of 12% from the record high number of filings in August, but 21% more than in September 2007."
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Foreclosure filings spike 71% in 3rd quarter
RealtyTrac, an online marketer of foreclosed properties, said that 851,000 homes have been repossessed by lenders since August 2007.
In September, 265,968 troubled borrowers received foreclosure filings - such as default notices, auction sale notices and bank repossessions. That's a decline of 12% from the record high number of filings in August, but 21% more than in September 2007."
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Foreclosure filings spike 71% in 3rd quarter
Wednesday, October 22, 2008
BofA to slash mortgage payments for Countrywide borrowers
"A plan announced today by Bank of America will be the most aggressive foreclosure prevention effort ever undertaken by a U.S. bank.
The program, scheduled to start in December, will be open to distressed borrowers who signed up with Countrywide Financial between January 1, 2004 and December 31, 2007. Countrywide was acquired by Bank of America (BAC, Fortune 500) in July.
It came in a legal settlement that the company entered into with the attorney general offices of 11 states, who had sued Countrywide over predatory lending practices, but the company stated that borrowers in all 50 states will be eligible to participate in the program."
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BofA to slash mortgage payments for Countrywide borrowers
The program, scheduled to start in December, will be open to distressed borrowers who signed up with Countrywide Financial between January 1, 2004 and December 31, 2007. Countrywide was acquired by Bank of America (BAC, Fortune 500) in July.
It came in a legal settlement that the company entered into with the attorney general offices of 11 states, who had sued Countrywide over predatory lending practices, but the company stated that borrowers in all 50 states will be eligible to participate in the program."
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BofA to slash mortgage payments for Countrywide borrowers
Tuesday, October 21, 2008
Signs of a record fall
"The Valley's housing market plummeted past another milestone in July, tying a record 17 consecutive months of declining home values.
The mark was set in the early 1990s after the savings-and-loan industry implosion.
The latest Arizona State University Repeat Sales Index, released Monday, reported an average one-year decline in home values of 24 percent from July 2007 to July 2008."
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Signs of a record fall
The mark was set in the early 1990s after the savings-and-loan industry implosion.
The latest Arizona State University Repeat Sales Index, released Monday, reported an average one-year decline in home values of 24 percent from July 2007 to July 2008."
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Signs of a record fall
Monday, October 20, 2008
Incentives for household solar systems better
"Congress passed new and extended tax credits with the financial bailout package that are expected to prompt thousands of people to add solar- and wind-energy systems to their homes.
But the incentives for some systems are so much better than existing tax credits that many people also are delaying their home improvements until next year when the new credits kick in.
The new incentives will slash an additional $7,000 or more off the cost of a solar-energy system compared with today's credits, and $4,000 more off household wind turbines."
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Incentives for household solar systems better
But the incentives for some systems are so much better than existing tax credits that many people also are delaying their home improvements until next year when the new credits kick in.
The new incentives will slash an additional $7,000 or more off the cost of a solar-energy system compared with today's credits, and $4,000 more off household wind turbines."
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Incentives for household solar systems better
Sunday, October 19, 2008
Housing market index falls to a record low
"The business outlook among homebuilders plunged to an all-time low this month, as the U.S. financial crisis further sapped their confidence in a near-term housing market recovery, an industry trade association said Thursday.
The National Association of Home Builders/Wells Fargo housing market index, started in January 1985, tumbled three points to 14 in October. The index stood at 17 in September after registering a one-point increase in August.
Index readings higher than 50 indicate positive sentiment about the market. But the index has drifted below 50 since May 2006 and below 20 since April."
Click below to read more..
Housing market index falls to a record low
The National Association of Home Builders/Wells Fargo housing market index, started in January 1985, tumbled three points to 14 in October. The index stood at 17 in September after registering a one-point increase in August.
Index readings higher than 50 indicate positive sentiment about the market. But the index has drifted below 50 since May 2006 and below 20 since April."
Click below to read more..
Housing market index falls to a record low
Home construction falls sharply in Sept.
"Construction of new homes plunged by a bigger-than-expected amount in September as builders slashed production to the slowest pace since early 1991, when the country was in a deep recession.
A barometer of future building also dropped to the weakest level in more than 25 years.
The building industry is on pace to construct the fewest new homes and apartments this year since the end of World War II."
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Home construction falls sharply in Sept.
A barometer of future building also dropped to the weakest level in more than 25 years.
The building industry is on pace to construct the fewest new homes and apartments this year since the end of World War II."
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Home construction falls sharply in Sept.
Number of Active & Sold Listings in the Phoenix-Metro Area (10/19/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 53,918 (+536)
Single Family Detached - 44,344 (+461)
Patio homes - 880
Townhouses - 3,513
Apartment Style - 3,025
Gemini/Twin Homes - 355
Manufactured/Mobile Housing - 1,498
Modular/Pre-fab - 38
Loft Style - 265
Total Sold Listings (2008) - 46,895 (+1,054)
Single Family Detached - 40,902 (+958)
Patio homes - 728
Townhouses - 2,421
Apartment Style - 1,768
Gemini/Twin Homes - 266
Manufactured/Mobile Housing - 723
Modular/Pre-fab - 12
Loft Style - 75
Total Active Listings - 53,918 (+536)
Single Family Detached - 44,344 (+461)
Patio homes - 880
Townhouses - 3,513
Apartment Style - 3,025
Gemini/Twin Homes - 355
Manufactured/Mobile Housing - 1,498
Modular/Pre-fab - 38
Loft Style - 265
Total Sold Listings (2008) - 46,895 (+1,054)
Single Family Detached - 40,902 (+958)
Patio homes - 728
Townhouses - 2,421
Apartment Style - 1,768
Gemini/Twin Homes - 266
Manufactured/Mobile Housing - 723
Modular/Pre-fab - 12
Loft Style - 75
Friday, October 17, 2008
Mortgage fraud: New and improved
"The housing bust has not ended mortgage fraud - hucksters are just finding new ways to make dishonest bucks.
The number of fraudulent loans issued during the second quarter this year increased 45%, compared with the same period in 2007, according to the Mortgage Asset Research Institute (MARI), a service of LexisNexis.
The group counts as fraud any misrepresentation intended to get a better deal on a mortgage or a home sale."
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Mortgage fraud: New and improved
The number of fraudulent loans issued during the second quarter this year increased 45%, compared with the same period in 2007, according to the Mortgage Asset Research Institute (MARI), a service of LexisNexis.
The group counts as fraud any misrepresentation intended to get a better deal on a mortgage or a home sale."
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Mortgage fraud: New and improved
Man accused of selling appliances from foreclosed homes
"Chandler Police are searching for victims of a fraud scheme reportedly conducted by a former Fannie Mae employee.
Police say the suspect took advantage of his position to sell appliances from several Chandler foreclosed houses.
Former Fannie Mae contractor Jamie Pantastico, 39, was arrested Sept. 25 on suspicion of second degree burglary and trafficking stolen property."
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Man accused of selling appliances from foreclosed homes
Police say the suspect took advantage of his position to sell appliances from several Chandler foreclosed houses.
Former Fannie Mae contractor Jamie Pantastico, 39, was arrested Sept. 25 on suspicion of second degree burglary and trafficking stolen property."
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Man accused of selling appliances from foreclosed homes
Housing market index falls to a record low
"The business outlook among homebuilders plunged to an all-time low this month, as the U.S. financial crisis further sapped their confidence in a near-term housing market recovery, an industry trade association said Thursday.
The National Association of Home Builders/Wells Fargo housing market index, started in January 1985, tumbled three points to 14 in October. The index stood at 17 in September after registering a one-point increase in August.
Index readings higher than 50 indicate positive sentiment about the market. But the index has drifted below 50 since May 2006 and below 20 since April."
Click below to read more...
Housing market index falls to a record low
The National Association of Home Builders/Wells Fargo housing market index, started in January 1985, tumbled three points to 14 in October. The index stood at 17 in September after registering a one-point increase in August.
Index readings higher than 50 indicate positive sentiment about the market. But the index has drifted below 50 since May 2006 and below 20 since April."
Click below to read more...
Housing market index falls to a record low
Housing starts hit another 17-year low
"Initial construction of U.S. homes fell to a fresh 17-year low in September, according to a government report released Friday.
Privately owned housing starts fell to a seasonally adjusted annual rate of 817,000 in September, according to the Commerce Department. The rate was down 6.3% from August's revised reading of 872,000 and 31.1% lower than September 2007.
Economists were expecting housing starts to decline to 870,000, according to consensus estimates compiled by Briefing.com."
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Housing starts hit another 17-year low
Privately owned housing starts fell to a seasonally adjusted annual rate of 817,000 in September, according to the Commerce Department. The rate was down 6.3% from August's revised reading of 872,000 and 31.1% lower than September 2007.
Economists were expecting housing starts to decline to 870,000, according to consensus estimates compiled by Briefing.com."
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Housing starts hit another 17-year low
Wednesday, October 15, 2008
Mortgage rate increases: only temporary
"Low mortgage rates have been the one bright spot in an otherwise devastated housing market, but now they're on the rise.
Historically rates are still very low, but experts say they could continue to creep up.
The average interest rate on a 30-year, fixed rate mortgage jumped to 6.6% late Tuesday from 6.06% the Tuesday before, according to Keith Gumbinger of HSH Associates, a publisher of mortgage information."
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Mortgage rate increases: only temporary
Historically rates are still very low, but experts say they could continue to creep up.
The average interest rate on a 30-year, fixed rate mortgage jumped to 6.6% late Tuesday from 6.06% the Tuesday before, according to Keith Gumbinger of HSH Associates, a publisher of mortgage information."
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Mortgage rate increases: only temporary
Home prices may plummet, but property taxes won't
"Housing prices have plummeted, but property tax bills probably won't budge.
This January, local tax authorities will begin to send out property assessments for 2009, telling homeowners what their property is valued at, and how much their tax bill is.
But many assessments won't reflect any of the steep home price declines that have been making headlines for the last year or so."
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Home prices may plummet, but property taxes won't
This January, local tax authorities will begin to send out property assessments for 2009, telling homeowners what their property is valued at, and how much their tax bill is.
But many assessments won't reflect any of the steep home price declines that have been making headlines for the last year or so."
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Home prices may plummet, but property taxes won't
Sunday, October 12, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (10/12/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 53,382 (+649)
Single Family Detached - 43,883 (+552)
Patio homes - 866
Townhouses - 3,472
Apartment Style - 2,979
Gemini/Twin Homes - 353
Manufactured/Mobile Housing - 1,512
Modular/Pre-fab - 43
Loft Style - 274
Total Sold Listings (2008) - 45,841 (+900)
Single Family Detached - 39,944 (+799)
Patio homes - 710
Townhouses - 2,378
Apartment Style - 1,742
Gemini/Twin Homes - 263
Manufactured/Mobile Housing - 718
Modular/Pre-fab - 12
Loft Style - 74
Saturday, October 11, 2008
Anthem's plumbing sparks lawsuit
"A group of Anthem residents wants developer Del Webb to swallow the cost of their rising water bills, claiming they were never told about a future obligation to pay for the community's plumbing infrastructure.
Four homeowners are suing Pulte Homes and the Communities of Del Webb and seeking class-action status.
They say Del Webb, which opened the 10,000-home master-planned community north of Phoenix in 1999 and later merged with Pulte, had a public duty to tell prospective home buyers that the water system's cost wasn't included in the sale price."
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Anthem's plumbing sparks lawsuit
Four homeowners are suing Pulte Homes and the Communities of Del Webb and seeking class-action status.
They say Del Webb, which opened the 10,000-home master-planned community north of Phoenix in 1999 and later merged with Pulte, had a public duty to tell prospective home buyers that the water system's cost wasn't included in the sale price."
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Anthem's plumbing sparks lawsuit
Friday, October 10, 2008
Freeway closures and restrictions this weekend
"Freeway improvement projects will require lane restrictions this weekend. The restrictions will occur overnight. The Arizona Department of Transportation recommends drivers consider alternate routes or give themselves extra travel time while the following restrictions are in place:"
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Freeway closures and restrictions this weekend
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Freeway closures and restrictions this weekend
Thursday, October 9, 2008
Mortgage rates slip for first time in three weeks
"Rates on 30-year mortgages fell from last week, while loan applications grew slightly in the face of turbulence in the banking and finance sectors.
Mortgage finance firm Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 5.94% this week. That's down from 6.10% last week and well below 6.40%, where the rate stood a year ago.
'Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields,' said Frank Nothaft, Freddie Mac vice president and chief economist.
Meanwhile, mortgage applications for home purchases and refinancing grew slightly over the week ending Oct. 3, reversing a two-week decline, according to data from the Mortgage Bankers Association."
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Mortgage rates slip for first time in three weeks
Mortgage finance firm Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 5.94% this week. That's down from 6.10% last week and well below 6.40%, where the rate stood a year ago.
'Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields,' said Frank Nothaft, Freddie Mac vice president and chief economist.
Meanwhile, mortgage applications for home purchases and refinancing grew slightly over the week ending Oct. 3, reversing a two-week decline, according to data from the Mortgage Bankers Association."
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Mortgage rates slip for first time in three weeks
Wednesday, October 8, 2008
Pending home sales jump 7.4%
"The National Association of Realtors says pending home rose 7.4% from July to August, an unexpected piece of positive news for the battered U.S. housing market.
The group said Wednesday its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007."
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Pending home sales jump 7.4%
The group said Wednesday its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007."
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Pending home sales jump 7.4%
Tuesday, October 7, 2008
Home-remodeling activity declines
"Contractors are bending over backward - even for small jobs like bathroom renovations and cabinetry - as the housing slump infects the remodeling industry and gives homeowners the upper hand in price negotiations.
While not taking the hit that the for-sale market is, home remodeling has slowed as pessimism about home values sets in. Activity remained sluggish in the second quarter, according to an industry index from the National Association of Home Builders, and expectations for future activity were nearly flat.
Total money spent on home improvements and maintenance is expected to dip this year by more than 4 percent to $216.3 billion from $226.4 billion in 2007, the association estimates. The group doesn't expect spending to reach 2007 levels again until 2010."
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Home-remodeling activity declines
While not taking the hit that the for-sale market is, home remodeling has slowed as pessimism about home values sets in. Activity remained sluggish in the second quarter, according to an industry index from the National Association of Home Builders, and expectations for future activity were nearly flat.
Total money spent on home improvements and maintenance is expected to dip this year by more than 4 percent to $216.3 billion from $226.4 billion in 2007, the association estimates. The group doesn't expect spending to reach 2007 levels again until 2010."
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Home-remodeling activity declines
SRP approves 5.9% rate increase
"Salt River Project customers will begin paying $5 to $8 more for their monthly bills in November - the 11th increase at the utility since 2002.
After considering an adjustment of as much as 7 percent, the utility's directors approved a 5.9 percent rate increase Monday to help recover natural gas and electricity expenses.
The increase is tied to the amount of electricity customers use, and on a percentage basis is larger in winter than summer, when demand is higher."
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SRP approves 5.9% rate increase
After considering an adjustment of as much as 7 percent, the utility's directors approved a 5.9 percent rate increase Monday to help recover natural gas and electricity expenses.
The increase is tied to the amount of electricity customers use, and on a percentage basis is larger in winter than summer, when demand is higher."
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SRP approves 5.9% rate increase
Week of foreclosure notices sets record
"One dreary week in September set a new record for foreclosure notices in Maricopa County, with 2,210 notices outpacing sales in a three-county region, according to a Mesa data company.
'It was a record buster,' said analyst Zach Bowers of Ion Data in Mesa, which tracks the notices.
'We've been averaging 1,700 to 1,800, and that (week) just kind of caught us off guard,' he said."
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Week of foreclosure notices sets record
'It was a record buster,' said analyst Zach Bowers of Ion Data in Mesa, which tracks the notices.
'We've been averaging 1,700 to 1,800, and that (week) just kind of caught us off guard,' he said."
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Week of foreclosure notices sets record
Monday, October 6, 2008
Arizona pool sales plunging
"The credit crisis, which has made loans more difficult to obtain, has had a dramatic effect on the sale of pools in the Valley, putting companies out of business and leaving others scrambling to diversify.
Pool builders were feeling the pinch as home sales slowed during the past two years, but the unwillingness of lenders to approve credit has accelerated the decline.
The number of permits issued in 2008 to build pools in Maricopa County could end up at roughly half the number issued in 2007, and at less than 30 percent of the number issued for 2005, according to data from Rider Permit Service, a data collector for the pool industry."
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Arizona pool sales plunging
Pool builders were feeling the pinch as home sales slowed during the past two years, but the unwillingness of lenders to approve credit has accelerated the decline.
The number of permits issued in 2008 to build pools in Maricopa County could end up at roughly half the number issued in 2007, and at less than 30 percent of the number issued for 2005, according to data from Rider Permit Service, a data collector for the pool industry."
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Arizona pool sales plunging
Number of Active & Sold Listings in the Phoenix-Metro Area (10/5/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 52,733 (+8)
Single Family Detached - 43,331 (+78)
Patio homes - 873
Townhouses - 3,461
Apartment Style - 2,934
Gemini/Twin Homes - 341
Manufactured/Mobile Housing - 1,478
Modular/Pre-fab - 41
Loft Style - 275
Total Sold Listings (2008) - 44,941 (+1,837)
Single Family Detached - 39,145 (+1,660)
Patio homes - 699
Townhouses - 2,337
Apartment Style - 1,711
Gemini/Twin Homes - 258
Manufactured/Mobile Housing - 709
Modular/Pre-fab - 12
Loft Style - 70
Total Active Listings - 52,733 (+8)
Single Family Detached - 43,331 (+78)
Patio homes - 873
Townhouses - 3,461
Apartment Style - 2,934
Gemini/Twin Homes - 341
Manufactured/Mobile Housing - 1,478
Modular/Pre-fab - 41
Loft Style - 275
Total Sold Listings (2008) - 44,941 (+1,837)
Single Family Detached - 39,145 (+1,660)
Patio homes - 699
Townhouses - 2,337
Apartment Style - 1,711
Gemini/Twin Homes - 258
Manufactured/Mobile Housing - 709
Modular/Pre-fab - 12
Loft Style - 70
Friday, October 3, 2008
President Bush signs historic financial rescue plan into law
"After two weeks of contentious and often emotional debate, the federal government's far-reaching and historic plan to bail out the nation's financial system was signed into law by President Bush on Friday afternoon.
'By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country,' Bush said less than an hour after the House voted 263 to 171 to pass the bill."
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President Bush signs historic financial rescue plan into law
'By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country,' Bush said less than an hour after the House voted 263 to 171 to pass the bill."
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President Bush signs historic financial rescue plan into law
FHA foreclosure fix now in lenders' hands
"Amidst all the chaos surrounding the $700 billion Wall Street bailout plan, the federal government's other housing rescue program quietly opened for business Wednesday.
But will any mortgage servicers come knocking?
The Federal Housing Administration unveiled its $300 billion Hope for Homeowners program, which allows struggling borrowers to refinance into more affordable mortgages backed by the federal government. The legislation, which was signed into law in late July, was hotly debated for months on Capitol Hill with Democrats supporting it and Republicans opposed."
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FHA foreclosure fix now in lenders' hands
But will any mortgage servicers come knocking?
The Federal Housing Administration unveiled its $300 billion Hope for Homeowners program, which allows struggling borrowers to refinance into more affordable mortgages backed by the federal government. The legislation, which was signed into law in late July, was hotly debated for months on Capitol Hill with Democrats supporting it and Republicans opposed."
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FHA foreclosure fix now in lenders' hands
Hope Now housing relief efforts stalled
"Fewer troubled borrowers got help with their mortgages in August than in July, according to figures released Thursday.
Hope Now, the alliance of mortgage servicers, counselors, and investors assembled to combat foreclosures, said it helped 189,000 homeowners avert foreclosure in August, down 1.7% from the number of people helped in July.
'It's difficult to look at any one month and see a trend,' said Faith Schwartz, executive director of Hope Now. 'We're still outpacing the second quarter in total workouts.'"
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Hope Now housing relief efforts stalled
Hope Now, the alliance of mortgage servicers, counselors, and investors assembled to combat foreclosures, said it helped 189,000 homeowners avert foreclosure in August, down 1.7% from the number of people helped in July.
'It's difficult to look at any one month and see a trend,' said Faith Schwartz, executive director of Hope Now. 'We're still outpacing the second quarter in total workouts.'"
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Hope Now housing relief efforts stalled
Housing woes stressing couples
"Did you and your spouse buy a home in recent years using an adjustable-rate mortgage that started with an affordable 'teaser rate'? Are you now facing a whopping increase in your monthly payments due to an upward adjustment in your ARM? Are you even fearful of foreclosure?
If so, this financial crisis, coupled with the overall economic downturn, could be exerting tremendous stress on your marriage. However, there are many ways to shield your relationship from harm, says Robert Scuka, a therapist and executive director of the National Institute of Relationship Enhancement."
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Housing woes stressing couples
If so, this financial crisis, coupled with the overall economic downturn, could be exerting tremendous stress on your marriage. However, there are many ways to shield your relationship from harm, says Robert Scuka, a therapist and executive director of the National Institute of Relationship Enhancement."
Click below to read more...
Housing woes stressing couples
Freddie, Fannie cut back mortgage fees
"Mortgage finance companies Fannie Mae and Freddie Mac, seized by the federal government last month, are rolling back fee increases imposed as they struggled to shore up their finances over the past year.
Freddie Mac said Friday it would not impose a fee increase scheduled to go into effect next month. The announcement followed a similar reversal by Fannie Mae Thursday night.
Freddie Mac, however, will raise fees next year for riskier loan products, including mortgages that allow interest-only payments for the first few years. Freddie also will require higher credit scores for 'piggyback' loans that allow borrowers to make smaller down payments by taking out two mortgages."
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Freddie, Fannie cut back mortgage fees
Freddie Mac said Friday it would not impose a fee increase scheduled to go into effect next month. The announcement followed a similar reversal by Fannie Mae Thursday night.
Freddie Mac, however, will raise fees next year for riskier loan products, including mortgages that allow interest-only payments for the first few years. Freddie also will require higher credit scores for 'piggyback' loans that allow borrowers to make smaller down payments by taking out two mortgages."
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Freddie, Fannie cut back mortgage fees
Wednesday, October 1, 2008
Mortgage applications plunge 23%: Mortgage Bankers Assoc.
"In yet another sign of the economic crisis, the Mortgage Bankers Association said Wednesday that mortgage applications plunged 23% last week.
The MBA said its seasonally adjusted index of mortgage application activity dropped to 455.4 in the week ended Sept. 26, down from 591.4 the prior week.
Turmoil in the banking and finance industries has resulted in a credit freeze, making it difficult for prospective homeowners to take out loans. The market is also experiencing a glut of foreclosures."
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Mortgage applications plunge 23%: Mortgage Bankers Assoc.
The MBA said its seasonally adjusted index of mortgage application activity dropped to 455.4 in the week ended Sept. 26, down from 591.4 the prior week.
Turmoil in the banking and finance industries has resulted in a credit freeze, making it difficult for prospective homeowners to take out loans. The market is also experiencing a glut of foreclosures."
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Mortgage applications plunge 23%: Mortgage Bankers Assoc.
Tuesday, September 30, 2008
Record annual decline in home prices
"A closely watched index released Tuesday showed home prices tumbling by the sharpest annual rate ever in July, but the rate of monthly declines is slowing.
The Standard & Poor's/Case-Shiller 20-city housing index fell a record 16.3% in July from a year earlier, the largest drop since its inception in 2000. The 10-city index plunged 17.5%, the biggest decline in its 21-year history."
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Record annual decline in home prices
The Standard & Poor's/Case-Shiller 20-city housing index fell a record 16.3% in July from a year earlier, the largest drop since its inception in 2000. The 10-city index plunged 17.5%, the biggest decline in its 21-year history."
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Record annual decline in home prices
Monday, September 29, 2008
The $700B bailout: What's in it for homeowners
"The $700 billion bailout legislation now under consideration by Congress calls for the Treasury Secretary to implement a plan to stem foreclosures by working with servicers to modify loans.
But many housing experts question whether the bill will help struggling homeowners refinance into more affordable mortgages. They stress that the economy won't recover until the tide of foreclosures stops, and the million-plus foreclosed homes on the market find buyers.
'It's impossible to know whether it will help anybody but the banks stay open another week,' said Mark Dotzour, chief economist at the Real Estate Center at Texas A&M University. 'Until we see a plan to get people to buy those empty homes, we're just going to go from one band-aid to the next.'"
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The $700B bailout: What's in it for homeowners
But many housing experts question whether the bill will help struggling homeowners refinance into more affordable mortgages. They stress that the economy won't recover until the tide of foreclosures stops, and the million-plus foreclosed homes on the market find buyers.
'It's impossible to know whether it will help anybody but the banks stay open another week,' said Mark Dotzour, chief economist at the Real Estate Center at Texas A&M University. 'Until we see a plan to get people to buy those empty homes, we're just going to go from one band-aid to the next.'"
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The $700B bailout: What's in it for homeowners
City gets $39 mil to stabilize housing sector
"Finally, some good news about Phoenix's high foreclosure rate: It resulted in a federal grant to help stabilize affected neighborhoods.
City officials said Phoenix will receive $39.4 million under the Housing and Economic Recovery Act passed by Congress last summer. The city had expected about $20 million.
'These funds will help improve the quality of life for literally hundreds of residents and scores of neighborhoods impacted by foreclosures,' Councilman Tom Simplot said in a statement."
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City gets $39 mil to stabilize housing sector
City officials said Phoenix will receive $39.4 million under the Housing and Economic Recovery Act passed by Congress last summer. The city had expected about $20 million.
'These funds will help improve the quality of life for literally hundreds of residents and scores of neighborhoods impacted by foreclosures,' Councilman Tom Simplot said in a statement."
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City gets $39 mil to stabilize housing sector
Sunday, September 28, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (9/28/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 52,725 (+326)
Single Family Detached - 43,253 (+312)
Patio homes - 865
Townhouses - 3,468
Apartment Style - 2,966
Gemini/Twin Homes - 352
Manufactured/Mobile Housing - 1,502
Modular/Pre-fab - 39
Loft Style - 281
Total Sold Listings (2008) - 43,104 (+1,472)
Single Family Detached - 37,485 (+1,328)
Patio homes - 675
Townhouses - 2,260
Apartment Style - 1,671
Gemini/Twin Homes - 247
Manufactured/Mobile Housing - 686
Modular/Pre-fab - 11
Loft Style - 69
Friday, September 26, 2008
Lawmakers split over bailout
"One day after President Bush said the nation's economy is at grave risk, the high-stakes negotiations over the proposed $700 billion bailout of the financial system ended in chaos on Thursday.
Lawmakers bickered over competing counterproposals and hours of meetings between key lawmakers broke down without any progress late into the evening.
A meeting at the White House between President Bush, congressional leaders and the presidential candidates was meant to speed approval of an agreement. Instead, the session revealed deep divisions between Democrats and House Republicans."
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Lawmakers split over bailout
Lawmakers bickered over competing counterproposals and hours of meetings between key lawmakers broke down without any progress late into the evening.
A meeting at the White House between President Bush, congressional leaders and the presidential candidates was meant to speed approval of an agreement. Instead, the session revealed deep divisions between Democrats and House Republicans."
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Lawmakers split over bailout
New home sales fall to 17-year low
"The pace of new home sales fell to its lowest level in 17 years in August, according to a key government report released Thursday that signaled more dismal news for the housing sector in coming months.
August sales came in at a seasonally adjusted annual rate of 460,000, the Census Bureau report showed, down 11.5% from a revised 520,000 in July. The reading was well below the consensus forecast of 513,000, according to economists surveyed by Briefing.com."
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New home sales fall to 17-year low
August sales came in at a seasonally adjusted annual rate of 460,000, the Census Bureau report showed, down 11.5% from a revised 520,000 in July. The reading was well below the consensus forecast of 513,000, according to economists surveyed by Briefing.com."
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New home sales fall to 17-year low
Thursday, September 25, 2008
HOAs saving money by ditching winter grass
"Some Morrison Ranch neighbors are in uproar over their homeowners association's decision not to overseed common areas with winter grass this year.
The move aligns the three communities - Higley Estates, Highland Groves and Lakeview Trails North - with other Gilbert and Queen Creek homeowners associations that are also cutting back on overseeding this year to save money and water.
Morrison Ranch management officials say eliminating overseeding will save about $500,000."
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HOAs saving money by ditching winter grass
The move aligns the three communities - Higley Estates, Highland Groves and Lakeview Trails North - with other Gilbert and Queen Creek homeowners associations that are also cutting back on overseeding this year to save money and water.
Morrison Ranch management officials say eliminating overseeding will save about $500,000."
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HOAs saving money by ditching winter grass
Court puts end to challenge of Glendale annexation
"Three years and three rounds of court decisions over a three-decade-old deal involving land near the future Loop 303 has ended in Glendale's favor.
The Arizona Supreme Court on Tuesday denied El Mirage's request to review the legality of Glendale's 1978-strip annexation of 39 square miles near El Mirage.
The smaller city, hemmed in by its neighbors, filed a suit in 2005 challenging the strip annexation, which gave Glendale planning authority over potentially valuable land in the path of the future far West Valley freeway."
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Court puts end to challenge of Glendale annexation
The Arizona Supreme Court on Tuesday denied El Mirage's request to review the legality of Glendale's 1978-strip annexation of 39 square miles near El Mirage.
The smaller city, hemmed in by its neighbors, filed a suit in 2005 challenging the strip annexation, which gave Glendale planning authority over potentially valuable land in the path of the future far West Valley freeway."
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Court puts end to challenge of Glendale annexation
Sales of preowned homes in West rise
"Sales of existing homes in the West climbed higher in August versus a year ago, bucking a national trend as buyers snatched up sharply discounted foreclosed properties in California, Arizona and Nevada, according to two reports Wednesday.
About 106,000 existing homes and condos were sold last month in the 13-state region. Without adjusting for seasonal factors, that number is up about 1 percent from the same month last year and flat versus July's figures, according to the National Association of Realtors.
The median price in the West slumped by almost 24 percent from a year ago to $251,600, the association said."
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Sales of preowned homes in West rise
About 106,000 existing homes and condos were sold last month in the 13-state region. Without adjusting for seasonal factors, that number is up about 1 percent from the same month last year and flat versus July's figures, according to the National Association of Realtors.
The median price in the West slumped by almost 24 percent from a year ago to $251,600, the association said."
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Sales of preowned homes in West rise
Lennar sales tumble 53%
"Lennar Corp., one of the nation's largest homebuilders, said Tuesday its third-quarter loss narrowed as it cut costs, but revenue fell by more than half amid a prolonged housing slump.
The Miami-based company's loss for the quarter ended Aug. 31 was $89 million, or 56 cents per share, compared with a loss of $513.9 million, or $3.25 per share, a year ago.
Revenue fell 53% to $1.11 billion from $2.34 billion."
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Lennar sales tumble 53%
The Miami-based company's loss for the quarter ended Aug. 31 was $89 million, or 56 cents per share, compared with a loss of $513.9 million, or $3.25 per share, a year ago.
Revenue fell 53% to $1.11 billion from $2.34 billion."
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Lennar sales tumble 53%
Congress reaches bipartisan bailout proposal
"Lawmakers have reached agreement on a bipartisan counterproposal to the Bush administration's $700 billion financial bailout plan.
Both parties and the House and Senate agreed Thursday to a set of principles on revisions to the rescue plan, which calls for the Treasury Department to buy up bad mortgage securities from banks in an effort to get them to lend again.
The proposal will help homeowners, curb executive pay packages at participating firms and provide oversight of Treasury's actions, said Sen. Christopher Dodd, D-Conn., a key architect of the congressional effort. He did not provide details but said lawmakers will sit down with Treasury officials to discuss it."
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Congress reaches bipartisan bailout proposal
Both parties and the House and Senate agreed Thursday to a set of principles on revisions to the rescue plan, which calls for the Treasury Department to buy up bad mortgage securities from banks in an effort to get them to lend again.
The proposal will help homeowners, curb executive pay packages at participating firms and provide oversight of Treasury's actions, said Sen. Christopher Dodd, D-Conn., a key architect of the congressional effort. He did not provide details but said lawmakers will sit down with Treasury officials to discuss it."
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Congress reaches bipartisan bailout proposal
Wednesday, September 24, 2008
Existing home sales fell in August
"Sales of existing homes fell in August, according to the latest reading on the battered housing market released Wednesday by an industry trade group.
The National Association of Realtors reported that sales by homeowners sank in August to an annual pace of 4.91 million, down 2.2% from the revised July reading of 5.02 million. It was the ninth month in a year in which the sales pace fell.
August sales were down 10.7% from a year earlier."
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Existing home sales fell in August
The National Association of Realtors reported that sales by homeowners sank in August to an annual pace of 4.91 million, down 2.2% from the revised July reading of 5.02 million. It was the ninth month in a year in which the sales pace fell.
August sales were down 10.7% from a year earlier."
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Existing home sales fell in August
Tuesday, September 23, 2008
Home price slide 5.3% in July
"Home prices in July fell 5.3% compared with a year ago, a government agency said Tuesday, and have now receded to October 2005 levels.
The home price index was down 0.6% from June on a seasonally adjusted basis, according to the Federal Housing Finance Agency.
The nationwide decline in home values coupled with reckless lending standards are the driving forces behind rising mortgage defaults and foreclosures, and the credit crisis that has shaken Wall Street to its core."
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Home price slide 5.3% in July
The home price index was down 0.6% from June on a seasonally adjusted basis, according to the Federal Housing Finance Agency.
The nationwide decline in home values coupled with reckless lending standards are the driving forces behind rising mortgage defaults and foreclosures, and the credit crisis that has shaken Wall Street to its core."
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Home price slide 5.3% in July
Modifying loans in bailout not easy
"The Bush administration wants to help beleaguered financial institutions - and prevent the financial crisis from getting worse - by spending $700 billion to buy up troubled mortgage securities.
But many struggling homeowners are asking: 'Where's my bailout?'
Democratic lawmakers have taken up their battle and say they will include more help for homeowners as part of the proposal, according to Rep. Barney Frank, D-Mass, who heads the House Financial Services Committee. Final details are still being hammered out, but it appears that the idea is gaining traction."
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Modifying loans in bailout not easy
But many struggling homeowners are asking: 'Where's my bailout?'
Democratic lawmakers have taken up their battle and say they will include more help for homeowners as part of the proposal, according to Rep. Barney Frank, D-Mass, who heads the House Financial Services Committee. Final details are still being hammered out, but it appears that the idea is gaining traction."
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Modifying loans in bailout not easy
Monday, September 22, 2008
Appraisers, lenders anxious for new rules
"Mortgage lenders and home appraisers are anxiously awaiting news about the status of new lending rules intended to protect home buyers and investors from bogus appraisals.
The Home Value Protection Program, scheduled to take effect Jan. 1, would force originators and brokers of conventional loans to stop dealing directly with appraisers.
Lenders would no longer be allowed to hire their own appraisers or even discuss a home's estimated value with them. Instead, lending institutions would handle all appraisals through an intermediary that would assign each appraiser from an approved list."
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Appraisers, lenders anxious for new rules
The Home Value Protection Program, scheduled to take effect Jan. 1, would force originators and brokers of conventional loans to stop dealing directly with appraisers.
Lenders would no longer be allowed to hire their own appraisers or even discuss a home's estimated value with them. Instead, lending institutions would handle all appraisals through an intermediary that would assign each appraiser from an approved list."
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Appraisers, lenders anxious for new rules
Foreclosure chaos touches renters, too
"Don't bother ringing the doorbell at the darkened house near 29th Avenue and Winchester Road in Apache Junction. The electricity has been cut off and nobody's home.
Same thing just a street over at a house with a forgotten above-ground swimming pool in the backyard and the string of Christmas lights left sagging on the roof.
In fact, by the end of November at least 12 homes on these and three other neighboring streets in the Jacob's Ranch community will sit vacant - getting ready for auction if they haven't already been sold."
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Foreclosure chaos touches renters, too
Same thing just a street over at a house with a forgotten above-ground swimming pool in the backyard and the string of Christmas lights left sagging on the roof.
In fact, by the end of November at least 12 homes on these and three other neighboring streets in the Jacob's Ranch community will sit vacant - getting ready for auction if they haven't already been sold."
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Foreclosure chaos touches renters, too
Sunday, September 21, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (9/21/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 52,399 (+199)
Single Family Detached - 42,941 (+140)
Patio homes - 852
Townhouses - 3,451
Apartment Style - 2,972
Gemini/Twin Homes - 355
Manufactured/Mobile Housing - 1,503
Modular/Pre-fab - 40
Loft Style - 285
Total Sold Listings (2008) - 41,632 (+1,476)
Single Family Detached - 36,157 (+1,334)
Patio homes - 651
Townhouses - 2,193
Apartment Style - 1,639
Gemini/Twin Homes - 242
Manufactured/Mobile Housing - 674
Modular/Pre-fab - 11
Loft Style - 65
Total Active Listings - 52,399 (+199)
Single Family Detached - 42,941 (+140)
Patio homes - 852
Townhouses - 3,451
Apartment Style - 2,972
Gemini/Twin Homes - 355
Manufactured/Mobile Housing - 1,503
Modular/Pre-fab - 40
Loft Style - 285
Total Sold Listings (2008) - 41,632 (+1,476)
Single Family Detached - 36,157 (+1,334)
Patio homes - 651
Townhouses - 2,193
Apartment Style - 1,639
Gemini/Twin Homes - 242
Manufactured/Mobile Housing - 674
Modular/Pre-fab - 11
Loft Style - 65
Saturday, September 20, 2008
Bush wants OK to spend $700B
"President Bush has asked Congress for the authority to spend as much as $700 billion to purchase troubled mortgage assets and contain the financial crisis.
The legislative proposal - the centerpiece of what would be the most sweeping economic intervention by the government since the Great Depression - was sent by the White House overnight to lawmakers.
President Bush said Saturday that the plan matches the scope of the problem."
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Bush wants OK to spend $700B
The legislative proposal - the centerpiece of what would be the most sweeping economic intervention by the government since the Great Depression - was sent by the White House overnight to lawmakers.
President Bush said Saturday that the plan matches the scope of the problem."
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Bush wants OK to spend $700B
Thursday, September 18, 2008
Applications to refinance mortgages surge
"Homeowners rushed to take advantage of the drop in interest rates following the government's takeover of Fannie Mae and Freddie Mac, data released Wednesday showed.
Applications by homeowners looking to refinance their mortgages spiked 88% last week, according to the Mortgage Bankers Association. Refinances accounted for nearly 52% of all application activity, up from 36% the previous week, the trade group said."
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Applications to refinance mortgages surge
Applications by homeowners looking to refinance their mortgages spiked 88% last week, according to the Mortgage Bankers Association. Refinances accounted for nearly 52% of all application activity, up from 36% the previous week, the trade group said."
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Applications to refinance mortgages surge
Wednesday, September 17, 2008
Housing problems now solved by bailouts
"The nation's financial system is in the midst of a massive shakeup and many on Wall Street and in Washington are pointing fingers and looking for someone to blame.
But in the end, it all comes back to one issue - housing.
Earlier this decade, it was much easier to get a mortgage. Home prices soared about 85% from 1996 through 2006 in inflation-adjusted dollars, creating a bubble.
Then the bubble popped. And the fallout isn't over yet, experts say."
Housing problems now solved by bailouts
But in the end, it all comes back to one issue - housing.
Earlier this decade, it was much easier to get a mortgage. Home prices soared about 85% from 1996 through 2006 in inflation-adjusted dollars, creating a bubble.
Then the bubble popped. And the fallout isn't over yet, experts say."
Housing problems now solved by bailouts
Lenders praised new FHA program but won't use it much
"As part of the massive housing rescue bill passed by Congress in July, troubled borrowers will be able to refinance their home loans with the backing of the Federal Housing Authority (FHA) starting on October 1.
But at a congressional hearing today in Washington, lenders didn't seem terribly enthusiastic about the program, dubbed Hope for Homeowners.
The program calls for lenders to voluntarily refinance delinquent mortgages by reducing loan balances to 90% of a home's current market value. The new loans will be backed by the FHA, which will be receive 5% of the new loan balance as a payment from the lender."
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Lenders praised new FHA program but won't use it much
But at a congressional hearing today in Washington, lenders didn't seem terribly enthusiastic about the program, dubbed Hope for Homeowners.
The program calls for lenders to voluntarily refinance delinquent mortgages by reducing loan balances to 90% of a home's current market value. The new loans will be backed by the FHA, which will be receive 5% of the new loan balance as a payment from the lender."
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Lenders praised new FHA program but won't use it much
Monday, September 15, 2008
Subprime timeline
"The subprime mortgage meltdown and resulting rippling repercussions have a brief, but dramatic, history."
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Subprime timeline
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Subprime timeline
Greenspan: Economy in 'once-in-a-century' crisis
"The U.S. credit squeeze has brought on a 'once-in-a-century' financial crisis that is likely to claim more big firms before it eases, former Federal Reserve chief Alan Greenspan said Sunday.
Greenspan told ABC's 'This Week' that the situation 'is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go.'
'Indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes,' Greenspan said. He predicted that would not happen until early 2009, and said the odds of U.S. recession have gone up in recent months."
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Greenspan: Economy in 'once-in-a-century' crisis
Greenspan told ABC's 'This Week' that the situation 'is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go.'
'Indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes,' Greenspan said. He predicted that would not happen until early 2009, and said the odds of U.S. recession have gone up in recent months."
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Greenspan: Economy in 'once-in-a-century' crisis
U.S. cities face financial hardship
"Declining property-tax revenues, high energy prices and other financial headwinds will create greater economic hardships in 2009 for most cities across the U.S., a new report says.
City budget officials say they expect more layoffs for municipal workers, cutbacks in parks and recreation programs and library hours, and higher fees for everything from garbage pickup to building permits."
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U.S. cities face financial hardship
City budget officials say they expect more layoffs for municipal workers, cutbacks in parks and recreation programs and library hours, and higher fees for everything from garbage pickup to building permits."
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U.S. cities face financial hardship
Sunday, September 14, 2008
Number of Active & Sold Listings in the Phoenix-Metro Area (9/14/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 52,200 (+174)
Single Family Detached - 42,801 (+132)
Patio homes - 854
Townhouses - 3,426
Apartment Style - 2,946
Gemini/Twin Homes - 354
Manufactured/Mobile Housing - 1,491
Modular/Pre-fab - 40
Loft Style - 287
Total Sold Listings (2008) - 40,156 (+934)
Single Family Detached - 34,823 (+853)
Patio homes - 626
Townhouses - 2,139
Apartment Style - 1,602
Gemini/Twin Homes - 234
Manufactured/Mobile Housing - 660
Modular/Pre-fab - 10
Loft Style - 62
Total Active Listings - 52,200 (+174)
Single Family Detached - 42,801 (+132)
Patio homes - 854
Townhouses - 3,426
Apartment Style - 2,946
Gemini/Twin Homes - 354
Manufactured/Mobile Housing - 1,491
Modular/Pre-fab - 40
Loft Style - 287
Total Sold Listings (2008) - 40,156 (+934)
Single Family Detached - 34,823 (+853)
Patio homes - 626
Townhouses - 2,139
Apartment Style - 1,602
Gemini/Twin Homes - 234
Manufactured/Mobile Housing - 660
Modular/Pre-fab - 10
Loft Style - 62
Getting a loan is tough, here's what you need to know
"With tighter lending standards and a slumping housing market, opening the door to a home of your own is more challenging than it has been in years.
Experts say the rules for obtaining a home loan have undergone more revision in the past 18 months than during any comparable period since the Great Depression, as lenders seek to do away with practices that landed their industry in its current crisis.
Changes include tougher credit-score and down-payment requirements; a recent crackdown on stated-income 'liar loans'; the disqualification of rental income on some loan applications; an expected lowering of Federal Housing Administration insurance limits and the pending elimination of seller-funded down payment assistance for FHA loans."
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Getting a loan is tough, here's what you need to know
Experts say the rules for obtaining a home loan have undergone more revision in the past 18 months than during any comparable period since the Great Depression, as lenders seek to do away with practices that landed their industry in its current crisis.
Changes include tougher credit-score and down-payment requirements; a recent crackdown on stated-income 'liar loans'; the disqualification of rental income on some loan applications; an expected lowering of Federal Housing Administration insurance limits and the pending elimination of seller-funded down payment assistance for FHA loans."
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Getting a loan is tough, here's what you need to know
August foreclosures hit another record high
"Foreclosures hit another record high in August: 304,000 homes were in default and 91,000 families lost their houses.
More than 770,000 homes have been repossessed by lenders since August 2007, when the credit crunch took hold.
The report from RealtyTrac, an online marketer of foreclosures properties, is the latest in string of bad news for housing."
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August foreclosures hit another record high
More than 770,000 homes have been repossessed by lenders since August 2007, when the credit crunch took hold.
The report from RealtyTrac, an online marketer of foreclosures properties, is the latest in string of bad news for housing."
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August foreclosures hit another record high
Friday, September 12, 2008
Developer, residents at odds over two-story homes
"A developer who wants the option to build more two-story homes than currently allowed will again ask the North Gateway Village Planning Committee on Thursday to approve the plan.
Pulte Homes wants to delete a stipulation limiting the minimum number of single-story homes in the second phase of its Fireside at Norterra in the Dynamite Mountain Ranch development.
Fifty percent of the homes along open space areas, such as washes, trails or drainage swells, must be one story."
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Developer, residents at odds over two-story homes
Pulte Homes wants to delete a stipulation limiting the minimum number of single-story homes in the second phase of its Fireside at Norterra in the Dynamite Mountain Ranch development.
Fifty percent of the homes along open space areas, such as washes, trails or drainage swells, must be one story."
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Developer, residents at odds over two-story homes
Work to start on N. Valley parkway
"Calling it a promise kept, Maricopa County Supervisor Andy Kunasek dug into a pile of soil at the ceremonial groundbreaking of the Gavilan Peak Parkway on Wednesday.
Kunasek said moving construction of the frontage road up seven years required teamwork from the county, Phoenix, the state Land Department, the county's Department of Transportation and residents of Desert Hills and Anthem.
The parkway will run parallel to Interstate 17 and provide Anthem-area residents alternative access to Carefree Highway."
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Work to start on N. Valley parkway
Kunasek said moving construction of the frontage road up seven years required teamwork from the county, Phoenix, the state Land Department, the county's Department of Transportation and residents of Desert Hills and Anthem.
The parkway will run parallel to Interstate 17 and provide Anthem-area residents alternative access to Carefree Highway."
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Work to start on N. Valley parkway
Space Center offers program for ages 4-5
"Challenger Space Center is offering a children's program, 'Let's Discover Arts & Science,' at 9 a.m. Wednesday and Sept. 17 and 24 at 21170 N 83rd Ave.
Children ages 4-5, along with an adult, explore the fascinating world of arts and science using everyday items, many that can be found in the kitchen. The class is held in partnership with the Peoria Parks and Recreation Department.
Pre-registration is required through the Peoria Parks and Recreation Department's Web site, http://recreation.peoriaaz.gov, or by calling 623-773-7137. The cost is $48 for residents and $53 for non-residents."
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Space Center offers program for ages 4-5
Children ages 4-5, along with an adult, explore the fascinating world of arts and science using everyday items, many that can be found in the kitchen. The class is held in partnership with the Peoria Parks and Recreation Department.
Pre-registration is required through the Peoria Parks and Recreation Department's Web site, http://recreation.peoriaaz.gov, or by calling 623-773-7137. The cost is $48 for residents and $53 for non-residents."
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Space Center offers program for ages 4-5
Battle over APS power lines' route continues
"Peoria this week continued its argument that a proposed high-voltage power line be placed farther north, away from the 7,100-acre, master-planned Vistancia community.
The Arizona Power Plant Transmission Line Siting Committee held its second round of quasi-judicial hearings Monday and Tuesday at the Renaissance Hotel & Spa in Glendale on siting the 40-mile transmission line from Peoria to Buckeye.
Arizona Public Service is pitching a preferred route that includes the Carefree Highway alignment in Peoria and three alternatives. Peoria wants the alternative route that puts the project along Arizona 74, which the utility says is a designated scenic corridor."
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Battle over APS power lines' route continues
The Arizona Power Plant Transmission Line Siting Committee held its second round of quasi-judicial hearings Monday and Tuesday at the Renaissance Hotel & Spa in Glendale on siting the 40-mile transmission line from Peoria to Buckeye.
Arizona Public Service is pitching a preferred route that includes the Carefree Highway alignment in Peoria and three alternatives. Peoria wants the alternative route that puts the project along Arizona 74, which the utility says is a designated scenic corridor."
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Battle over APS power lines' route continues
Shakespeare in the Park coming to Surprise
"Residents will have a chance to channel their inner bards on Oct. 19 during Surprise's first Shakespeare in the Park.
The Arizona Shakespeare Festival, based in Prescott, will perform the 90-minute play As Good as it Gets at 2 p.m. at the Surprise Community Park, 15953 N. Bullard Ave., southeast of the fishing lake.
The city also is bringing in roaming entertainment from the Arizona Renaissance Festival, including peasants, a juggler, a pirate, a knight and a Scotsman alleged to be 'on the prowl for trouble.'"
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Shakespeare in the Park coming to Surprise
The Arizona Shakespeare Festival, based in Prescott, will perform the 90-minute play As Good as it Gets at 2 p.m. at the Surprise Community Park, 15953 N. Bullard Ave., southeast of the fishing lake.
The city also is bringing in roaming entertainment from the Arizona Renaissance Festival, including peasants, a juggler, a pirate, a knight and a Scotsman alleged to be 'on the prowl for trouble.'"
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Shakespeare in the Park coming to Surprise
State taps $13.6 mil to curb foreclosures, assist homeless
"More help is on the way for Arizonans struggling to keep their homes.
The state is funding a $13.6 million initiative to help stem the growing foreclosure problem and aid the rising number of homeless people. The two problems have become related as more families losing their homes can't find places they can afford to rent.
The funding, the largest the state has set aside for foreclosure help, was announced Wednesday at the Arizona Department of Housing's annual conference in Flagstaff. The money will come from the Arizona Housing Trust, which is funded from a percentage of the sales of unclaimed properties in the state, such as bank deposits. No taxpayer money is contributed to the trust, which varies in size each year."
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State taps $13.6 mil to curb foreclosures, assist homeless
The state is funding a $13.6 million initiative to help stem the growing foreclosure problem and aid the rising number of homeless people. The two problems have become related as more families losing their homes can't find places they can afford to rent.
The funding, the largest the state has set aside for foreclosure help, was announced Wednesday at the Arizona Department of Housing's annual conference in Flagstaff. The money will come from the Arizona Housing Trust, which is funded from a percentage of the sales of unclaimed properties in the state, such as bank deposits. No taxpayer money is contributed to the trust, which varies in size each year."
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State taps $13.6 mil to curb foreclosures, assist homeless
Thursday, September 11, 2008
Bailout helps weekly results on mortgage rates
"Rates on 30-year mortgages dropped, after the U.S. government took control of mortgage financing giants Fannie Mae and Freddie Mac last weekend.
The Primary Mortgage Market Survey from mortgage finance company Freddie Mac (FRE, Fortune 500) said that rates on 30-year fixed-rate mortgages (FRMs) averaged 5.93% for the week ended September 11, with an average 0.7 point discount. That's down from an average 6.35% last week, and down from an average of 6.31% recorded during the same week last year.
'Interest rates for 30-year fixed-rate mortgages are down almost 0.6 percentage points over the past 4 weeks, which will help to spur home purchases and loan refinancing in coming weeks,' said Frank Nothaft, Freddie Mac's vice president and chief economist."
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Bailout helps weekly results on mortgage rates
The Primary Mortgage Market Survey from mortgage finance company Freddie Mac (FRE, Fortune 500) said that rates on 30-year fixed-rate mortgages (FRMs) averaged 5.93% for the week ended September 11, with an average 0.7 point discount. That's down from an average 6.35% last week, and down from an average of 6.31% recorded during the same week last year.
'Interest rates for 30-year fixed-rate mortgages are down almost 0.6 percentage points over the past 4 weeks, which will help to spur home purchases and loan refinancing in coming weeks,' said Frank Nothaft, Freddie Mac's vice president and chief economist."
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Bailout helps weekly results on mortgage rates
Monday, September 8, 2008
Freddie, Fannie plan has taxpayer protections
"Make no mistake. It's hardly delightful for taxpayers that the Treasury had to step in to rescue Fannie Mae and Freddie Mac - the engines of the mortgage market.
But one expert gave Treasury Secretary Henry Paulson and his colleagues high marks for devising a plan that gives first priority to taxpayers and minimizes their potential cost."
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Freddie, Fannie plan has taxpayer protections
But one expert gave Treasury Secretary Henry Paulson and his colleagues high marks for devising a plan that gives first priority to taxpayers and minimizes their potential cost."
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Freddie, Fannie plan has taxpayer protections
Sunday, September 7, 2008
Home hasn't sold? Tips to help move it
"In October 2005, David Raimondi put his 100-year-old Allendale, N.J., house and barn on the market, asking $525,000. It's been almost three years, and the property has not sold.
Raimondi, a housepainter who wants to move to a less expensive area, is one of the growing ranks of frustrated sellers whose homes have been on the market for more than a year. Though most sellers don't stay on the market for years, Realtors say the average time between listing and sale has stretched out during the housing slump.
These sellers' experiences show just how tough the market is. Still, real-estate agents say, there are buyers out there, and it's possible to sell a property if you take the right steps. Interviews with real-estate experts offer these lessons for sellers"
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Home hasn't sold? Tips to help move it
Raimondi, a housepainter who wants to move to a less expensive area, is one of the growing ranks of frustrated sellers whose homes have been on the market for more than a year. Though most sellers don't stay on the market for years, Realtors say the average time between listing and sale has stretched out during the housing slump.
These sellers' experiences show just how tough the market is. Still, real-estate agents say, there are buyers out there, and it's possible to sell a property if you take the right steps. Interviews with real-estate experts offer these lessons for sellers"
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Home hasn't sold? Tips to help move it
How Fannie and Freddie came under full government control
"Call it a bailout, or a rescue, Fannie Mae and Freddie Mac are now firmly under the grip of the U.S. government.
The widely anticipated move was the logical next step as the housing crisis continued to erode the two mortgage giants.
'We have determined that it is necessary to take action,' Treasury Secretary Henry Paulson said Sunday. 'Our markets will not recover until the end of this housing crisis. Fannie Mae and Freddie Mac are critical to turning the corner on housing.'"
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How Fannie and Freddie came under full government control
The widely anticipated move was the logical next step as the housing crisis continued to erode the two mortgage giants.
'We have determined that it is necessary to take action,' Treasury Secretary Henry Paulson said Sunday. 'Our markets will not recover until the end of this housing crisis. Fannie Mae and Freddie Mac are critical to turning the corner on housing.'"
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How Fannie and Freddie came under full government control
What the rescue means for borrowers
"Mortgage applicants rejoice!
Sunday's federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.
'This could be good for would-be homeowners,' said Tom LaMalfa, managing director, Wholesale Access, a research and consulting firm. 'It would reduce the cost of financing at the new and improved Fannie and Freddie.'"
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What the rescue means for borrowers
Sunday's federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.
'This could be good for would-be homeowners,' said Tom LaMalfa, managing director, Wholesale Access, a research and consulting firm. 'It would reduce the cost of financing at the new and improved Fannie and Freddie.'"
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What the rescue means for borrowers
Feds unveil rescue plan for Fannie, Freddie
"Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants and the $5 trillion in home loans they back.
The move marks Washington's most dramatic attempt yet to shore up the nation's housing market, which is suffering from record foreclosures and falling prices.
The sweeping plan, announced by Treasury Secretary Henry Paulson and James Lockhart, director of the Federal Housing Finance Agency, places the two companies into a 'conservatorship' to be overseen by the Federal Housing Finance Agency. Under conservatorship, the government would temporarily run Fannie and Freddie until they are on stronger footing."
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Feds unveil rescue plan for Fannie, Freddie
The move marks Washington's most dramatic attempt yet to shore up the nation's housing market, which is suffering from record foreclosures and falling prices.
The sweeping plan, announced by Treasury Secretary Henry Paulson and James Lockhart, director of the Federal Housing Finance Agency, places the two companies into a 'conservatorship' to be overseen by the Federal Housing Finance Agency. Under conservatorship, the government would temporarily run Fannie and Freddie until they are on stronger footing."
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Feds unveil rescue plan for Fannie, Freddie
Number of Active & Sold Listings in the Phoenix-Metro Area (9/7/2008)
I will be posting the number of active listings in ARMLS (Arizona Regional Multiple Listing System) covering the Phoenix-Metro Area each week. Check back each week to see the updated numbers:
Total Active Listings - 52,026 (-246)
Single Family Detached - 42,669 (-170)
Patio homes - 850
Townhouses - 3,436
Apartment Style - 2,894
Gemini/Twin Homes - 359
Manufactured/Mobile Housing - 1,492
Modular/Pre-fab - 39
Loft Style - 287
Total Sold Listings (2008) - 39,222 (+943)
Single Family Detached - 33,970 (+845)
Patio homes - 614
Townhouses - 2,113
Apartment Style - 1,569
Gemini/Twin Homes - 233
Manufactured/Mobile Housing - 653
Modular/Pre-fab - 9
Loft Style - 61
Total Active Listings - 52,026 (-246)
Single Family Detached - 42,669 (-170)
Patio homes - 850
Townhouses - 3,436
Apartment Style - 2,894
Gemini/Twin Homes - 359
Manufactured/Mobile Housing - 1,492
Modular/Pre-fab - 39
Loft Style - 287
Total Sold Listings (2008) - 39,222 (+943)
Single Family Detached - 33,970 (+845)
Patio homes - 614
Townhouses - 2,113
Apartment Style - 1,569
Gemini/Twin Homes - 233
Manufactured/Mobile Housing - 653
Modular/Pre-fab - 9
Loft Style - 61
Saturday, September 6, 2008
Paulson readies the 'bazooka'
"It took two months, but the bond market called Henry Paulson's bluff. Now the Treasury Secretary is expected Sunday to announce a plan to take Fannie Mae and Freddie Mac under government control.
The mortgage giants are expected to be placed under a 'conservatorship' of their new regulator, the Federal Housing Finance Agency. The agency would likely temporarily run Fannie and Freddie and continue to implicitly back any liabilities until the two companies' financial standing was strengthened. A Treasury official confirmed that regulators were working out details of an intervention plan on Saturday."
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Paulson readies the 'bazooka'
The mortgage giants are expected to be placed under a 'conservatorship' of their new regulator, the Federal Housing Finance Agency. The agency would likely temporarily run Fannie and Freddie and continue to implicitly back any liabilities until the two companies' financial standing was strengthened. A Treasury official confirmed that regulators were working out details of an intervention plan on Saturday."
Click below to read more...
Paulson readies the 'bazooka'
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