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 $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

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

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

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

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

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

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

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

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%

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

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

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

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

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

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

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

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

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

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

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

Subprime timeline

"The subprime mortgage meltdown and resulting rippling repercussions have a brief, but dramatic, history."

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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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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'

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

Mortgage rates down slightly

"Mortgage rates declined, easing for the third straight week, according to a report from mortgage finance giant Freddie Mac.

Rates for 30-year fixed-rate mortgages (FRMs) averaged 6.35% in the week ending Sept. 4, according to Freddie Mac (FRE, Fortune 500). That's down from last week, when it stood at 6.4%, and below a year ago, when the rate stood at 6.46%.

Other rates also fell. Freddie's Primary Mortgage Market Survey showed that the 15-year FRM fell to a 5.9% average from 5.93% last week and from 6.15% last year."

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Mortgage rates down slightly

Pick-a-payment loans turn poisonous

"They're known as 'pick-a-payment' mortgages or option ARMs, but their detractors call them pure poison. Now their default rates, which are already high, are about to explode, according to a Fitch Ratings report issued Tuesday.

Option ARMs are loans that allow borrowers to make very low minimum payments that don't even cover the interest for the loans. The difference is then added to the mortgage balance, which grows every month.

There are about one million option ARMs outstanding, according to Fitch, and somewhere between 10% and 24% of these are seriously delinquent - 90 days or more past due."

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Pick-a-payment loans turn poisonous

Ariz. closing costs near national median

"Arizonans seeking a conventional mortgage on a midrange house can expect to pay $3,096 in closing costs, according to a survey by Bankrate.com.

That was slightly above the national median cost of $3,086 for a 30-year fixed-rate loan for a borrower with good credit who is willing to put 20 percent down.

Those fees include origination, title and settlement costs but not taxes or prepaid items. New York City had the highest average closing costs in the survey at $4,016; followed by Houston at $3,975; and Buffalo, N.Y., at $3,845."

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Ariz. closing costs near national median