Number of Active & Sold Listings in the Phoenix-Metro Area (8/31/2008)

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 - 52,272 (-247)

Single Family Detached - 42,839 (-215)
Patio homes - 850
Townhouses - 3,468
Apartment Style - 2,915
Gemini/Twin Homes - 367
Manufactured/Mobile Housing - 1,501
Modular/Pre-fab - 43
Loft Style - 290

Total Sold Listings (2008) - 38,279 (+2026)

Single Family Detached - 33,125 (+1805)
Patio homes - 600
Townhouses - 2,075
Apartment Style - 1,544
Gemini/Twin Homes - 229
Manufactured/Mobile Housing - 638
Modular/Pre-fab - 9
Loft Style - 59

Homebuyers turn the screws on desperate sellers

"A rock-bottom price just isn't enough for buyers these days - it's a starting point. If the furnace is out of date, they'll demand a new one. Cracked driveways have to be repaved, and dirty carpeting torn out and replaced. All at the seller's expense.

Buyers are in the driver's seat and they know it. They're using that leverage to pry more concessions out of desperate sellers than they ever dreamed of during the bubble.

''Now it's my turn,' is the attitude,' said Mike Byrd, a real estate agent with SLO Home Store in San Luis Obispo, Calif. 'Some buyers are really putting the screws on.'"

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Homebuyers turn the screws on desperate sellers

Housing fix backfires, raises rates for everyone

"Back in February, Congress passed into law a quick fix for the housing market. Unfortunately, it hasn't done much good.

As part of the economic stimulus plan, lawmakers raised the limit on the size of home loans mortgage giants Fannie Mae and Freddie Mac can guarantee, from $417,000 to as high as $729,750 in some of the most expensive U.S. markets. That was supposed to bring down mortgage rates on jumbo loans and help goose sales in cities across the country - mostly on the East and West coasts - where even outhouses go for close to half a mil.

So just how much help has this change been for homeowners? Not much. Six months ago, the rate on a $500,000 30-year fixed mortgage was 6.73%. Today the rate today is only slightly lower at 6.69%. No surprise then that the housing market is still stuck in reverse."

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Housing fix backfires, raises rates for everyone

New-home sales rose little in July, prices fell

"Sales of new homes rose in July, but still fell short of economists' expectations, and home prices continued to sink.

The Commerce Department reported Tuesday that new-home sales rose by 2.4 percent last month to a seasonally adjusted annual rate of 515,000 units, the most since April.

But sales in June had plummeted to a pace of just 503,000 - down from previous estimates of 530,000 - to mark the worst showing since September 1991."

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New-home sales rose little in July, prices fell

Mortgage volume rises 1%, according to survey

"Mortgage application volume rose less than 1% during the week ended Aug. 22, according to the Mortgage Bankers Association's weekly application survey.

The trade group's application index rose to 421.6 during the week, from 419.3 a week earlier, which had been the lowest index level in nearly eight years.

Refinance volume rose 0.3%, while purchase volume increased 0.6% during the week. Refinance volume accounted for 35.2% of all applications."

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Mortgage volume rises 1%, according to survey

2 million troubled borrowers avoid foreclosure

"Hope Now has helped more than 2 million at-risk borrowers stay in their homes during the past 13 months, according to numbers released by the coalition on Wednesday.

The alliance of mortgage servicers, counselors, and investors assembled to combat foreclosures fixed more than 192,000 problem loans during July, a one-month record that represents a 6% increase over June.

Despite this progress, foreclosures continue to climb; 91,752 families lost their homes in July. That represents an increase of 14% from June and more than double the number of July 2007, when only 42,043 homes went to foreclosure."

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2 million troubled borrowers avoid foreclosure

Restructuring of mortgage loans gets tougher

"In January, loan analyst Moe Bedard noticed a promising development in the mortgage-servicing industry: More lenders started restructuring distressed borrowers' loans to avert foreclosure.

But in the months that followed, the trend reversed itself.

'Now, it's even harder to get a modification than it was five months ago,' said Bedard, president of Loan Safe Solutions, based in Coronado, Calif. 'They're just stalling now.'"

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Restructuring of mortgage loans gets tougher

Minds over money: Frank talk with Barney Frank

"Spend 27 years in Congress and you're bound to encounter more than one financial train wreck. But as Rep. Barney Frank, D-Mass., sees it, the meltdown in the U.S. housing market poses as much of a threat to the nation's economic well-being as anything he's encountered during his time on Capitol Hill.

More than 3 million homeowners will default on their mortgages this year, according to Moody's Economy.com. That's about 5% of all U.S. mortgages outstanding. Those defaults, in turn, are accelerating the pace of foreclosures and placing yet more pressure on housing prices - a vicious spiral that could hamstring the entire economy."

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Minds over money: Frank talk with Barney Frank

Sales by homeowners rise more than expected

"Sales of existing homes rose more than expected in July, but prices continued to fall and inventory increased. That's according to the latest reading on the battered housing market by an industry trade group released Monday.

The National Association of Realtors reported that sales by homeowners in July increased to an annual pace of 5 million, up from the revised June reading of 4.85 million.

That's better than the annual pace of 4.9 million that economists surveyed by Briefing.com expected, and it's the highest pace since February. Still, July sales were down 13.2% from a year earlier."

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Sales by homeowners rise more than expected

Number of Active & Sold Listings in the Phoenix-Metro Area (8/24/2008)

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 - 52,519 (+65)

Single Family Detached - 43,054 (+110)
Patio homes - 851
Townhouses - 3,480
Apartment Style - 2,938
Gemini/Twin Homes - 366
Manufactured/Mobile Housing - 1,495
Modular/Pre-fab - 44
Loft Style - 292

Total Sold Listings (2008) - 36,253 (+1075)

Single Family Detached - 31,320 (+964)
Patio homes - 582
Townhouses - 1,972
Apartment Style - 1,465
Gemini/Twin Homes - 223
Manufactured/Mobile Housing - 628
Modular/Pre-fab - 9
Loft Style - 54

Houses in subprime shape lead price charge down

"It's not just the subprime mortgage crisis that's to blame for plummeting home prices. A flood of squalid properties on the market is helping to exaggerate the post-bubble price declines.

'Part of the reason home prices are declining is a fundamental deterioration in the housing stock,' said Glenn Kelman, CEO of the online, discount broker Redfin. 'During the boom, nine out of 10 houses for sale in many markets were in prime condition. Now, for every 10 houses, at least three are dogs.'"

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Houses in subprime shape lead price charge down

Mortgage applications approach 8-year low

"Mortgage application volume fell last week to its lowest level in nearly eight years, the Mortgage Bankers Association said Wednesday.

The fall in application volume is the latest sign of a struggling housing market. On Tuesday, a Commerce Department report showed construction of homes and apartments fell in July to the lowest level in more than 17 years.

And while fewer new homes are being built, fewer customers are also refinancing existing mortgages. A sharp drop in refinance volume in recent weeks has been the leading driver of declining application volume."

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Mortgage applications approach 8-year low

30-year mortgages remain at 6.52%

"Rates on 30-year mortgages remained at the same level for a third week while rates on other types of home loans posted small declines.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent this week. That was the same rate as the two previous weeks and represented the second highest rate of the year.

The highest rate so far this year was 6.63 percent hit for the week ending July 24."

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30-year mortgages remain at 6.52%

US foreclosure filings surge 55%

"The number of homeowners stung by the dramatic decline in the U.S. housing market jumped last month as foreclosure filings grew by more than 50 percent compared with the same month a year ago, according to data released Thursday.

Nationwide, more than 272,000 homes received at least one foreclosure-related notice in July, up 55 percent from about 175,000 in the same month last year and up 8 percent from June, RealtyTrac Inc. said. That means one in every 464 U.S. households received a foreclosure filing last month.

Irvine, Calif.-based RealtyTrac monitors default notices, auction sale notices and bank repossessions. More than 77,000 properties were repossessed by lenders nationwide in July, the company said."

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US foreclosure filings surge 55%

Housing starts dip to March 1991 levels

"Construction of homes and apartments fell in July to the lowest level in more than 17 years, the government reported Tuesday.

The Commerce Department said that builders broke ground on 965,000 housing units on an annualized basis. That was down from a pace of 1.08 million in June and the weakest showing since March 1991.

However, July's performance was better than analysts expected. Wall Street economists forecast that housing starts would drop to a pace of 950,000.

Still, the latest housing figures continue to show a badly battered housing market, one of the biggest problems plaguing the already shaky national economy."

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Housing starts dip to March 1991 levels

Liar loans to prolong mortgage crisis

"In the mortgage industry, they are called 'liar loans' - mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname 'ninja loans,' short for 'no income, no job, and (no) assets.'

The nation's struggling housing market, already awash in subprime foreclosures, is now getting hit with a second wave of losses as homeowners with liar loans default in record numbers. In some parts of the country, the loans are threatening to drag out the mortgage crisis for another two years.

'Those loans are going to perform very badly,' said Thomas Lawler, a Virginia housing economist. 'They're heavily concentrated in states where home prices are plummeting' such as California, Florida, Nevada and Arizona."

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Liar loans to prolong mortgage crisis

Tax credit for first time home buyers comes with caveats

"Washington policy makers and housing industry insiders hope a new tax credit for first-time home buyers will get the moribund housing market moving again.

But most analysts agree that the program is more of a band-aid than a cure-all for the battered real estate market. What's more, others are quick to point out that the credit must be repaid, which means it's actually an interest-free loan that could get some homeowners in trouble."

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Tax credit for first time home buyers comes with caveats

Number of Active & Sold Listings in the Phoenix-Metro Area (8/17/2008)

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 - 52,454 (-17)

Single Family Detached - 42,944 (-36)
Patio homes - 869
Townhouses - 3,529
Apartment Style - 2,934
Gemini/Twin Homes - 360
Manufactured/Mobile Housing - 1,496
Modular/Pre-fab - 46
Loft Style - 276

Total Sold Listings (2008) - 35,178 (+2897)

Single Family Detached - 30,356 (+2592)
Patio homes - 566
Townhouses - 1,929
Apartment Style - 1,431
Gemini/Twin Homes - 218
Manufactured/Mobile Housing - 619
Modular/Pre-fab - 9
Loft Style - 50

Home prices have fallen 7.6% over the past 12 months

"Real estate prices continued to post steep year-over-year declines during the three months ended June 30, according to a new report from the National Association of Realtors (NAR).

Nationwide, the median existing single family home price plunged 7.6% to $206,500 in the second quarter, down from $223,500 in the same period of 2007. The median price represents the point at which half of all homes sold for more and half sold for less.

A record number of foreclosures helped drive down prices, according to NAR. In fact, foreclosures and short sales accounted for about one third of all existing homes sales."

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Home prices have fallen 7.6% over the past 12 months

Another bad jump in foreclosures in July

"The foreclosure juggernaut lurched forward in July as banks took back 77,295 homes - up 8% in a month and 183% in a year, a report issued Thursday shows.

Total foreclosure filings - delinquency notices, auction sale notices and bank repossessions - were up 8% from June and 55% year-over-year, according to RealtyTrac, an online marketer of foreclosed homes.

One of every 464 U.S. households received at least one filing during July. And more than 680,000 homes have been repossessed by lenders since the beginning of August 2007, when the credit crunch hit."

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Another bad jump in foreclosures in July

GCC North invites public to open house

"The public is invited to Glendale Community College North to celebrate the grand opening of its new buildings at a free open house from 6:30 to 8 p.m. Thursday.

The satellite of Glendale Community College has grown from 20,000 square feet to 87,000 square feet with four new buildings at 5727 W. Happy Valley Road. Older buildings are also being refurbished."

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GCC North invites public to open house

(Cheap) available apartments

"With more homeowners losing their homes to foreclosure, and home sales slowing the rental market has been flooded with potential tenants. But what could have been a boon for apartment complexes never has materialized.

With more affordable homes entering the rental market, apartment complexes are struggling to sign leases.

Between the first quarter of 2007 and the first quarter of 2008, median rents in metro Phoenix's median rent dropped 9.3 percent to $939, according to apartment-research firm Investment Instruments Corp. It was the steepest decline reported in the 12 largest U.S. metro areas, some of which posted median gains of more than 10 percent."

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(Cheap) available apartments

A dead end on the road to housing recovery

"Prime mortgages are starting to default at disturbingly high rates - a development that threatens to slow any potential housing recovery.

The delinquency rate for prime mortgages worth less than $417,000 was 2.44% in May, compared with 1.38% a year earlier, according to LoanPerformance, a unit of First American (FAF, Fortune 500) CoreLogic that compiles and analyzes residential mortgage statistics.

Delinquencies jumped even more for prime loans of more than $417,000, so-called jumbo loans. They rose to 4.03% of outstanding loans in May, compared with 1.11% a year earlier."

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A dead end on the road to housing recovery

Home sellers suffering huge losses

"More homeowners than ever are selling at a loss, propelling the real estate market deeper into crisis.

In the 12 months that ended June 30, nearly 25% of all homes sold nationwide fetched less than sellers originally paid, according to real estate Web site Zillow.com.

While the nation's double-digit decline in home prices has been well documented, the new report underscores the economic force of those price declines. Homeowners are walking away with much less in their pocket when they sell. And that affects more than the real estate market."

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Home sellers suffering huge losses

Peoria AIMS results among best in W. Valley

"Peoria Unified School District high schools made a strong showing among West Valley high schools in AIMS test scores this year.

Four of the district's high schools were among the top 10 in the West Valley for math, five for reading, and five for writing.

In addition, Ironwood High School placed among the top 10 Valley-wide high schools for the writing portion of the test, scoring an 87, which tied it with two other high schools"

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Peoria AIMS results among best in W. Valley

6-lane pool, playground now open in Vistancia Village

"A new recreation center with a community pool has been opened at Vistancia Village in north Peoria.

The six-acre Foothills Center features a six-lane lap pool and playground.

The aquatic facility is an additional option for residents who already were able to enjoy the Mountain Vista Club, which offers three swimming pools, including one outfitted with resort-style water slides and a splash pad."

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6-lane pool, playground now open in Vistancia Village

Banks tighten lending standards

"More banks are tightening lending standards on home mortgages and other consumer and business loans as a deepening credit crisis exerts a heavier toll on the economy.

The Federal Reserve said Monday the percentage of banks reporting tighter lending standards rose across various loan types in its July survey. In April, the central bank had found that the percentage of banks reporting tighter lending standards was already near historic highs.

The new survey, conducted in early July, found that about 75 percent of the banks surveyed indicated they had tightened their lending standards for prime mortgages. That was up from about 60 percent in the previous survey."

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Banks tighten lending standards

Finding gold in foreclosures

"Hoping to score a house on the cheap by buying a foreclosed property? There are good deals out there, but the process is complicated and risky. Here's what you need to know.

There are certainly plenty of foreclosed homes on the market. In California, 40% of existing homes sold in the second quarter were foreclosures, according to DataQuick, a provider of real estate information, compared with 5.4% a year earlier."

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Finding gold in foreclosures

Number of Active & Sold Listings in the Phoenix-Metro Area (8/10/2008)

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 - 52,631 (+160)

Single Family Detached - 43,104 (+124)
Patio homes - 864
Townhouses - 3,543
Apartment Style - 2,962
Gemini/Twin Homes - 362
Manufactured/Mobile Housing - 1,477
Modular/Pre-fab - 47
Loft Style - 273

Total Sold Listings (2008) - 33,971 (+1690)

Single Family Detached - 29,275 (+1511)
Patio homes - 553
Townhouses - 1,879
Apartment Style - 1,388
Gemini/Twin Homes - 214
Manufactured/Mobile Housing - 604
Modular/Pre-fab - 9
Loft Style - 49

Fannie Mae loses $2.3B as defaults rise

"Fannie Mae swung to a second-quarter loss that was more than triple what Wall Street expected as conditions in the housing market continued to deteriorate, forcing the mortgage finance giant to make bold cutbacks that will send shock waves through the mortgage market.

Fannie Mae is raising fees, which will be passed onto borrowers as higher interest rates, and abandoning 'Alt-A' borrowers because those loans are defaulting at an alarming rate. These high-risk loans - made to borrowers with solid credit but little proof of their income, or small or no down payments - made up about 11 percent of Fannie's portfolio but accounted for more than half of its credit losses in the quarter.

'The housing market has returned to earth fast and hard,' said Daniel Mudd, Fannie Mae's president and chief executive."

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Fannie Mae loses $2.3B as defaults rise

Mortgages get more expensive - again

"The good news: Mortgage giant Fannie Mae is taking steps to shore up its finances. The bad news: You're going to pay for it when you take out a mortgage.

Fannie plays a central role in the market for home mortgages by purchasing loans, securitizing them and selling them to investors. In announcing announcing a $2.3 billion loss on Friday, it also said it would make major changes that could have a significant effect on mortgage liquidity and pricing.

The company said it will increase its fees, stop buying certain high-risk loans and charge a higher risk premium for buying loans in the declining market."

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Mortgages get more expensive - again

Mortgage applications rise 2.8% last week

"Mortgage application volume rose 2.8% during the week ending Aug. 1, according to the Mortgage Bankers Association's weekly application survey.

The MBA's application index rose to 432.6 from 420.8 a week earlier, which was the lowest reading of the year.

Refinance volume increased 4.4%, while purchase volume grew 1.8% during the week. Refinance applications accounted for 35.9% of all applications during the week, compared with 35.2% during the previous week."

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Mortgage applications rise 2.8% last week

Number of Active & Sold Listings in the Phoenix-Metro Area (8/3/2008)

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 - 52,471 (-440)

Single Family Detached - 42,980 (-381)
Patio homes - 859
Townhouses - 3,517
Apartment Style - 2,963
Gemini/Twin Homes - 358
Manufactured/Mobile Housing - 1,478
Modular/Pre-fab - 42
Loft Style - 274

Total Sold Listings (2008) - 32,281 (+1499)

Single Family Detached - 27,764 (+1346)
Patio homes - 532
Townhouses - 1,802
Apartment Style - 1,339
Gemini/Twin Homes - 205
Manufactured/Mobile Housing - 581
Modular/Pre-fab - 9
Loft Style - 49

Leasing solar panels a green option

"An Ahwatukee family will soon have solar panels installed on their roof, something they never thought they'd be able to afford a few years ago.

It was just too costly to purchase them, said Leslie Gutman, who lives with husband Len and son Connor in Mountain Park Ranch. So when they learned it was possible to lease the panels, they jumped at the chance to possibly decrease their carbon footprint and save some money on utility bills.

By Labor Day, California-based SolarCity is expected to install 54 panels on the family's roof."

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Leasing solar panels a green option

A good time to lock in mortgage rates

"Since mortgage interest rates are on the rise, home buyers can save considerable cash by locking in a reasonable rate when they find one.

During the housing boom, interest rates were extremely low - generally between 5.5% and 6.5% - and very stable. So borrowers often didn't bother to ask lenders to lock in their rates regardless of market fluctuations. If one good interest rate deal disappeared, another one was generally right around the corner.

But today the mortgage market is very volatile, and rates are trending upwards. So losing out on a good deal may mean it's gone forever. If buyers see a bargain, say experts, they should pounce."

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A good time to lock in mortgage rates

Feds cracks down on mortgage fraud

"While Congress and the Bush administration are focusing on bailing out struggling homeowners and financial companies, another group of federal officials are going after the people who helped propel the country into the mortgage crisis.

The FBI's Mortgage Fraud Task Force, which works with federal, state and local law enforcement officials across the United States, has ramped up its work. Its targets: mortgage brokers, lenders, appraisers and professionals who defraud homeowners and bankers."

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Feds cracks down on mortgage fraud

Mortgage applications hit 2008 low, MBA survey says

"Mortgage application volume tumbled 14.1% during the week ending July 25, hitting its lowest level of the year, according to the Mortgage Bankers Association's weekly application survey.

Volume fell even though interest rates on fixed-rate mortgages retreated from sharp increases a week earlier.

Refinance volume plunged 22.9% during the week, while purchase application volume fell 7.8%. Refinance applications accounted for 35.2% of total application volume during the week."

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Mortgage applications hit 2008 low, MBA survey says

Mortgage rates drop as commodities ease

"Mortgage rates fell slightly this week according to a weekly report released Wednesday, as lower oil prices briefly ease fears of price inflation.

The Primary Mortgage Market Survey from mortgage finance company Freddie Mac said that rates of 30-year fixed-rate mortgages (FRMs) averaged 6.52% for the week ended July 31 with an average 0.7 point discount, down from an average 6.63% last week, and down from an average of 6.68% recorded during the same week last year."

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Mortgage rates drop as commodities ease