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."

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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

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

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."

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Mortgage rates plummet after $800 billion credit infusion

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."

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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

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

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."

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Fannie and Freddie suspend foreclosures

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

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

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

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

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

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

$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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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