"Home prices in the Phoenix market moved up 1.3 percent in October from September, the largest gain on the 20-city Standard & Poor’s/Case-Shiller Home Price Index. That follows an 0.8 percent gain from August to September. But prices are down 18.1 percent from last October, the second largest drop, behind only Las Vegas at 26.6 percent."
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Phoenix home prices gain 1.3% from Sept. to Oct.
Tuesday, December 29, 2009
Trial loan modifications hurt borrowers' credit histories
"Most troubled homeowners view President Obama's foreclosure rescue plan as a way out of their financial troubles.
But many don't realize that entering a trial mortgage modification can actually hurt their credit."
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Trial loan modifications hurt borrowers' credit histories
But many don't realize that entering a trial mortgage modification can actually hurt their credit."
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Trial loan modifications hurt borrowers' credit histories
Sunday, December 27, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (12/27/2009)
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 - 34,185 (+19)
Single Family Detached - 26,619 (+78)
Patio homes - 745
Townhouses - 2,560
Apartment Style - 2,540
Gemini/Twin Homes - 329
Manufactured/Mobile Housing - 1,234
Modular/Pre-fab - 30
Loft Style - 128
Total Sold Listings (2009) - 90,231 (+1224)
Single Family Detached - 79,652 (+1053)
Patio homes - 1025
Townhouses - 4617
Apartment Style - 3319
Gemini/Twin Homes - 473
Manufactured/Mobile Housing - 996
Modular/Pre-fab - 27
Loft Style - 122
Total Active Listings - 34,185 (+19)
Single Family Detached - 26,619 (+78)
Patio homes - 745
Townhouses - 2,560
Apartment Style - 2,540
Gemini/Twin Homes - 329
Manufactured/Mobile Housing - 1,234
Modular/Pre-fab - 30
Loft Style - 128
Total Sold Listings (2009) - 90,231 (+1224)
Single Family Detached - 79,652 (+1053)
Patio homes - 1025
Townhouses - 4617
Apartment Style - 3319
Gemini/Twin Homes - 473
Manufactured/Mobile Housing - 996
Modular/Pre-fab - 27
Loft Style - 122
Wednesday, December 23, 2009
New home sales fall to lowest level since March
"Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky.
The 11 percent slump from October's pace shows that consumers are taking their time following an extension of a deadline for first-time buyers to qualify for a tax credit. The incentive was set to expire at the end of November, but Congress pushed back the date to April 30 and expanded the program to include current homeowners who relocate.
"They don't have to act today," said David Crowe, chief economist at the National Association of Home Builders, who called the results "pretty awful.""
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New home sales fall to lowest level since March
The 11 percent slump from October's pace shows that consumers are taking their time following an extension of a deadline for first-time buyers to qualify for a tax credit. The incentive was set to expire at the end of November, but Congress pushed back the date to April 30 and expanded the program to include current homeowners who relocate.
"They don't have to act today," said David Crowe, chief economist at the National Association of Home Builders, who called the results "pretty awful.""
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New home sales fall to lowest level since March
Housing market in rocky recovery
"The housing market is in the midst of a rocky recovery, but it’s too soon to declare the end of the worst real estate slide since the Great Depression.
Sales of existing homes picked up sharply last month and prices stabilized. But that’s because the market got a big boost from tax credits for first-time home buyers. It remains to be seen whether the momentum will carry over through next year after the program was extended through April."
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Housing market in rocky recovery
Sales of existing homes picked up sharply last month and prices stabilized. But that’s because the market got a big boost from tax credits for first-time home buyers. It remains to be seen whether the momentum will carry over through next year after the program was extended through April."
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Housing market in rocky recovery
Sunday, December 20, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (12/20/2009)
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 - 34,166 (+170)
Single Family Detached - 26,541 (+129)
Patio homes - 741
Townhouses - 2,574
Apartment Style - 2,572
Gemini/Twin Homes - 328
Manufactured/Mobile Housing - 1,253
Modular/Pre-fab - 30
Loft Style - 127
Total Sold Listings (2009) - 89,007 (+1744)
Single Family Detached - 78,599 (+1504)
Patio homes - 1007
Townhouses - 4546
Apartment Style - 3262
Gemini/Twin Homes - 466
Manufactured/Mobile Housing - 980
Modular/Pre-fab - 26
Loft Style - 121
Total Active Listings - 34,166 (+170)
Single Family Detached - 26,541 (+129)
Patio homes - 741
Townhouses - 2,574
Apartment Style - 2,572
Gemini/Twin Homes - 328
Manufactured/Mobile Housing - 1,253
Modular/Pre-fab - 30
Loft Style - 127
Total Sold Listings (2009) - 89,007 (+1744)
Single Family Detached - 78,599 (+1504)
Patio homes - 1007
Townhouses - 4546
Apartment Style - 3262
Gemini/Twin Homes - 466
Manufactured/Mobile Housing - 980
Modular/Pre-fab - 26
Loft Style - 121
Thursday, December 17, 2009
Citigroup suspends foreclosure sales and evictions
"Citigroup will suspend foreclosures and evictions for 30 days, giving 4,000 at-risk borrowers a break during the holiday season, the company said Thursday.
The New York-based bank said distressed homeowners with first mortgage loans owned by CitiMortgage or CityFinancial North America who also meet certain other criteria will not be subject to foreclosure sales or notifications between Dec. 18 and Jan. 17."
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Citigroup suspends foreclosure sales and evictions
The New York-based bank said distressed homeowners with first mortgage loans owned by CitiMortgage or CityFinancial North America who also meet certain other criteria will not be subject to foreclosure sales or notifications between Dec. 18 and Jan. 17."
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Citigroup suspends foreclosure sales and evictions
Wednesday, December 16, 2009
Great deals on mortgage modifications, including 2% interest
"At 8 a.m., homeowner Rodney Wynn was drowning under his $1,800-per-month, 13.4% interest rate mortgage. But by 5 p.m., he had found some relief: a 4.7% loan with a $970 monthly payment.
Wynn, a program director for a youth home in North Carolina, is just one of a growing number of homeowners getting dream workouts on their mortgages. Some are even getting sweet 2% deals."
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Great deals on mortgage modifications, including 2% interest
Wynn, a program director for a youth home in North Carolina, is just one of a growing number of homeowners getting dream workouts on their mortgages. Some are even getting sweet 2% deals."
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Great deals on mortgage modifications, including 2% interest
Sunday, December 13, 2009
More people, businesses surrender to mounting debt
"Is a bankruptcy filing in your future? Hopefully the answer is no, but the pressures from a weak economy are pushing more Arizonans over the edge.
The number of people seeking relief from creditors continues to escalate.
If there's truth to the saying that misery loves company, it's showing up in metro Phoenix's lofty bankruptcy rate, which could reach 25,000 filings for all of 2009, which would be about 80 percent more than 2008."
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More people, businesses surrender to mounting debt
The number of people seeking relief from creditors continues to escalate.
If there's truth to the saying that misery loves company, it's showing up in metro Phoenix's lofty bankruptcy rate, which could reach 25,000 filings for all of 2009, which would be about 80 percent more than 2008."
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More people, businesses surrender to mounting debt
Treasury: Only about 4% getting long-term mortgage help
"Only about 4% of troubled borrowers have received long-term help under the Obama administration's foreclosure prevention program, Treasury officials said Thursday.
A nearly equal number of trial modifications have been denied permanent assistance, the report showed. The reasons include not making monthly payments on time, not submitting all the necessary paperwork and not qualifying for reasons such as insufficient income.
The report, the first comprehensive tally of permanent modifications made, shows that loan servicers have converted 31,382 people from trial adjustments to long-term assistance as of Nov. 30."
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Treasury: Only about 4% getting long-term mortgage help
A nearly equal number of trial modifications have been denied permanent assistance, the report showed. The reasons include not making monthly payments on time, not submitting all the necessary paperwork and not qualifying for reasons such as insufficient income.
The report, the first comprehensive tally of permanent modifications made, shows that loan servicers have converted 31,382 people from trial adjustments to long-term assistance as of Nov. 30."
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Treasury: Only about 4% getting long-term mortgage help
Number of Active & Sold Listings in the Phoenix-Metro Area (12/13/2009)
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 - 33,996 (+106)
Single Family Detached - 26,412 (+69)
Patio homes - 736
Townhouses - 2,545
Apartment Style - 2,575
Gemini/Twin Homes - 328
Manufactured/Mobile Housing - 1,244
Modular/Pre-fab - 28
Loft Style - 128
Total Sold Listings (2009) - 87,263 (+1324)
Single Family Detached - 77,095 (+1130)
Patio homes - 987
Townhouses - 4462
Apartment Style - 3170
Gemini/Twin Homes - 459
Manufactured/Mobile Housing - 949
Modular/Pre-fab - 25
Loft Style - 116
Total Active Listings - 33,996 (+106)
Single Family Detached - 26,412 (+69)
Patio homes - 736
Townhouses - 2,545
Apartment Style - 2,575
Gemini/Twin Homes - 328
Manufactured/Mobile Housing - 1,244
Modular/Pre-fab - 28
Loft Style - 128
Total Sold Listings (2009) - 87,263 (+1324)
Single Family Detached - 77,095 (+1130)
Patio homes - 987
Townhouses - 4462
Apartment Style - 3170
Gemini/Twin Homes - 459
Manufactured/Mobile Housing - 949
Modular/Pre-fab - 25
Loft Style - 116
Friday, December 11, 2009
Foreclosures dominate Valley housing resale market
"Foreclosures continued to dominate the housing resale market in November despite continued evidence that they are declining, according to the latest monthly report from Arizona State University.
Foreclosure activity edged lower last month but is still high in some parts of the Valley, such as Avondale, where it represented about 43 percent of sales, and Glendale, with 40 percent.
But Jay Butler, director of realty studies at ASU, predicts another wave of foreclosures could hit after the first of the year because of the continued weak job market and the fact that homeowners are having a tough time paying their mortgages."
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Foreclosures dominate Valley housing resale market
Foreclosure activity edged lower last month but is still high in some parts of the Valley, such as Avondale, where it represented about 43 percent of sales, and Glendale, with 40 percent.
But Jay Butler, director of realty studies at ASU, predicts another wave of foreclosures could hit after the first of the year because of the continued weak job market and the fact that homeowners are having a tough time paying their mortgages."
Click below to read more...
Foreclosures dominate Valley housing resale market
Sunday, December 6, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (12/6/2009)
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 - 33,890 (+200)
Single Family Detached - 26,343 (+193)
Patio homes - 732
Townhouses - 2,514
Apartment Style - 2,584
Gemini/Twin Homes - 319
Manufactured/Mobile Housing - 1,239
Modular/Pre-fab - 29
Loft Style - 130
Total Sold Listings (2009) - 85,939 (+2208)
Single Family Detached - 75,965 (+1911)
Patio homes - 968
Townhouses - 4373
Apartment Style - 3113
Gemini/Twin Homes - 454
Manufactured/Mobile Housing - 927
Modular/Pre-fab - 25
Loft Style - 114
Total Active Listings - 33,890 (+200)
Single Family Detached - 26,343 (+193)
Patio homes - 732
Townhouses - 2,514
Apartment Style - 2,584
Gemini/Twin Homes - 319
Manufactured/Mobile Housing - 1,239
Modular/Pre-fab - 29
Loft Style - 130
Total Sold Listings (2009) - 85,939 (+2208)
Single Family Detached - 75,965 (+1911)
Patio homes - 968
Townhouses - 4373
Apartment Style - 3113
Gemini/Twin Homes - 454
Manufactured/Mobile Housing - 927
Modular/Pre-fab - 25
Loft Style - 114
Tuesday, December 1, 2009
With encouragement from government, mortgage firms speeding up short sales
"Short sales may be a new best option for Valley homeowners struggling to avoid foreclosure.
Home-loan modifications, endorsed by the federal government, are most borrowers' first choice when they fall behind on their mortgage payments because of a drop in their income. But short sales are also part of the federal housing plan to slow foreclosures. Unlike their slower-than-expected actions on loan modifications, lenders are now moving quickly on many short-sale requests in the Phoenix area.
New figures for the Valley show a record number of short-sale deals in various stages of completion. Pending short sales, including all of the deals under contract, reached 9,343 in October, compared with 1,448 in January, according to real-estate analyst Mike Orr. Almost 40 percent of the homes currently for sale in the Phoenix area are properties homeowners are trying to sell to avoid foreclosure."
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With encouragement from government, mortgage firms speeding up short sales
Home-loan modifications, endorsed by the federal government, are most borrowers' first choice when they fall behind on their mortgage payments because of a drop in their income. But short sales are also part of the federal housing plan to slow foreclosures. Unlike their slower-than-expected actions on loan modifications, lenders are now moving quickly on many short-sale requests in the Phoenix area.
New figures for the Valley show a record number of short-sale deals in various stages of completion. Pending short sales, including all of the deals under contract, reached 9,343 in October, compared with 1,448 in January, according to real-estate analyst Mike Orr. Almost 40 percent of the homes currently for sale in the Phoenix area are properties homeowners are trying to sell to avoid foreclosure."
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With encouragement from government, mortgage firms speeding up short sales
Tax Credit Quandaries Answered
The complexity of new home buyer tax credits leaves potential buyers with many questions. Here are answers to some of the most confusing:
How does a current home owner qualify for the $6,500 credit?
Buyers must have lived in their homes for at least five out of the last eight years. The home they buy must become their primary residence, but buyers don’t have to sell their previous home. They can use the previous home as a rental or a second home and still claim the credit.
Does the new home have to be more expensive than the one the buyer currently owns?
No. It is fine to use it to downsize. If the property sells for more than $800,000, the buyers don’t qualify.
Can buyers who are building a new home claim the credit?
Yes, although the contract must be in place by April 30 and the buyer must move in by July 1.
Can buyers claim the credit if they purchase a home from a relative?
No. The legislation prohibits taxpayers from claiming the credit if the sale is between “related parties,” including parent, grandparent, child, or grandchild.
Source: USA Today, Sandra Block (11/24/2009)
How does a current home owner qualify for the $6,500 credit?
Buyers must have lived in their homes for at least five out of the last eight years. The home they buy must become their primary residence, but buyers don’t have to sell their previous home. They can use the previous home as a rental or a second home and still claim the credit.
Does the new home have to be more expensive than the one the buyer currently owns?
No. It is fine to use it to downsize. If the property sells for more than $800,000, the buyers don’t qualify.
Can buyers who are building a new home claim the credit?
Yes, although the contract must be in place by April 30 and the buyer must move in by July 1.
Can buyers claim the credit if they purchase a home from a relative?
No. The legislation prohibits taxpayers from claiming the credit if the sale is between “related parties,” including parent, grandparent, child, or grandchild.
Source: USA Today, Sandra Block (11/24/2009)
Monday, November 30, 2009
Administration plans new efforts on foreclosures
"With the foreclosure crisis showing no signs of relenting, the Obama administration plans to expand a program aimed at helping people remain in their homes.
The goal of the announcement, expected Monday, is to increase the rate at which troubled home loans are converted into new loans with lower monthly payments, Treasury spokeswoman Meg Reilly said over the weekend.
Industry officials said the new effort would include increased pressure on mortgage companies to accelerate loan modifications by highlighting firms that are lagging in that area."
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Administration plans new efforts on foreclosures
The goal of the announcement, expected Monday, is to increase the rate at which troubled home loans are converted into new loans with lower monthly payments, Treasury spokeswoman Meg Reilly said over the weekend.
Industry officials said the new effort would include increased pressure on mortgage companies to accelerate loan modifications by highlighting firms that are lagging in that area."
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Administration plans new efforts on foreclosures
Sunday, November 29, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (11/29/2009)
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 - 33,690 (-7)
Single Family Detached - 26,150 (+11)
Patio homes - 716
Townhouses - 2,510
Apartment Style - 2,586
Gemini/Twin Homes - 319
Manufactured/Mobile Housing - 1,243
Modular/Pre-fab - 35
Loft Style - 131
Total Sold Listings (2009) - 83,731 (+1699)
Single Family Detached - 74,054 (+1460)
Patio homes - 942
Townhouses - 4234
Apartment Style - 3012
Gemini/Twin Homes - 449
Manufactured/Mobile Housing - 900
Modular/Pre-fab - 24
Loft Style - 116
Total Active Listings - 33,690 (-7)
Single Family Detached - 26,150 (+11)
Patio homes - 716
Townhouses - 2,510
Apartment Style - 2,586
Gemini/Twin Homes - 319
Manufactured/Mobile Housing - 1,243
Modular/Pre-fab - 35
Loft Style - 131
Total Sold Listings (2009) - 83,731 (+1699)
Single Family Detached - 74,054 (+1460)
Patio homes - 942
Townhouses - 4234
Apartment Style - 3012
Gemini/Twin Homes - 449
Manufactured/Mobile Housing - 900
Modular/Pre-fab - 24
Loft Style - 116
Wednesday, November 25, 2009
Underwater mortgages: 1 in 4 in negative equity
"In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday.
Almost 10.7 million U.S. mortgages were "underwater" as of September, said research firm First American CoreLogic.
Another 2.3 million homeowners are within 5% of negative territory, the report said. The two figures combined comprise almost 28% of all residential properties with mortgages."
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Underwater mortgages: 1 in 4 in negative equity
Almost 10.7 million U.S. mortgages were "underwater" as of September, said research firm First American CoreLogic.
Another 2.3 million homeowners are within 5% of negative territory, the report said. The two figures combined comprise almost 28% of all residential properties with mortgages."
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Underwater mortgages: 1 in 4 in negative equity
Sunday, November 22, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (11/22/2009)
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 - 33,697 (+275)
Single Family Detached - 26,139 (+196)
Patio homes - 708
Townhouses - 2,512
Apartment Style - 2,604
Gemini/Twin Homes - 317
Manufactured/Mobile Housing - 1,248
Modular/Pre-fab - 38
Loft Style - 131
Total Sold Listings (2009) - 82,062 (+2199)
Single Family Detached - 72,594 (+1874)
Patio homes - 922
Townhouses - 4015
Apartment Style - 2941
Gemini/Twin Homes - 442
Manufactured/Mobile Housing - 876
Modular/Pre-fab - 24
Loft Style - 113
Total Active Listings - 33,697 (+275)
Single Family Detached - 26,139 (+196)
Patio homes - 708
Townhouses - 2,512
Apartment Style - 2,604
Gemini/Twin Homes - 317
Manufactured/Mobile Housing - 1,248
Modular/Pre-fab - 38
Loft Style - 131
Total Sold Listings (2009) - 82,062 (+2199)
Single Family Detached - 72,594 (+1874)
Patio homes - 922
Townhouses - 4015
Apartment Style - 2941
Gemini/Twin Homes - 442
Manufactured/Mobile Housing - 876
Modular/Pre-fab - 24
Loft Style - 113
Wednesday, November 18, 2009
Repeal pending on home liability
"Opponents of a controversial Arizona law that could make some homeowners liable for tens of thousands of dollars on homes that go into foreclosure aren't giving up.
Real-estate groups, including the Arizona Association of Realtors, are trying to have Senate Bill 1271 repealed again in the current special legislative session.
SB 1271 was repealed in the Arizona's special budget legislative session a few months ago."
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Repeal pending on home liability
Real-estate groups, including the Arizona Association of Realtors, are trying to have Senate Bill 1271 repealed again in the current special legislative session.
SB 1271 was repealed in the Arizona's special budget legislative session a few months ago."
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Repeal pending on home liability
Home construction at lowest level in 6 months
"Home builders initiated construction of far fewer new homes in October than the month before, a big and unexpected drop for the struggling industry, according to a government report issued Wednesday.
Homebuilders began construction at an annual rate of 529,000 new homes during the month, 10.6% below the revised September rate of 592,000 and 30.7% below the 763,000 rate during October 2008. It was the lowest level of housing starts since April, when the annual rate was 479,000.
A panel of industry observers compiled by Briefing.com had forecast housing starts of 600,000 during the month. It was the second month in a row of dashed housing start expectations."
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Home construction at lowest level in 6 months
Homebuilders began construction at an annual rate of 529,000 new homes during the month, 10.6% below the revised September rate of 592,000 and 30.7% below the 763,000 rate during October 2008. It was the lowest level of housing starts since April, when the annual rate was 479,000.
A panel of industry observers compiled by Briefing.com had forecast housing starts of 600,000 during the month. It was the second month in a row of dashed housing start expectations."
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Home construction at lowest level in 6 months
Sunday, November 15, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (11/15/2009)
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 - 33,422 (+242)
Single Family Detached - 25,943 (+232)
Patio homes - 701
Townhouses - 2,487
Apartment Style - 2,600
Gemini/Twin Homes - 311
Manufactured/Mobile Housing - 1,219
Modular/Pre-fab - 36
Loft Style - 125
Total Sold Listings (2009) - 79,863 (+1118)
Single Family Detached - 70,720 (+952)
Patio homes - 883
Townhouses - 4015
Apartment Style - 2835
Gemini/Twin Homes - 433
Manufactured/Mobile Housing - 845
Modular/Pre-fab - 24
Loft Style - 108
Total Active Listings - 33,422 (+242)
Single Family Detached - 25,943 (+232)
Patio homes - 701
Townhouses - 2,487
Apartment Style - 2,600
Gemini/Twin Homes - 311
Manufactured/Mobile Housing - 1,219
Modular/Pre-fab - 36
Loft Style - 125
Total Sold Listings (2009) - 79,863 (+1118)
Single Family Detached - 70,720 (+952)
Patio homes - 883
Townhouses - 4015
Apartment Style - 2835
Gemini/Twin Homes - 433
Manufactured/Mobile Housing - 845
Modular/Pre-fab - 24
Loft Style - 108
Wednesday, November 11, 2009
Investor Daily: 3 signs of the next real estate apocalypse
"When the FDIC closed Chicago's Corus Bank last month, it may have signaled the beginning of the next shock to the banking system: commercial real estate defaults.
Corus, whose balance sheet was larded with bad construction loans, is just one of many banks that have a slew of this debt on their books. Refinancing the $2 trillion in commercial mortgages will be tough, as property values decline. And in this new age of cautious lending, few banks are willing to refinance loans."
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Investor Daily: 3 signs of the next real estate apocalypse
Corus, whose balance sheet was larded with bad construction loans, is just one of many banks that have a slew of this debt on their books. Refinancing the $2 trillion in commercial mortgages will be tough, as property values decline. And in this new age of cautious lending, few banks are willing to refinance loans."
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Investor Daily: 3 signs of the next real estate apocalypse
Avoid foreclosure by renting your own home
"Giving troubled borrowers yet another way to avoid foreclosure, Fannie Mae said on Thursday it would allow eligible homeowners to rent their own homes.
The Deed for Lease program lets homeowners transfer the deed back to their lender and then sign a lease to remain in the home. The effort is aimed at borrowers with mortgages owned or guaranteed by Fannie Mae who do not qualify for or cannot sustain a loan modification. Borrowers must live in the home as their primary residence and must be released from any subordinate liens.
The program aims to reduce the number of foreclosed properties being abandoned because they often fall into disrepair and hurt the surrounding homes' values. Also, it keeps a roof over troubled borrowers' heads and a steady stream of income coming from the property. Tenants of homeowners may also be eligible for leases."
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Avoid foreclosure by renting your own home
The Deed for Lease program lets homeowners transfer the deed back to their lender and then sign a lease to remain in the home. The effort is aimed at borrowers with mortgages owned or guaranteed by Fannie Mae who do not qualify for or cannot sustain a loan modification. Borrowers must live in the home as their primary residence and must be released from any subordinate liens.
The program aims to reduce the number of foreclosed properties being abandoned because they often fall into disrepair and hurt the surrounding homes' values. Also, it keeps a roof over troubled borrowers' heads and a steady stream of income coming from the property. Tenants of homeowners may also be eligible for leases."
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Avoid foreclosure by renting your own home
Housing market still faces a big glut
"The lights are on in the housing market. But at more and more places, nobody's home.
House prices have risen in recent months after a long plunge, according to the National Association of Realtors and the S&P Case-Shiller national index. Fewer Americans owe more than their property is worth, according to a report this week from Zillow.com.
But a full-fledged housing recovery will remain elusive until the market can absorb all the houses and apartments that were built during the housing boom. And on that front, progress has been slow."
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Housing market still faces a big glut
House prices have risen in recent months after a long plunge, according to the National Association of Realtors and the S&P Case-Shiller national index. Fewer Americans owe more than their property is worth, according to a report this week from Zillow.com.
But a full-fledged housing recovery will remain elusive until the market can absorb all the houses and apartments that were built during the housing boom. And on that front, progress has been slow."
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Housing market still faces a big glut
Tuesday, November 10, 2009
Appeals of property valuations soar
"The Maricopa County Assessor's Office is working its way through the largest wave of property-valuation appeals in nearly two decades as real-estate values continue to decline and owners try to save money in the lagging economy.
Appeals have been growing for the past five years, but they have leaped by nearly 50 percent in the past two years alone.
Maricopa County Assessor Keith Russell said his office saw 13,251 appeals in 2007 for residential, commercial and vacant land. As property values began to fall, the number of appeals rose to 17,213 last year and to 19,801 this year. The biggest spike over those three years was for commercial appeals, followed by residential."
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Appeals of property valuations soar
Appeals have been growing for the past five years, but they have leaped by nearly 50 percent in the past two years alone.
Maricopa County Assessor Keith Russell said his office saw 13,251 appeals in 2007 for residential, commercial and vacant land. As property values began to fall, the number of appeals rose to 17,213 last year and to 19,801 this year. The biggest spike over those three years was for commercial appeals, followed by residential."
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Appeals of property valuations soar
Sunday, November 8, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (11/8/2009)
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 - 33,180 (+794)
Single Family Detached - 25,711 (+715)
Patio homes - 702
Townhouses - 2,510
Apartment Style - 2,583
Gemini/Twin Homes - 291
Manufactured/Mobile Housing - 1,221
Modular/Pre-fab - 39
Loft Style - 123
Total Sold Listings (2009) - 78,745 (+1323)
Single Family Detached - 69,768 (+1133)
Patio homes - 865
Townhouses - 3956
Apartment Style - 2779
Gemini/Twin Homes - 427
Manufactured/Mobile Housing - 818
Modular/Pre-fab - 24
Loft Style - 106
Total Active Listings - 33,180 (+794)
Single Family Detached - 25,711 (+715)
Patio homes - 702
Townhouses - 2,510
Apartment Style - 2,583
Gemini/Twin Homes - 291
Manufactured/Mobile Housing - 1,221
Modular/Pre-fab - 39
Loft Style - 123
Total Sold Listings (2009) - 78,745 (+1323)
Single Family Detached - 69,768 (+1133)
Patio homes - 865
Townhouses - 3956
Apartment Style - 2779
Gemini/Twin Homes - 427
Manufactured/Mobile Housing - 818
Modular/Pre-fab - 24
Loft Style - 106
Sunday, November 1, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (11/1/2009)
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 - 32,386 (+151)
Single Family Detached - 24,996 (+112)
Patio homes - 703
Townhouses - 2,484
Apartment Style - 2,556
Gemini/Twin Homes - 284
Manufactured/Mobile Housing - 1,197
Modular/Pre-fab - 41
Loft Style - 125
Total Sold Listings (2009) - 77,422 (+2836)
Single Family Detached - 68,635 (+2452)
Patio homes - 850
Townhouses - 3866
Apartment Style - 2722
Gemini/Twin Homes - 419
Manufactured/Mobile Housing - 802
Modular/Pre-fab - 24
Loft Style - 104
Friday, October 30, 2009
Senate Plans to Extend and Expand Tax Credit
RISMEDIA, October 29, 2009—(MCT/The Wall Street Journal)-The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers, a boost the housing industry believes will help it pull out of its two-year-old downturn.
While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House.
Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan are in full support of the Senate’s proposal to both extend and expand the first-time homebuyer tax credit and called on Congress to approve key housing measures that include the tax credit. "We welcome efforts taken by Congress to extend the First-Time Homebuyer Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," said Secretaries Geithner and Donovan. "In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners.”
The current tax credit did little for the new-home market in September, the Commerce Department recently reported—news that took many industry analysts by surprise. Sales fell 3.6% from August and 7.8% from September 2008. Industry observers had expected a fifth consecutive monthly increase in new-home sales, believing that the tax incentive for qualified first-time buyers—credited with 357,000 sales of previously owned homes so far this year—would do the trick. Instead, sales of typically more expensive newly built houses slipped. "The decline in new-home sales seems to us to be more a function of the attractive pricing available on resales in the current environment than a reflection of weakening demand," said Michael Feder, president of Radar Logic in New York, which tracks the market.
"Since hitting rock bottom in March, demand is up 20 percent," said Joel L. Naroff of Naroff Economic Advisers in Holland, Pa. For Naroff, the robust rise in existing-home purchases—9.2% year over year in September—indicated that the housing market was not faltering. "Maybe the issue is supply, which fell to its lowest level in 27 years," he said. "Builders, at least those left standing, have been making sure they don't have any houses sitting around, and they have been very successful in controlling inventories."
IHS Global Insight economist Patrick Newport echoed that, noting new-home inventories "sank for the 29th straight month to their lowest level since November 1982." Naroff maintained housing has recovered enough to stand without the tax credit, but Newport said that if the credit were not extended and expanded, housing demand would take a hit, and home sales would drop.
The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real estate market a bigger boost while preventing real estate investors from benefitting. While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor.
(c) 2009, The Philadelphia Inquirer.
Distributed by McClatchy-Tribune Information Services.
While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House.
Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan are in full support of the Senate’s proposal to both extend and expand the first-time homebuyer tax credit and called on Congress to approve key housing measures that include the tax credit. "We welcome efforts taken by Congress to extend the First-Time Homebuyer Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," said Secretaries Geithner and Donovan. "In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners.”
The current tax credit did little for the new-home market in September, the Commerce Department recently reported—news that took many industry analysts by surprise. Sales fell 3.6% from August and 7.8% from September 2008. Industry observers had expected a fifth consecutive monthly increase in new-home sales, believing that the tax incentive for qualified first-time buyers—credited with 357,000 sales of previously owned homes so far this year—would do the trick. Instead, sales of typically more expensive newly built houses slipped. "The decline in new-home sales seems to us to be more a function of the attractive pricing available on resales in the current environment than a reflection of weakening demand," said Michael Feder, president of Radar Logic in New York, which tracks the market.
"Since hitting rock bottom in March, demand is up 20 percent," said Joel L. Naroff of Naroff Economic Advisers in Holland, Pa. For Naroff, the robust rise in existing-home purchases—9.2% year over year in September—indicated that the housing market was not faltering. "Maybe the issue is supply, which fell to its lowest level in 27 years," he said. "Builders, at least those left standing, have been making sure they don't have any houses sitting around, and they have been very successful in controlling inventories."
IHS Global Insight economist Patrick Newport echoed that, noting new-home inventories "sank for the 29th straight month to their lowest level since November 1982." Naroff maintained housing has recovered enough to stand without the tax credit, but Newport said that if the credit were not extended and expanded, housing demand would take a hit, and home sales would drop.
The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real estate market a bigger boost while preventing real estate investors from benefitting. While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor.
(c) 2009, The Philadelphia Inquirer.
Distributed by McClatchy-Tribune Information Services.
Sunday, October 25, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (10/25/2009)
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 - 32,235 (+309)
Single Family Detached - 24,884 (+287)
Patio homes - 698
Townhouses - 2,487
Apartment Style - 2,521
Gemini/Twin Homes - 280
Manufactured/Mobile Housing - 1,200
Modular/Pre-fab - 40
Loft Style - 125
Total Sold Listings (2009) - 74,586 (+1601)
Single Family Detached - 66,183 (+1395)
Patio homes - 816
Townhouses - 3692
Apartment Style - 2599
Gemini/Twin Homes - 409
Manufactured/Mobile Housing - 761
Modular/Pre-fab - 24
Loft Style - 102
Friday, October 23, 2009
Existing home sales rise more-than-expected
"Sales of existing homes rebounded sharply in September to their highest level in two years, getting a strong boost from first-time homebuyers, according to a report released Friday.
Sales of previously-owned homes jumped 9.4% in September after falling for the first time in four months in August, said the National Association of Realtors. Year over year, sales of existing homes were up 9.2% in September.
"Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," said Lawrence Yun, NAR chief economist."
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Existing home sales rise more-than-expected - Oct. 23, 2009
Sales of previously-owned homes jumped 9.4% in September after falling for the first time in four months in August, said the National Association of Realtors. Year over year, sales of existing homes were up 9.2% in September.
"Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," said Lawrence Yun, NAR chief economist."
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Existing home sales rise more-than-expected - Oct. 23, 2009
Sunday, October 18, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (10/18/2009)
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 - 31,926 (+213)
Single Family Detached - 24,597 (+114)
Patio homes - 693
Townhouses - 2,510
Apartment Style - 2,463
Gemini/Twin Homes - 270
Manufactured/Mobile Housing - 1,219
Modular/Pre-fab - 46
Loft Style - 128
Total Sold Listings (2009) - 72,985 (+1594)
Single Family Detached - 64,788 (+1380)
Patio homes - 808
Townhouses - 3599
Apartment Style - 2524
Gemini/Twin Homes - 403
Manufactured/Mobile Housing - 741
Modular/Pre-fab - 21
Loft Style - 101
Total Active Listings - 31,926 (+213)
Single Family Detached - 24,597 (+114)
Patio homes - 693
Townhouses - 2,510
Apartment Style - 2,463
Gemini/Twin Homes - 270
Manufactured/Mobile Housing - 1,219
Modular/Pre-fab - 46
Loft Style - 128
Total Sold Listings (2009) - 72,985 (+1594)
Single Family Detached - 64,788 (+1380)
Patio homes - 808
Townhouses - 3599
Apartment Style - 2524
Gemini/Twin Homes - 403
Manufactured/Mobile Housing - 741
Modular/Pre-fab - 21
Loft Style - 101
Thursday, October 15, 2009
Foreclosures hit record in third quarter 2009
"Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008."
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Foreclosures hit record in third quarter 2009
"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008."
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Foreclosures hit record in third quarter 2009
Monday, October 12, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (10/11/2009)
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 - 31,713 (+496)
Single Family Detached - 24,483 (+434)
Patio homes - 688
Townhouses - 2,453
Apartment Style - 2,444
Gemini/Twin Homes - 264
Manufactured/Mobile Housing - 1,205
Modular/Pre-fab - 45
Loft Style - 130
Total Sold Listings (2009) - 71,391 (+1303)
Single Family Detached - 63,408 (+1120)
Patio homes - 783
Townhouses - 3515
Apartment Style - 2455
Gemini/Twin Homes - 398
Manufactured/Mobile Housing - 712
Modular/Pre-fab - 21
Loft Style - 99
Sunday, October 4, 2009
Big home sale spike in August, aided by tax credit
"Homebuyers signed more sales contracts in August than in any month this year, boosted by the looming expiration of a homebuyers' tax credit, according to an industry report released Thursday.
The August Pending Home Sales Index from the National Association of Realtors (NAR) surged 6.4%, the seventh straight month-over-month improvement in the indicator. The increase far exceeded economists' expectations -- a panel of analysts surveyed by Briefing.com had forecast a 1% rise.
Pending home sales rose 3.2% in July."
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Big home sale spike in August, aided by tax credit - Oct. 1, 2009
The August Pending Home Sales Index from the National Association of Realtors (NAR) surged 6.4%, the seventh straight month-over-month improvement in the indicator. The increase far exceeded economists' expectations -- a panel of analysts surveyed by Briefing.com had forecast a 1% rise.
Pending home sales rose 3.2% in July."
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Big home sale spike in August, aided by tax credit - Oct. 1, 2009
Foreclosure blight: The cleanup crawls along
"A controversial $3.9 billion federal program aimed at saving neighborhoods blighted by foreclosure is hitting hurdles that could threaten its effectiveness.
The Neighborhood Stabilization Program, passed by Congress last year, gives states and localities money to acquire and rehabilitate abandoned properties. The big problem: officials are having trouble getting their hands on those houses, which are being scooped up instead by private investors and homebuyers at rock-bottom prices.
'Getting hold of the houses, especially the right houses, can be a lot harder than they thought,' said housing expert Alan Mallach, a non-resident senior fellow at the Brookings Institution. 'They are finding there's a lot more competition for these properties, and they are losing out to investors.'"
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$4 billion has yet to save foreclosure-plagued communities
The Neighborhood Stabilization Program, passed by Congress last year, gives states and localities money to acquire and rehabilitate abandoned properties. The big problem: officials are having trouble getting their hands on those houses, which are being scooped up instead by private investors and homebuyers at rock-bottom prices.
'Getting hold of the houses, especially the right houses, can be a lot harder than they thought,' said housing expert Alan Mallach, a non-resident senior fellow at the Brookings Institution. 'They are finding there's a lot more competition for these properties, and they are losing out to investors.'"
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$4 billion has yet to save foreclosure-plagued communities
Number of Active & Sold Listings in the Phoenix-Metro Area (10/4/2009)
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 - 31,217 (-139)
Single Family Detached - 24,049 (-49)
Patio homes - 678
Townhouses - 2,441
Apartment Style - 2,441
Gemini/Twin Homes - 251
Manufactured/Mobile Housing - 1,199
Modular/Pre-fab - 44
Loft Style - 113
Total Sold Listings (2009) - 70,088 (+2619)
Single Family Detached - 62,288 (+2278)
Patio homes - 762
Townhouses - 3430
Apartment Style - 2390
Gemini/Twin Homes - 396
Manufactured/Mobile Housing - 703
Modular/Pre-fab - 21
Loft Style - 98
Total Active Listings - 31,217 (-139)
Single Family Detached - 24,049 (-49)
Patio homes - 678
Townhouses - 2,441
Apartment Style - 2,441
Gemini/Twin Homes - 251
Manufactured/Mobile Housing - 1,199
Modular/Pre-fab - 44
Loft Style - 113
Total Sold Listings (2009) - 70,088 (+2619)
Single Family Detached - 62,288 (+2278)
Patio homes - 762
Townhouses - 3430
Apartment Style - 2390
Gemini/Twin Homes - 396
Manufactured/Mobile Housing - 703
Modular/Pre-fab - 21
Loft Style - 98
Sunday, September 27, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (9/27/2009)
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 - 31,356 (+47)
Single Family Detached - 24,136 (+56)
Patio homes - 677
Townhouses - 2,467
Apartment Style - 2,442
Gemini/Twin Homes - 246
Manufactured/Mobile Housing - 1,228
Modular/Pre-fab - 43
Loft Style - 117
Total Sold Listings (2009) - 67,469 (+1741)
Single Family Detached - 60,010 (+1520)
Patio homes - 734
Townhouses - 3283
Apartment Style - 2267
Gemini/Twin Homes - 386
Manufactured/Mobile Housing - 672
Modular/Pre-fab - 21
Loft Style - 96
Total Active Listings - 31,356 (+47)
Single Family Detached - 24,136 (+56)
Patio homes - 677
Townhouses - 2,467
Apartment Style - 2,442
Gemini/Twin Homes - 246
Manufactured/Mobile Housing - 1,228
Modular/Pre-fab - 43
Loft Style - 117
Total Sold Listings (2009) - 67,469 (+1741)
Single Family Detached - 60,010 (+1520)
Patio homes - 734
Townhouses - 3283
Apartment Style - 2267
Gemini/Twin Homes - 386
Manufactured/Mobile Housing - 672
Modular/Pre-fab - 21
Loft Style - 96
Thursday, September 24, 2009
Existing home sales fall 2.7% unexpectedly in August
"Existing home sales fell in August, snapping a four-month streak of increases, according to a report released Thursday.
Sales of previously-owned homes fell 2.7% last month from July, but were up 3.4% from a year ago, said the National Association of Realtors.
Sales had jumped 15.2% in the previous four months."
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Existing home sales fall 2.7% unexpectedly in August
Sales of previously-owned homes fell 2.7% last month from July, but were up 3.4% from a year ago, said the National Association of Realtors.
Sales had jumped 15.2% in the previous four months."
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Existing home sales fall 2.7% unexpectedly in August
Sunday, September 20, 2009
After crash, loan officers are reined in
"Most of the blame for the loans that led to the housing crash has been leveled at big lenders and Wall Street investment firms. However, all those high-risk mortgages that led to record foreclosures and fraud cases wouldn't have been as popular without the loan officers who sold them.
Too many loan officers pushed mortgages that weren't safe or smart for borrowers and collected higher fees on the riskiest mortgages. Hundreds of thousands of those loan documents were later found to be fraudulent, with exaggerated incomes, forged signatures and inflated property values.
To stem such abuses, state and federal regulators are imposing tough new regulations and licensing requirements on the segment of the loan industry that had none."
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After crash, loan officers are reined in
Too many loan officers pushed mortgages that weren't safe or smart for borrowers and collected higher fees on the riskiest mortgages. Hundreds of thousands of those loan documents were later found to be fraudulent, with exaggerated incomes, forged signatures and inflated property values.
To stem such abuses, state and federal regulators are imposing tough new regulations and licensing requirements on the segment of the loan industry that had none."
Click below to read more...
After crash, loan officers are reined in
Government strengthens FHA program
"With a growing number of homebuyers depending on government-insured loans, the Obama administration is taking steps to shore up the Federal Housing Administration program.
Rising demand and a slower-than-expected rebound in home prices are pushing one of FHA's reserve accounts below the 2% ratio mandated by Congress, said Commissioner David Stevens. The capital reserves are a cushion against expected losses in the program, which has suffered soaring defaults amid the housing collapse.
The FHA has skyrocketed in popularity during the mortgage crisis since it backstops banks if borrowers stop paying. Housing experts are growing increasingly concerned about the agency's ability to handle rising numbers of defaults."
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Government strengthens FHA program - Sep. 18, 2009
Rising demand and a slower-than-expected rebound in home prices are pushing one of FHA's reserve accounts below the 2% ratio mandated by Congress, said Commissioner David Stevens. The capital reserves are a cushion against expected losses in the program, which has suffered soaring defaults amid the housing collapse.
The FHA has skyrocketed in popularity during the mortgage crisis since it backstops banks if borrowers stop paying. Housing experts are growing increasingly concerned about the agency's ability to handle rising numbers of defaults."
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Government strengthens FHA program - Sep. 18, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (9/20/2009)
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 - 31,309 (+28)
Single Family Detached - 24,080 (+36)
Patio homes - 672
Townhouses - 2,465
Apartment Style - 2,459
Gemini/Twin Homes - 245
Manufactured/Mobile Housing - 1,227
Modular/Pre-fab - 41
Loft Style - 120
Total Sold Listings (2009) - 65,728 (+1775)
Single Family Detached - 58,490 (+1559)
Patio homes - 719
Townhouses - 3182
Apartment Style - 2183
Gemini/Twin Homes - 376
Manufactured/Mobile Housing - 663
Modular/Pre-fab - 21
Loft Style - 94
Friday, September 18, 2009
Arizona property-tax bills up despite drop in home values
"Many Valley homeowners can expect to see at least a slight increase in their property taxes this month, despite the significant drop in their house's value.
The Maricopa County treasurer began sending out tax bills last week and will continue through the end of the month.
Much of the increase is due to the state equalization tax, which is back after a three-year hiatus. The tax, which helps fund education in Arizona, adds $58 this year for a homeowner with a property assessed at $176,000, according to an Arizona Republic analysis."
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Arizona property-tax bills up despite drop in home values
The Maricopa County treasurer began sending out tax bills last week and will continue through the end of the month.
Much of the increase is due to the state equalization tax, which is back after a three-year hiatus. The tax, which helps fund education in Arizona, adds $58 this year for a homeowner with a property assessed at $176,000, according to an Arizona Republic analysis."
Click below to read more...
Arizona property-tax bills up despite drop in home values
First-time homebuyer tax credit claims soaring
"More than 1.4 million Americans have already claimed the new tax credit for first-time home buyers, according to a report from the Internal Revenue Service.
The credit, which applies to sales as of January 2009, is good for 10% of the price of a home, up to $8,000, and supporters assert it has helped stabilize the housing market. It's available to anyone who has not owned a home for three consecutive years prior to purchase, and to qualify for the full credit buyers must be purchasing a primary residence, and couples can earn no more than $150,000, while individuals must make less than $75,000.
The credit has been an important stimulus tool for two reasons. It's fully refundable, meaning that even if buyers owe no taxes whatsoever, they'll get an $8,000 check from the IRS. And this refund will put money in consumers' pockets for good, as opposed to the $7,500 first-time homebuyer tax credit that could be applied to sales made between April 2008 and July 1 2009."
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First-time homebuyer tax credit claims soaring
The credit, which applies to sales as of January 2009, is good for 10% of the price of a home, up to $8,000, and supporters assert it has helped stabilize the housing market. It's available to anyone who has not owned a home for three consecutive years prior to purchase, and to qualify for the full credit buyers must be purchasing a primary residence, and couples can earn no more than $150,000, while individuals must make less than $75,000.
The credit has been an important stimulus tool for two reasons. It's fully refundable, meaning that even if buyers owe no taxes whatsoever, they'll get an $8,000 check from the IRS. And this refund will put money in consumers' pockets for good, as opposed to the $7,500 first-time homebuyer tax credit that could be applied to sales made between April 2008 and July 1 2009."
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First-time homebuyer tax credit claims soaring
Housing starts jump in August, but single-family units dip
"New home building increased overall in August, a government report said Thursday, but the gain was clouded by a dip in new construction of single-family homes.
The Census Bureau reported Thursday that builders broke ground for 598,000 new homes during August, up 1.5% from a revised 589,000 in July. That matched a consensus analyst forecast compiled by Briefing.com.
Building permits rose 2.7% to 579,000 from a revised 564,000 in July. "
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Housing starts jump in August, but single-family units dip
The Census Bureau reported Thursday that builders broke ground for 598,000 new homes during August, up 1.5% from a revised 589,000 in July. That matched a consensus analyst forecast compiled by Briefing.com.
Building permits rose 2.7% to 579,000 from a revised 564,000 in July. "
Click below to read more...
Housing starts jump in August, but single-family units dip
Sunday, September 13, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (9/13/2009)
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 - 31,281 (+213)
Single Family Detached - 24,044 (+226)
Patio homes - 675
Townhouses - 2,420
Apartment Style - 2,471
Gemini/Twin Homes - 238
Manufactured/Mobile Housing - 1,242
Modular/Pre-fab - 37
Loft Style - 154
Total Sold Listings (2009) - 63,953 (+1247)
Single Family Detached - 56,931 (+1098)
Patio homes - 702
Townhouses - 3101
Apartment Style - 2102
Gemini/Twin Homes - 366
Manufactured/Mobile Housing - 640
Modular/Pre-fab - 21
Loft Style - 90
Total Active Listings - 31,281 (+213)
Single Family Detached - 24,044 (+226)
Patio homes - 675
Townhouses - 2,420
Apartment Style - 2,471
Gemini/Twin Homes - 238
Manufactured/Mobile Housing - 1,242
Modular/Pre-fab - 37
Loft Style - 154
Total Sold Listings (2009) - 63,953 (+1247)
Single Family Detached - 56,931 (+1098)
Patio homes - 702
Townhouses - 3101
Apartment Style - 2102
Gemini/Twin Homes - 366
Manufactured/Mobile Housing - 640
Modular/Pre-fab - 21
Loft Style - 90
Sunday, September 6, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (9/6/2009)
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 - 31,068 (-265)
Single Family Detached - 23,818 (-229)
Patio homes - 666
Townhouses - 2,423
Apartment Style - 2,486
Gemini/Twin Homes - 240
Manufactured/Mobile Housing - 1,245
Modular/Pre-fab - 35
Loft Style - 155
Total Sold Listings (2009) - 62,706 (+2150)
Single Family Detached - 55,833 (+1886)
Patio homes - 687
Townhouses - 3044
Apartment Style - 2039
Gemini/Twin Homes - 359
Manufactured/Mobile Housing - 633
Modular/Pre-fab - 21
Loft Style - 90
Friday, September 4, 2009
Homebuyers cashing in $8,000 tax credits
"Hundreds of thousands of first-time homebuyers across the country have begun to claim their tax credits, according to new government data released on Friday.
So far, nearly 315,000 people have claimed the tax credit after filing an amended 2008 tax return, according to a Treasury Department report on the status of the Recovery Act.
California led all states with 42,304 claimed credits."
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Homebuyers cashing in $8,000 tax credits
So far, nearly 315,000 people have claimed the tax credit after filing an amended 2008 tax return, according to a Treasury Department report on the status of the Recovery Act.
California led all states with 42,304 claimed credits."
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Homebuyers cashing in $8,000 tax credits
Tuesday, September 1, 2009
The housing recovery mirage
"Is the housing bust over?
Shares of Toll Brothers (TOL), Hovnanian (HOV) and KB Home (KBH) and other builders have surged. The exchange-traded fund that tracks the group has nearly doubled since March.
Home starts have risen for five straight months, while sales of new homes recently hit their highest level since last September. Prices are up as well: the Case-Shiller index of national house prices rose 2.9% in the second quarter, ending a three-year decline."
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The housing recovery mirage
Shares of Toll Brothers (TOL), Hovnanian (HOV) and KB Home (KBH) and other builders have surged. The exchange-traded fund that tracks the group has nearly doubled since March.
Home starts have risen for five straight months, while sales of new homes recently hit their highest level since last September. Prices are up as well: the Case-Shiller index of national house prices rose 2.9% in the second quarter, ending a three-year decline."
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The housing recovery mirage
Sunday, August 30, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (8/31/2009)
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 - 31,333 (-70)
Single Family Detached - 24,047 (-98)
Patio homes - 668
Townhouses - 2,431
Apartment Style - 2,491
Gemini/Twin Homes - 239
Manufactured/Mobile Housing - 1,267
Modular/Pre-fab - 35
Loft Style - 155
Total Sold Listings (2009) - 60,556 (+1953)
Single Family Detached - 53,947 (+1706)
Patio homes - 665
Townhouses - 2922
Apartment Style - 1952
Gemini/Twin Homes - 347
Manufactured/Mobile Housing - 615
Modular/Pre-fab - 21
Loft Style - 87
Wednesday, August 26, 2009
July new home sales blast past expectations
"Sales of newly constructed homes leaped unexpectedly in July to hit their highest level since last September.
New homes sold at an annualized rate of 433,000 during the month, according to a joint report issued by the Census Bureau and Department of Housing and Urban Development.
That far exceeded analysts' forecasts and was up 9.6% from the revised 395,000 rate recorded in June. A consensus of industry experts surveyed by Briefing.com had predicted July sales of 390,000."
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July new home sales blast past expectations
New homes sold at an annualized rate of 433,000 during the month, according to a joint report issued by the Census Bureau and Department of Housing and Urban Development.
That far exceeded analysts' forecasts and was up 9.6% from the revised 395,000 rate recorded in June. A consensus of industry experts surveyed by Briefing.com had predicted July sales of 390,000."
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July new home sales blast past expectations
Home price report: Case-Shiller shows increase of 2.9%
"National home prices may be on the road to recovery.
After three years of declines, home prices increased 2.9% in the three months ended June 30, according to the latest S&P/Case-Shiller report. That is the first quarter-over-quarter improvement in three years.
Prices in the national index are down 14.9% compared with the second quarter of 2008, the report said. But that is better than the record 19.1% decline that was set in the first three months of 2009."
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Home price report: Case-Shiller shows increase of 2.9%
After three years of declines, home prices increased 2.9% in the three months ended June 30, according to the latest S&P/Case-Shiller report. That is the first quarter-over-quarter improvement in three years.
Prices in the national index are down 14.9% compared with the second quarter of 2008, the report said. But that is better than the record 19.1% decline that was set in the first three months of 2009."
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Home price report: Case-Shiller shows increase of 2.9%
Sunday, August 23, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (8/23/2009)
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 - 31,403 (-61)
Single Family Detached - 24,145 (-68)
Patio homes - 671
Townhouses - 2,450
Apartment Style - 2,464
Gemini/Twin Homes - 242
Manufactured/Mobile Housing - 1,253
Modular/Pre-fab - 34
Loft Style - 144
Total Sold Listings (2009) - 58,603 (+1716)
Single Family Detached - 52,241 (+2962)
Patio homes - 647
Townhouses - 2811
Apartment Style - 1875
Gemini/Twin Homes - 333
Manufactured/Mobile Housing - 590
Modular/Pre-fab - 20
Loft Style - 86
Total Active Listings - 31,403 (-61)
Single Family Detached - 24,145 (-68)
Patio homes - 671
Townhouses - 2,450
Apartment Style - 2,464
Gemini/Twin Homes - 242
Manufactured/Mobile Housing - 1,253
Modular/Pre-fab - 34
Loft Style - 144
Total Sold Listings (2009) - 58,603 (+1716)
Single Family Detached - 52,241 (+2962)
Patio homes - 647
Townhouses - 2811
Apartment Style - 1875
Gemini/Twin Homes - 333
Manufactured/Mobile Housing - 590
Modular/Pre-fab - 20
Loft Style - 86
Friday, August 21, 2009
Record jump in existing home sales in July
"Sales of existing homes rose in July for the fourth consecutive month, lending support to economists who argue a recovery is near.
Sales of previously owned single-family homes were up 7.2% compared with June and 5% from July 2008, The National Association of Realtors (NAR) reported Friday. The monthly gain was the largest on record for existing-home sales, which NAR has tracked since 1999.
'The housing market has decisively turned for the better,' said Lawrence Yun, NAR's chief economist. 'A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales.'"
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Record jump in existing home sales in July
Sales of previously owned single-family homes were up 7.2% compared with June and 5% from July 2008, The National Association of Realtors (NAR) reported Friday. The monthly gain was the largest on record for existing-home sales, which NAR has tracked since 1999.
'The housing market has decisively turned for the better,' said Lawrence Yun, NAR's chief economist. 'A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales.'"
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Record jump in existing home sales in July
Thursday, August 20, 2009
Mortgage delinquencies still rising
"The number of Americans who have fallen at least 30 days behind on their home loan payments inched up slightly between the first and second quarters of 2009, but jumped 44% compared on an annual basis, according to an industry report.
That puts delinquencies at a record 9.24% of mortgages, according to the National Delinquency Report from the Mortgage Bankers Association (MBA) That represents more than 4 million of the 45 million borrowers covered by the report.
What the rate does not include, however, are loans already in foreclosure. Some 4.3% of all the mortgages are in that stage, up from 3.85% three months earlier and 1.55 percentage points from one year ago."
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Mortgage delinquencies still rising
That puts delinquencies at a record 9.24% of mortgages, according to the National Delinquency Report from the Mortgage Bankers Association (MBA) That represents more than 4 million of the 45 million borrowers covered by the report.
What the rate does not include, however, are loans already in foreclosure. Some 4.3% of all the mortgages are in that stage, up from 3.85% three months earlier and 1.55 percentage points from one year ago."
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Mortgage delinquencies still rising
Wednesday, August 19, 2009
Anger over former IndyMac's loan modification efforts
"Five months after securing a sweet deal to buy IndyMac Bank, the new owners say they are fulfilling their obligation to modify troubled home loans.
Some frustrated borrowers and housing counselors, however, say it's anything but easy to deal with the institution, now known as OneWest Bank. They say the bank needs to do more for its troubled customers because of the perks it is receiving from the government.
'They're less responsive, more difficult to get affordable workouts from, and their reps are ruder,' said Alexa Milton, homeowner advocacy director at Acorn Housing. 'They have a responsibility to do better.'"
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Anger over former IndyMac's loan modification efforts
Some frustrated borrowers and housing counselors, however, say it's anything but easy to deal with the institution, now known as OneWest Bank. They say the bank needs to do more for its troubled customers because of the perks it is receiving from the government.
'They're less responsive, more difficult to get affordable workouts from, and their reps are ruder,' said Alexa Milton, homeowner advocacy director at Acorn Housing. 'They have a responsibility to do better.'"
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Anger over former IndyMac's loan modification efforts
Piecing together a No. 1 home builder
"Shareholders of Pulte Homes Inc. and Centex Corp. on Tuesday approved a $3.1 billion merger of the two companies, which Pulte officials said creates a new local and national market leader in home sales.
The merger will extend Pulte's reach to first-time home buyers - the target market for Centex - while allowing Centex to benefit from Pulte's upscale image, company officials said. Both firms' shareholders approved the deal by an overwhelming majority.
While the combined company will retain the two distinct brands, it will be called Pulte Homes and will be based at Pulte's existing headquarters in Bloomfield Hills, Mich."
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Piecing together a No. 1 home builder
The merger will extend Pulte's reach to first-time home buyers - the target market for Centex - while allowing Centex to benefit from Pulte's upscale image, company officials said. Both firms' shareholders approved the deal by an overwhelming majority.
While the combined company will retain the two distinct brands, it will be called Pulte Homes and will be based at Pulte's existing headquarters in Bloomfield Hills, Mich."
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Piecing together a No. 1 home builder
Monday, August 17, 2009
Fed, Treasury extend TALF through mid-2010
"The Federal Reserve said Monday it was extending to mid-2010 an emergency program aimed at boosting lending in the ailing commercial real estate market.
In a joint announcement with the Treasury Department, the Fed said it would extend its Term Asset-Backed Securities Loan Facility (TALF) to June 30 for newly issued commercial mortgage-backed securities.
The Fed and the Treasury also extended TALF through March 31 for newly issued asset-backed securities (ABS) and already-issued, or 'legacy,' commercial mortgage-backed securities (CMBS)."
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Fed, Treasury extend TALF through mid-2010
In a joint announcement with the Treasury Department, the Fed said it would extend its Term Asset-Backed Securities Loan Facility (TALF) to June 30 for newly issued commercial mortgage-backed securities.
The Fed and the Treasury also extended TALF through March 31 for newly issued asset-backed securities (ABS) and already-issued, or 'legacy,' commercial mortgage-backed securities (CMBS)."
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Fed, Treasury extend TALF through mid-2010
Sunday, August 16, 2009
Colonial's failure will make mortgages more scarce
"The collapse of Colonial BancGroup poses another hazard to the still-shaky housing market: Mortgages could become even harder to get.
The Southern regional bank, based in Montgomery, Ala., was the largest remaining player in warehouse lending, which provides short-term financing to independent mortgage bankers. At one time, these mortgage bankers originated half of all U.S. home loans using these funds.
Today, the warehouse lending market is decimated. In 2007 it was worth an estimated $200 billion; now there is just $25 billion available -- 25% of which belongs to Colonial. With Colonial's failure, those funds could become even more scarce."
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Colonial's failure will make mortgages more scarce
The Southern regional bank, based in Montgomery, Ala., was the largest remaining player in warehouse lending, which provides short-term financing to independent mortgage bankers. At one time, these mortgage bankers originated half of all U.S. home loans using these funds.
Today, the warehouse lending market is decimated. In 2007 it was worth an estimated $200 billion; now there is just $25 billion available -- 25% of which belongs to Colonial. With Colonial's failure, those funds could become even more scarce."
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Colonial's failure will make mortgages more scarce
Number of Active & Sold Listings in the Phoenix-Metro Area (8/16/2009)
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 - 31,464 (-81)
Single Family Detached - 24,213 (-30)
Patio homes - 665
Townhouses - 2,458
Apartment Style - 2,466
Gemini/Twin Homes - 244
Manufactured/Mobile Housing - 1,250
Modular/Pre-fab - 35
Loft Style - 133
Total Sold Listings (2009) - 56,887 (+1632)
Single Family Detached - 49,279 (+1468)
Patio homes - 629
Townhouses - 2707
Apartment Style - 1806
Gemini/Twin Homes - 322
Manufactured/Mobile Housing - 579
Modular/Pre-fab - 20
Loft Style - 77
Thursday, August 13, 2009
Foreclosure plague: No cure yet
"The foreclosure plague continued to devastate last month.
There were more than 360,000 properties with foreclosure filings -- including default notices, scheduled auctions and bank repossessions -- an increase of 7% from June and 32% from July 2008, according to RealtyTrac, an online marketer of foreclosed homes. In fact, one in every 355 U.S. homes had at least one filing during July.
'July marks the third time in the last five months where we've seen a new record set for foreclosure activity,' said James J. Saccacio, chief executive officer of RealtyTrac. 'Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions.'"
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Foreclosure plague: No cure yet
There were more than 360,000 properties with foreclosure filings -- including default notices, scheduled auctions and bank repossessions -- an increase of 7% from June and 32% from July 2008, according to RealtyTrac, an online marketer of foreclosed homes. In fact, one in every 355 U.S. homes had at least one filing during July.
'July marks the third time in the last five months where we've seen a new record set for foreclosure activity,' said James J. Saccacio, chief executive officer of RealtyTrac. 'Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions.'"
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Foreclosure plague: No cure yet
Work begins on new Coolidge power plant
"Calgary, Alberta-based Trans- canada Corp. began work on a $500 million natural-gas-fired power plant in Coolidge this week, one of three gas plants southeast of Phoenix that will supply Salt River Project customers.
The 12 generators at the Cool- idge Generating Station will be able to go from idle to full steam in about 10 minutes when the plant opens in 2011, supplying as much as 575 megawatts to the SRP system, or enough electricity for about 143,750 houses.
The 'peaking' power plant will be important for SRP to quickly meet electricity demand on hot summer afternoons or when other power plants unexpectedly shut down, said Alex Pourbaix, president of Transcanada's energy division."
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Work begins on new Coolidge power plant
The 12 generators at the Cool- idge Generating Station will be able to go from idle to full steam in about 10 minutes when the plant opens in 2011, supplying as much as 575 megawatts to the SRP system, or enough electricity for about 143,750 houses.
The 'peaking' power plant will be important for SRP to quickly meet electricity demand on hot summer afternoons or when other power plants unexpectedly shut down, said Alex Pourbaix, president of Transcanada's energy division."
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Work begins on new Coolidge power plant
Wednesday, August 12, 2009
Interview with Deutsche Bank about 'underwater' mortgages
"Karen Weaver, global head of Deutsche Bank's securitization research division -- responsible for analyzing credit default swaps, collateralized mortgage obligations, and other exotic Wall Street products -- said last week that 48% of U.S. mortgage owners will end up owing more than their home is worth by 2011.
The figure may have left many Americans wondering how this could be possible. But consider that 27% of U.S. homeowners with a mortgage are already 'underwater.' And according to Deutsche Bank, home prices may fall another 14% before hitting a bottom.
Fortune spoke with Weaver to understand the implications of her recent forecast, why it will affect regions that missed the housing boom, and why still-falling home prices are hurting even the best borrowers."
Click below to read more...
Interview with Deutsche Bank about 'underwater' mortgages
The figure may have left many Americans wondering how this could be possible. But consider that 27% of U.S. homeowners with a mortgage are already 'underwater.' And according to Deutsche Bank, home prices may fall another 14% before hitting a bottom.
Fortune spoke with Weaver to understand the implications of her recent forecast, why it will affect regions that missed the housing boom, and why still-falling home prices are hurting even the best borrowers."
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Interview with Deutsche Bank about 'underwater' mortgages
Record home-price fall last quarter
"Median home prices fell a record 15.6% during the three months ended June 30, compared to the same period in 2008, according to an industry report.
There is good news though: The survey from the National Association of Realtors reported the median home price rose 4% compared to the first quarter of 2009 -- to $174,100 from $167,300.
The increase in median price was not a surprise, representing, as it did, the traditionally strong spring selling season. But the jump did offer the prospect that the worst of the price declines may be behind us."
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Record home-price fall last quarter
There is good news though: The survey from the National Association of Realtors reported the median home price rose 4% compared to the first quarter of 2009 -- to $174,100 from $167,300.
The increase in median price was not a surprise, representing, as it did, the traditionally strong spring selling season. But the jump did offer the prospect that the worst of the price declines may be behind us."
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Record home-price fall last quarter
Sunday, August 9, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (8/9/2009)
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 - 31,545 (+142)
Single Family Detached - 24,243 (+143)
Patio homes - 671
Townhouses - 2,485
Apartment Style - 2,474
Gemini/Twin Homes - 249
Manufactured/Mobile Housing - 1,244
Modular/Pre-fab - 35
Loft Style - 144
Total Sold Listings (2009) - 55,225 (+1391)
Single Family Detached - 49,279 (+1224)
Patio homes - 615
Townhouses - 2632
Apartment Style - 1735
Gemini/Twin Homes - 309
Manufactured/Mobile Housing - 563
Modular/Pre-fab - 18
Loft Style - 74
Wednesday, August 5, 2009
Get your foreclosure now
"You've heard of speed dating? It's got nothin' on foreclosure buying these days. In many places, anyone who wants to buy a foreclosure better act fast, or they're going to come away with bupkus.
REOs, the industry term for homes repossessed by lenders and put back on the market, are often selling in a day -- sometimes in less.
'We're seeing REOs go very quickly. Offers come in immediately after the listing comes on the market, within 24 hours,' said Brad Geisen, founder of Foreclosure.com. Some homes have been put into contract in less than 90 minutes."
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Get your foreclosure now
REOs, the industry term for homes repossessed by lenders and put back on the market, are often selling in a day -- sometimes in less.
'We're seeing REOs go very quickly. Offers come in immediately after the listing comes on the market, within 24 hours,' said Brad Geisen, founder of Foreclosure.com. Some homes have been put into contract in less than 90 minutes."
Click below to read more...
Get your foreclosure now
Tuesday, August 4, 2009
SRP customers can receive more money to weatherize
"Salt River Project increased the amount of money that low-income customers can qualify for to help fix their air-conditioning and weatherize their homes to $6,000 from $2,000.
The bump increases the amount available to pay contractors to install more comprehensive efficiency upgrades on houses. On average, the upgrades will save customers about $300 a year, officials said.
The additional money is important because more utility customers are struggling to pay their bills with recent rate increases, advocates for low-income customers said."
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SRP customers can receive more money to weatherize
The bump increases the amount available to pay contractors to install more comprehensive efficiency upgrades on houses. On average, the upgrades will save customers about $300 a year, officials said.
The additional money is important because more utility customers are struggling to pay their bills with recent rate increases, advocates for low-income customers said."
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SRP customers can receive more money to weatherize
Sunday, August 2, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (8/2/2009)
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 - 31,403 (-392)
Single Family Detached - 24,100 (-339)
Patio homes - 661
Townhouses - 2,492
Apartment Style - 2,506
Gemini/Twin Homes - 249
Manufactured/Mobile Housing - 1,219
Modular/Pre-fab - 34
Loft Style - 142
Total Sold Listings (2009) - 53,834 (+2890)
Single Family Detached - 48,055 (+2526)
Patio homes - 597
Townhouses - 2559
Apartment Style - 1687
Gemini/Twin Homes - 297
Manufactured/Mobile Housing - 549
Modular/Pre-fab - 18
Loft Style - 72
Tuesday, July 28, 2009
Home prices increase from April to May
"Home prices in May posted their first monthly increase since the summer of 2006, indicating prices are finally stabilizing, data Tuesday showed.
The Standard & Poor's/Case-Shiller home price index of 20 major cities rose 0.5 percent from April, but was still 17.1 percent below May a year ago. Thirteen cities showed monthly increases with the best results in Cleveland, Dallas and Boston.
The 10-city index rose 0.4 percent from April, but was off 16.8 percent from May last year. It was the fourth consecutive month both indexes showed slowing price declines."
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Home prices increase from April to May
The Standard & Poor's/Case-Shiller home price index of 20 major cities rose 0.5 percent from April, but was still 17.1 percent below May a year ago. Thirteen cities showed monthly increases with the best results in Cleveland, Dallas and Boston.
The 10-city index rose 0.4 percent from April, but was off 16.8 percent from May last year. It was the fourth consecutive month both indexes showed slowing price declines."
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Home prices increase from April to May
Monday, July 27, 2009
New home sales soar in June, but median price falls
"Sales of newly constructed single-family homes spiked 11% in June to an annualized rate of 384,000 homes, according to a report released Monday.
The gain over May was much greater than expected. A consensus of housing industry analysts had forecast seasonally adjusted sales of 352,000, according to Breifing.com.
However, sales are still 21% below the levels of a year ago, when new homes sold in June at an annualized rate of 488,000, according to the report released by the U.S. Department of Housing and Urban Development. Four years ago, during the height of the housing boom, the sales rate for June was 1,374,000, nearly three-and-a-half times higher than last month."
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New home sales soar in June, but median price falls
The gain over May was much greater than expected. A consensus of housing industry analysts had forecast seasonally adjusted sales of 352,000, according to Breifing.com.
However, sales are still 21% below the levels of a year ago, when new homes sold in June at an annualized rate of 488,000, according to the report released by the U.S. Department of Housing and Urban Development. Four years ago, during the height of the housing boom, the sales rate for June was 1,374,000, nearly three-and-a-half times higher than last month."
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New home sales soar in June, but median price falls
Sunday, July 26, 2009
New law triggers fear for housing
"A new law passed by the Arizona Legislature that makes homeowners liable for tens of thousands of dollars on homes lost to foreclosure is now the focus of an intense repeal battle.
An amendment to the state's foreclosure laws, passed in the recent legislative session, was designed to protect small community banks from people buying speculative new homes they can't sell for a profit.
But the impact of the change is much larger. It makes some homeowners in foreclosure liable for the difference between their mortgage and what their lender can recoup from reselling the house. In the current housing market, the difference is generally more than $100,000 on the typical Valley foreclosure."
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New law triggers fear for housing
An amendment to the state's foreclosure laws, passed in the recent legislative session, was designed to protect small community banks from people buying speculative new homes they can't sell for a profit.
But the impact of the change is much larger. It makes some homeowners in foreclosure liable for the difference between their mortgage and what their lender can recoup from reselling the house. In the current housing market, the difference is generally more than $100,000 on the typical Valley foreclosure."
Click below to read more...
New law triggers fear for housing
Number of Active & Sold Listings in the Phoenix-Metro Area (7/26/2009)
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 - 31,795 (-32)
Single Family Detached - 24,439 (-20)
Patio homes - 685
Townhouses - 2,536
Apartment Style - 2,491
Gemini/Twin Homes - 252
Manufactured/Mobile Housing - 1,209
Modular/Pre-fab - 36
Loft Style - 147
Total Sold Listings (2009) - 50,944 (+1905)
Single Family Detached - 45,529 (+1700)
Patio homes - 562
Townhouses - 2389
Apartment Style - 1564
Gemini/Twin Homes - 286
Manufactured/Mobile Housing - 529
Modular/Pre-fab - 16
Loft Style - 69
Tuesday, July 21, 2009
128,000 ARMs yet to 'reset' in Ariz.
"There are still at least 128,000 other shoes to drop in the Arizona housing market, according to housing experts tracking the progress of adjustable-rate mortgage loans.
Adjustable-rate 'resets,' in which a low initial interest rate changes to a typically higher rate, represent a looming threat to the state's economic recovery, some real-estate analysts said.
Once the monthly payments on those loans increase, so does the possibility of foreclosure."
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128,000 ARMs yet to 'reset' in Ariz.
Adjustable-rate 'resets,' in which a low initial interest rate changes to a typically higher rate, represent a looming threat to the state's economic recovery, some real-estate analysts said.
Once the monthly payments on those loans increase, so does the possibility of foreclosure."
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128,000 ARMs yet to 'reset' in Ariz.
Monday, July 20, 2009
Low-priced foreclosures incite bidding wars
"Each time Lance and Kelli Thorson thought they had found their first home, someone would outbid them. It's already happened at least 15 times.
This wasn't how it was supposed to be in a depressed housing market like Phoenix. Buyers are supposed to be able to walk in, and get pretty much whatever they want. Now, the Thorsons have taken up a tactic not seen since the heydays of the housing bubble - they are making offers on homes before they've seen them, as many as three per day.
'It's frustrating because we've jumped through all the hoops and there still isn't a reward,' Kelli Thorson said."
Click below to read more...
Low-priced foreclosures incite bidding wars
This wasn't how it was supposed to be in a depressed housing market like Phoenix. Buyers are supposed to be able to walk in, and get pretty much whatever they want. Now, the Thorsons have taken up a tactic not seen since the heydays of the housing bubble - they are making offers on homes before they've seen them, as many as three per day.
'It's frustrating because we've jumped through all the hoops and there still isn't a reward,' Kelli Thorson said."
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Low-priced foreclosures incite bidding wars
Sunday, July 19, 2009
Housing starts climb to seven-month high
"Housing starts in the U.S. unexpectedly rose in June as construction of single-family dwellings jumped by the most since 2004, signaling the market is stabilizing.
The 3.6 percent increase brought starts to an annual rate of 582,000, the highest level since November and followed a 562,000 pace in May that was higher than previously estimated, the Commerce Department said today in a Washington. Building permits, a sign of future construction, rose the most in a year.
Lower borrowing costs and plunging prices are making houses more affordable, helping to stem the decline in sales and alleviating the worst housing slowdown since the Great Depression. Stabilization would rid the economy of the drag from declines in residential construction that have shaved almost a percentage point off growth over the last three years."
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Housing starts climb to seven-month high
The 3.6 percent increase brought starts to an annual rate of 582,000, the highest level since November and followed a 562,000 pace in May that was higher than previously estimated, the Commerce Department said today in a Washington. Building permits, a sign of future construction, rose the most in a year.
Lower borrowing costs and plunging prices are making houses more affordable, helping to stem the decline in sales and alleviating the worst housing slowdown since the Great Depression. Stabilization would rid the economy of the drag from declines in residential construction that have shaved almost a percentage point off growth over the last three years."
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Housing starts climb to seven-month high
Mortgage rates end little changed in up-and-down week
"Home mortgage rates saw an up-and-down week but ended almost unchanged, according to a report released Thursday.
The average 30-year fixed mortgage slipped to 5.58% from 5.59% the week prior, and the 15-year fixed held at 4.93%.
The lack of change belies rates' 'yo-yo movement' over the week, said the weekly national survey from Bankrate.com."
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Mortgage rates end little changed in up-and-down week
The average 30-year fixed mortgage slipped to 5.58% from 5.59% the week prior, and the 15-year fixed held at 4.93%.
The lack of change belies rates' 'yo-yo movement' over the week, said the weekly national survey from Bankrate.com."
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Mortgage rates end little changed in up-and-down week
Number of Active & Sold Listings in the Phoenix-Metro Area (7/19/2009)
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 - 31,827 (-47)
Single Family Detached - 24,459 (-47)
Patio homes - 654
Townhouses - 2,536
Apartment Style - 2,477
Gemini/Twin Homes - 245
Manufactured/Mobile Housing - 1,216
Modular/Pre-fab - 38
Loft Style - 150
Total Sold Listings (2009) - 49,039 (+1906)
Single Family Detached - 43,829 (+1663)
Patio homes - 544
Townhouses - 2215
Apartment Style - 1513
Gemini/Twin Homes - 278
Manufactured/Mobile Housing - 513
Modular/Pre-fab - 13
Loft Style - 65
Friday, July 17, 2009
First half foreclosures break records
"The foreclosure plague is not going away -- it's only getting worse.
A record 1.53 million properties were in the foreclosure process -- default notices, auction sale notices and bank repossessions -- during the first six months of 2009. That was 9% more than the previous six months and 15% more than the same period of 2008, according to a report released Thursday by RealtyTrac.
There were a total of 1.91 million filings resulting in 1 out of every 84 U.S. properties receiving at least one filing in the first half of the year. Banks repossessed 386,800 properties."
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First half foreclosures break records
A record 1.53 million properties were in the foreclosure process -- default notices, auction sale notices and bank repossessions -- during the first six months of 2009. That was 9% more than the previous six months and 15% more than the same period of 2008, according to a report released Thursday by RealtyTrac.
There were a total of 1.91 million filings resulting in 1 out of every 84 U.S. properties receiving at least one filing in the first half of the year. Banks repossessed 386,800 properties."
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First half foreclosures break records
Tuesday, July 14, 2009
Bashas' woes to ripple in state
"Bashas' Supermarkets' Chapter 11 bankruptcy filing sends a shock wave through Arizona's fragile economy that will linger, even if the grocer can successfully reorganize.
Bashas' initial closure of 10 stores next Tuesday and the elimination of about 1,000 jobs could be just the beginning.
One industry analyst expects it might be necessary to double the number."
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Bashas' woes to ripple in state
Bashas' initial closure of 10 stores next Tuesday and the elimination of about 1,000 jobs could be just the beginning.
One industry analyst expects it might be necessary to double the number."
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Bashas' woes to ripple in state
Monday, July 13, 2009
Don't blame Bob Shiller for the death of the housing market
"It's noon in New Haven, and Yale economist Robert Shiller and I are leaving his office to walk down the block for pizza. It was a damp morning, but now the sun is breaking through the clouds. 'Do we need an umbrella?' he asks. I say I don't think so. But a few steps outside his office, he turns around to get one. 'It's better to be safe,' he says.
That's Bob Shiller for you. He's a worrier. Well, more than that. He's obsessed with taming risk. And that means all kinds of risk -- from the chance of stray showers to a danger that's on everyone's mind these days: falling home prices. Shiller's name will forever be linked with the worst housing bust since the Great Depression and the economic slump it caused. He first warned of a housing bubble back in 2003 when bankers were merrily minting mortgage-backed securities. And it is the widely cited gauge he helped create -- the S&P/Case-Shiller home-price index -- that has heralded, in grim monthly installments, the devastating collapse of the residential real estate market."
Click below to read more...
Don't blame Bob Shiller for the death of the housing market
That's Bob Shiller for you. He's a worrier. Well, more than that. He's obsessed with taming risk. And that means all kinds of risk -- from the chance of stray showers to a danger that's on everyone's mind these days: falling home prices. Shiller's name will forever be linked with the worst housing bust since the Great Depression and the economic slump it caused. He first warned of a housing bubble back in 2003 when bankers were merrily minting mortgage-backed securities. And it is the widely cited gauge he helped create -- the S&P/Case-Shiller home-price index -- that has heralded, in grim monthly installments, the devastating collapse of the residential real estate market."
Click below to read more...
Don't blame Bob Shiller for the death of the housing market
Number of Active & Sold Listings in the Phoenix-Metro Area (7/12/2009)
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 - 31,874 (-158)
Single Family Detached - 24,506 (-57)
Patio homes - 717
Townhouses - 2,531
Apartment Style - 2,454
Gemini/Twin Homes - 253
Manufactured/Mobile Housing - 1,226
Modular/Pre-fab - 39
Loft Style - 147
Total Sold Listings (2009) - 47,133 (+1581)
Single Family Detached - 42,166 (+1388)
Patio homes - 515
Townhouses - 2169
Apartment Style - 1452
Gemini/Twin Homes - 266
Manufactured/Mobile Housing - 495
Modular/Pre-fab - 12
Loft Style - 60
Total Active Listings - 31,874 (-158)
Single Family Detached - 24,506 (-57)
Patio homes - 717
Townhouses - 2,531
Apartment Style - 2,454
Gemini/Twin Homes - 253
Manufactured/Mobile Housing - 1,226
Modular/Pre-fab - 39
Loft Style - 147
Total Sold Listings (2009) - 47,133 (+1581)
Single Family Detached - 42,166 (+1388)
Patio homes - 515
Townhouses - 2169
Apartment Style - 1452
Gemini/Twin Homes - 266
Manufactured/Mobile Housing - 495
Modular/Pre-fab - 12
Loft Style - 60
Sunday, July 5, 2009
467K jobs cut in June; jobless rate at 9.5 percent
"Employers cut a larger-than-expected 467,000 jobs in June and the unemployment rate climbed to a 26-year high of 9.5 percent. Workers also saw weekly wages fall, suggesting Americans will have little appetite to spend and the economy's road to recovery will be bumpy.
The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground.
June's payroll reductions were deeper than the 363,000 that economists expected and average weekly earnings dropped to the lowest level in nearly a year."
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467K jobs cut in June; jobless rate at 9.5 percent
The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground.
June's payroll reductions were deeper than the 363,000 that economists expected and average weekly earnings dropped to the lowest level in nearly a year."
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467K jobs cut in June; jobless rate at 9.5 percent
Forecasters: Heart of monsoon has arrived
"Officially, the monsoon moved in June 15.
But it's just now unpacking.
The heart of monsoon is finally upon us, forecasters say, meaning Valley residents should brace for the violent thunderstorms that are a hallmark of summer in the Southwest."
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Forecasters: Heart of monsoon has arrived
But it's just now unpacking.
The heart of monsoon is finally upon us, forecasters say, meaning Valley residents should brace for the violent thunderstorms that are a hallmark of summer in the Southwest."
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Forecasters: Heart of monsoon has arrived
Mortgage rates slide - 30-year at 5.7%
"Home mortgage rates retreated last week, with the 30-year fixed slipping to 5.7% from 5.8% the week prior, according to a report from a financial data aggregator released Thursday.
The average 15-year mortgage rate also fell, dipping to 5.07% from 5.16%, according to the weekly national survey from Bankrate.com.
Mortgage rates fell to month-ago levels 'as evidence mounts of continued economic weakness,' the report said, citing troubling recent data on unemployment, GDP and consumer spending."
Mortgage rates slide - 30-year at 5.7%
The average 15-year mortgage rate also fell, dipping to 5.07% from 5.16%, according to the weekly national survey from Bankrate.com.
Mortgage rates fell to month-ago levels 'as evidence mounts of continued economic weakness,' the report said, citing troubling recent data on unemployment, GDP and consumer spending."
Mortgage rates slide - 30-year at 5.7%
Number of Active & Sold Listings in the Phoenix-Metro Area (7/5/2009)
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 - 32,032 (-508)
Single Family Detached - 24,563 (-393)
Patio homes - 732
Townhouses - 2,559
Apartment Style - 2,495
Gemini/Twin Homes - 264
Manufactured/Mobile Housing - 1,222
Modular/Pre-fab - 37
Loft Style - 160
Total Sold Listings (2009) - 45,552 (+2642)
Single Family Detached - 40,778 (+2331)
Patio homes - 500
Townhouses - 2087
Apartment Style - 1385
Gemini/Twin Homes - 258
Manufactured/Mobile Housing - 475
Modular/Pre-fab - 10
Loft Style - 59
Saturday, July 4, 2009
Ariz. sites designated for solar study
"The Bureau of Land Management has designated 24 areas in six Western states as special study areas to potentially locate solar power plants.
The three study areas in Arizona all are west of Phoenix, including Bullard Wash northwest of Wickenburg, Gillespie southwest of Arlington, and an area near the town of Brenda close to the California border along Interstate 10. The BLM has posted maps online."
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Ariz. sites designated for solar study
The three study areas in Arizona all are west of Phoenix, including Bullard Wash northwest of Wickenburg, Gillespie southwest of Arlington, and an area near the town of Brenda close to the California border along Interstate 10. The BLM has posted maps online."
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Ariz. sites designated for solar study
Sunday, June 28, 2009
Harvard: Underlying housing fundamentals still strong
"The seeds of a housing recovery have already been planted, according to a report released Monday. In fact, many of them were sown starting around 1979.
According to an annual state of the nation's housing from Harvard University's Joint Center for Housing Studies, once the U.S. emerges from recession, strong demographic trends will restore health to the housing market. The key is echo boomers, the 75 million Americans born between 1979 and 1995.
'There will be 5 million more echo boomers than there were boomers when they first started swelling housing markets,' said Eric Belsky, executive director of the Joint Center."
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Harvard: Underlying housing fundamentals still strong
According to an annual state of the nation's housing from Harvard University's Joint Center for Housing Studies, once the U.S. emerges from recession, strong demographic trends will restore health to the housing market. The key is echo boomers, the 75 million Americans born between 1979 and 1995.
'There will be 5 million more echo boomers than there were boomers when they first started swelling housing markets,' said Eric Belsky, executive director of the Joint Center."
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Harvard: Underlying housing fundamentals still strong
Number of Active & Sold Listings in the Phoenix-Metro Area (6/28/2009)
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 - 32,540 (-381)
Single Family Detached - 24,956 (-323)
Patio homes - 763
Townhouses - 2,621
Apartment Style - 2,497
Gemini/Twin Homes - 278
Manufactured/Mobile Housing - 1,230
Modular/Pre-fab - 36
Loft Style - 159
Total Sold Listings (2009) - 42,910 (+4126)
Single Family Detached - 38,447 (+1785)
Patio homes - 475
Townhouses - 1937
Apartment Style - 1312
Gemini/Twin Homes - 240
Manufactured/Mobile Housing - 439
Modular/Pre-fab - 8
Loft Style - 52
Tuesday, June 23, 2009
Existing home sales rise 2.4% in May
"Existing home sales rose in May, as increasingly affordable home prices and a first-time tax credit attracted hesitant buyers.
The National Association of Realtors reported that existing home sales ticked up 2.4% last month to a seasonally adjusted annual rate of 4.77 million units compared to the downwardly-revised rate of 4.66 million in April.
The sales missed expert forecasts of 4.82 million annual units, according to a consensus estimate of analysts compiled by Briefing.com, and are off 3.6% from the 4.95 million-unit pace 12 months ago."
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Existing home sales rise 2.4% in May
The National Association of Realtors reported that existing home sales ticked up 2.4% last month to a seasonally adjusted annual rate of 4.77 million units compared to the downwardly-revised rate of 4.66 million in April.
The sales missed expert forecasts of 4.82 million annual units, according to a consensus estimate of analysts compiled by Briefing.com, and are off 3.6% from the 4.95 million-unit pace 12 months ago."
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Existing home sales rise 2.4% in May
Making sweet foreclosure deals even better
"Home prices are at their most affordable in many years, which has opened up homeownership to many who had been locked out during the housing boom. And now, the federal government -- and many states - are launching plans to hook up buyers of repossessed properties with very attractive terms.
The feds made nearly $6 billion available for the Neighborhood Stabilization Program, which intends to combat blight by reducing the number of foreclosed homes on the market.
The money, which has only started to flow during the past few weeks despite much of it being authorized last summer, will go to state and local housing authorities and non-profit organizations involved in providing housing for middle- and low-income families."
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Making sweet foreclosure deals even better
The feds made nearly $6 billion available for the Neighborhood Stabilization Program, which intends to combat blight by reducing the number of foreclosed homes on the market.
The money, which has only started to flow during the past few weeks despite much of it being authorized last summer, will go to state and local housing authorities and non-profit organizations involved in providing housing for middle- and low-income families."
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Making sweet foreclosure deals even better
Sunday, June 21, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (6/21/2009)
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 - 32,921 (-498)
Single Family Detached - 25,279 (-402)
Patio homes - 767
Townhouses - 2,665
Apartment Style - 2,505
Gemini/Twin Homes - 277
Manufactured/Mobile Housing - 1,228
Modular/Pre-fab - 36
Loft Style - 164
Total Sold Listings (2009) - 38,784 (+2093)
Single Family Detached - 36,662 (+1871)
Patio homes - 450
Townhouses - 1826
Apartment Style - 1236
Gemini/Twin Homes - 230
Manufactured/Mobile Housing - 415
Modular/Pre-fab - 8
Loft Style - 50
Friday, June 19, 2009
Mortgage rates retreat - 30-year slips to 5.76% - Jun. 18, 2009
"Home mortgage rates sank sharply last week, retreating from a recent run-up that peaked the previous week. The 30-year fixed slipped to 5.76% from 5.95%, according to a report released Thursday.
The average 15-year mortgage rate also fell, tipping to 5.19% from 5.37% the week prior, according to a weekly national survey from Bankrate.com.
That's a retreat from a long run-up in recent weeks, pulled by bonds, the report noted. Mortgage rates are often influenced by Treasury yields. In particular, the 30-year fixed mortgage rate tends to track the benchmark 10-year Treasury yield. Bond yields have eased somewhat from recent highs."
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Mortgage rates retreat - 30-year slips to 5.76%
The average 15-year mortgage rate also fell, tipping to 5.19% from 5.37% the week prior, according to a weekly national survey from Bankrate.com.
That's a retreat from a long run-up in recent weeks, pulled by bonds, the report noted. Mortgage rates are often influenced by Treasury yields. In particular, the 30-year fixed mortgage rate tends to track the benchmark 10-year Treasury yield. Bond yields have eased somewhat from recent highs."
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Mortgage rates retreat - 30-year slips to 5.76%
Sunday, June 14, 2009
Foreclosures fuel home stripping by ex-owners
"When Surprise police arrested a man for stripping his foreclosed home of a dishwasher, oven and air-conditioning units last week, officials highlighted a rash of problems that have gone largely unsolved across the Valley.
Despite hundreds, perhaps even thousands, of similar offenses in the Phoenix area, authorities believe the Tuesday arrest of Roberto Garcia, who was arrested on charges of criminal damage and defrauding a secured creditor, is part of only a handful of its kind in the Valley since the start of the housing crisis.
Police, neighbors and task-force officers have reported finding homes in the process of foreclosure without toilets, bathtubs and even spiral staircases."
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Foreclosures fuel home stripping by ex-owners
Despite hundreds, perhaps even thousands, of similar offenses in the Phoenix area, authorities believe the Tuesday arrest of Roberto Garcia, who was arrested on charges of criminal damage and defrauding a secured creditor, is part of only a handful of its kind in the Valley since the start of the housing crisis.
Police, neighbors and task-force officers have reported finding homes in the process of foreclosure without toilets, bathtubs and even spiral staircases."
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Foreclosures fuel home stripping by ex-owners
Number of Active & Sold Listings in the Phoenix-Metro Area (6/14/2009)
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 - 33,419 (-603)
Single Family Detached - 25,681 (-505)
Patio homes - 771
Townhouses - 2,708
Apartment Style - 2,530
Gemini/Twin Homes - 290
Manufactured/Mobile Housing - 1,228
Modular/Pre-fab - 37
Loft Style - 174
Total Sold Listings (2009) - 38,784 (+1712)
Single Family Detached - 34,791 (+1521)
Patio homes - 431
Townhouses - 1715
Apartment Style - 1170
Gemini/Twin Homes - 217
Manufactured/Mobile Housing - 405
Modular/Pre-fab - 8
Loft Style - 47
Thursday, June 11, 2009
Mortgage rates soar, led by bond yields - 30-year at 5.95%
"Home mortgage rates jumped in the most recent week, pulled higher by skyrocketing Treasury yields.
The average 30-year fixed rate soared to 5.95% from 5.45% last week, according to a weekly national survey from Bankrate.com.
The 30-year rate is often influenced by the benchmark 10-year bond, which has increased steadily to hover around 4% recently compared to 2% just six months ago. Investors worry that this has re-ignited inflation fears and threaten the potential for economic recovery."
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Mortgage rates soar, led by bond yields - 30-year at 5.95%
The average 30-year fixed rate soared to 5.95% from 5.45% last week, according to a weekly national survey from Bankrate.com.
The 30-year rate is often influenced by the benchmark 10-year bond, which has increased steadily to hover around 4% recently compared to 2% just six months ago. Investors worry that this has re-ignited inflation fears and threaten the potential for economic recovery."
Click below to read more...
Mortgage rates soar, led by bond yields - 30-year at 5.95%
Sunday, June 7, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (6/7/2009)
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 - 34,022 (-839)
Single Family Detached - 26,186 (-713)
Patio homes - 799
Townhouses - 2,743
Apartment Style - 2,568
Gemini/Twin Homes - 289
Manufactured/Mobile Housing - 1,229
Modular/Pre-fab - 36
Loft Style - 172
Total Sold Listings (2009) - 37,072 (+1709)
Single Family Detached - 33,270 (+1513)
Patio homes - 417
Townhouses - 1633
Apartment Style - 1099
Gemini/Twin Homes - 205
Manufactured/Mobile Housing - 394
Modular/Pre-fab - 9
Loft Style - 45
Total Active Listings - 34,022 (-839)
Single Family Detached - 26,186 (-713)
Patio homes - 799
Townhouses - 2,743
Apartment Style - 2,568
Gemini/Twin Homes - 289
Manufactured/Mobile Housing - 1,229
Modular/Pre-fab - 36
Loft Style - 172
Total Sold Listings (2009) - 37,072 (+1709)
Single Family Detached - 33,270 (+1513)
Patio homes - 417
Townhouses - 1633
Apartment Style - 1099
Gemini/Twin Homes - 205
Manufactured/Mobile Housing - 394
Modular/Pre-fab - 9
Loft Style - 45
Tuesday, June 2, 2009
Pending home sales rise 6.7 percent in April
"Pending U.S. home sales in April posted the biggest monthly jump in nearly eight years, a sign that home sales are finally coming to life after a long and painful slump.
The National Association of Realtors says its seasonally adjusted index of sales contracts signed in April rose 6.7 percent to 90.3. Economists surveyed by Thomson Reuters expected the index would edge up to 85 from a reading of 84.6 in March. It was the biggest monthly jump since October 2001."
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Pending home sales rise 6.7 percent in April
The National Association of Realtors says its seasonally adjusted index of sales contracts signed in April rose 6.7 percent to 90.3. Economists surveyed by Thomson Reuters expected the index would edge up to 85 from a reading of 84.6 in March. It was the biggest monthly jump since October 2001."
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Pending home sales rise 6.7 percent in April
Monday, June 1, 2009
First-time homebuyers can get short-term loans for $8,000 tax credit
"Thousands of first-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit.
The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can receive the credit before they complete their taxes.
The FHA had no estimate of how many borrowers would qualify. But the agency, which backs about a quarter of new-home loans, is projected to guarantee about 2.2 million loans in the next budget year."
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First-time homebuyers can get short-term loans for $8,000 tax credit
The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can receive the credit before they complete their taxes.
The FHA had no estimate of how many borrowers would qualify. But the agency, which backs about a quarter of new-home loans, is projected to guarantee about 2.2 million loans in the next budget year."
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First-time homebuyers can get short-term loans for $8,000 tax credit
FBI cracks down on foreclosed-home strippers
"Despite efforts to stop them, former owners of foreclosed homes are stripping and plundering the houses and frustrating hard-working neighbors who watch helplessly as property values fall.
Northeast Valley resident Stacey Huscher was stunned when a former neighbor brought in a crane earlier this month to remove a hot tub from the backyard of his foreclosed home.
'It's making the whole real-estate nightmare even worse,' she said of home strippers."
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FBI cracks down on foreclosed-home strippers
Northeast Valley resident Stacey Huscher was stunned when a former neighbor brought in a crane earlier this month to remove a hot tub from the backyard of his foreclosed home.
'It's making the whole real-estate nightmare even worse,' she said of home strippers."
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FBI cracks down on foreclosed-home strippers
The $4 trillion housing headache
"House prices are taking a long ride in the wayback machine. Unfortunately, Americans' housing-related debt isn't going anywhere fast.
Prices in big U.S. cities posted their biggest-ever decline in the first quarter, according to the most recent S&P/Case-Shiller National Home Price index. After nearly three years of declines, house prices nationwide are back at 2002 levels -- and still falling.
Yet as bad as that is for overburdened homeowners and their bankers, the mighty mountain of mortgage debt Americans have taken on is an even bigger concern - especially for those who believe an economic recovery is in sight."
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The $4 trillion housing headache
Prices in big U.S. cities posted their biggest-ever decline in the first quarter, according to the most recent S&P/Case-Shiller National Home Price index. After nearly three years of declines, house prices nationwide are back at 2002 levels -- and still falling.
Yet as bad as that is for overburdened homeowners and their bankers, the mighty mountain of mortgage debt Americans have taken on is an even bigger concern - especially for those who believe an economic recovery is in sight."
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The $4 trillion housing headache
Sunday, May 31, 2009
HUD $8,000 first-time home buyer tax credit available now
"First-time homebuyers will now have access to quick cash to help them with their down payments.
On Friday, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs.
'We believe this is a real win for everyone,' said HUD secretary Shaun Donovan in a speech before the National Association of Homebuilders (NAHB). 'Families will now be able to apply their anticipated tax credit toward their home purchase right away. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.'"
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HUD $8,000 first-time home buyer tax credit available now
On Friday, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs.
'We believe this is a real win for everyone,' said HUD secretary Shaun Donovan in a speech before the National Association of Homebuilders (NAHB). 'Families will now be able to apply their anticipated tax credit toward their home purchase right away. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.'"
Click below to read more...
HUD $8,000 first-time home buyer tax credit available now
Number of Active & Sold Listings in the Phoenix-Metro Area (5/31/2009)
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 - 34,861 (-1009)
Single Family Detached - 26,899 (-770)
Patio homes - 799
Townhouses - 2,817
Apartment Style - 2,586
Gemini/Twin Homes - 300
Manufactured/Mobile Housing - 1,251
Modular/Pre-fab - 30
Loft Style - 179
Total Sold Listings (2009) - 35,363 (+2842)
Single Family Detached - 31,757 (+2555)
Patio homes - 390
Townhouses - 1542
Apartment Style - 1041
Gemini/Twin Homes - 193
Manufactured/Mobile Housing - 386
Modular/Pre-fab - 9
Loft Style - 45
Friday, May 29, 2009
Delinquent mortgages, foreclosures up in Ariz.
"Arizona homeowners remain under severe pressure as foreclosures and delinquencies here and in three other states continue to push up the national averages.
Arizona residential delinquencies rose 0.2 of a percentage point to 9.66 percent at the end of the first quarter from the fourth quarter, excluding loans in foreclosure, according to the Mortgage Bankers Association.
Foreclosures were started on an additional 2.52 percent of Arizona mortgages, bringing to 5.56 percent the proportion of Arizona loans in foreclosure during the quarter. Arizona, California, Florida and Nevada accounted for 46 percent of all foreclosures started last quarter."
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Delinquent mortgages, foreclosures up in Ariz.
Arizona residential delinquencies rose 0.2 of a percentage point to 9.66 percent at the end of the first quarter from the fourth quarter, excluding loans in foreclosure, according to the Mortgage Bankers Association.
Foreclosures were started on an additional 2.52 percent of Arizona mortgages, bringing to 5.56 percent the proportion of Arizona loans in foreclosure during the quarter. Arizona, California, Florida and Nevada accounted for 46 percent of all foreclosures started last quarter."
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Delinquent mortgages, foreclosures up in Ariz.
Thursday, May 28, 2009
Mortgage rates jump
"Home mortgage rates jumped in the most recent week, pulled higher by rising Treasury yields, according to a report released Thursday.
The average 30-year fixed mortgage rate rose to 5.45% in the week ended Wednesday, up from 5.24% last week, according to a weekly national survey from Bankrate.com.
Even as mortgage rates continue to rise, they still remain much lower than last year, when the average 30-year fixed mortgage rate was 6.20%, according to Bankrate.com"
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Mortgage rates jump
The average 30-year fixed mortgage rate rose to 5.45% in the week ended Wednesday, up from 5.24% last week, according to a weekly national survey from Bankrate.com.
Even as mortgage rates continue to rise, they still remain much lower than last year, when the average 30-year fixed mortgage rate was 6.20%, according to Bankrate.com"
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Mortgage rates jump
Tuesday, May 26, 2009
Home prices plunge almost 20%
"The home price slide accelerated during the first three months of 2009, according to a report issued Tuesday.
The S&P/Case-Shiller National Home Price index, a bellwether of real-estate market direction, plunged a record 19.1% during the quarter compared with the first three months of 2008. That followed an 18.2% drop last quarter.
The Case-Shiller 20-city index dropped 18.7% year-over-year, also a record. It fell 18.5% during the last three months of 2008. This index has plummeted 32.2% from its July 2006 peak and has fallen 32 straight months."
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Home prices plunge almost 20%
The S&P/Case-Shiller National Home Price index, a bellwether of real-estate market direction, plunged a record 19.1% during the quarter compared with the first three months of 2008. That followed an 18.2% drop last quarter.
The Case-Shiller 20-city index dropped 18.7% year-over-year, also a record. It fell 18.5% during the last three months of 2008. This index has plummeted 32.2% from its July 2006 peak and has fallen 32 straight months."
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Home prices plunge almost 20%
Sunday, May 24, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (5/24/2009)
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 - 35,870 (-926)
Single Family Detached - 27,669 (-832)
Patio homes - 829
Townhouses - 2,915
Apartment Style - 2,650
Gemini/Twin Homes - 318
Manufactured/Mobile Housing - 1,280
Modular/Pre-fab - 32
Loft Style - 177
Total Sold Listings (2009) - 32,521 (+1983)
Single Family Detached - 29,202 (+1767)
Patio homes - 361
Townhouses - 1396
Apartment Style - 971
Gemini/Twin Homes - 174
Manufactured/Mobile Housing - 365
Modular/Pre-fab - 7
Loft Style - 45
Total Active Listings - 35,870 (-926)
Single Family Detached - 27,669 (-832)
Patio homes - 829
Townhouses - 2,915
Apartment Style - 2,650
Gemini/Twin Homes - 318
Manufactured/Mobile Housing - 1,280
Modular/Pre-fab - 32
Loft Style - 177
Total Sold Listings (2009) - 32,521 (+1983)
Single Family Detached - 29,202 (+1767)
Patio homes - 361
Townhouses - 1396
Apartment Style - 971
Gemini/Twin Homes - 174
Manufactured/Mobile Housing - 365
Modular/Pre-fab - 7
Loft Style - 45
Tuesday, May 19, 2009
Fast $8,000 down-payment assistance for homebuyers
"Home prices are cheap. Affordability is at a record high. And the market is littered with distressed properties looking for a buyer.
But there is one big obstacle for many first-time house hunters looking to take advantage of the market: cash for down payments. The typical first-time buyer has only saved enough to cover 4% of the purchase price, according to the National Association of Realtors.
As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time - when it's needed."
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Fast $8,000 down-payment assistance for homebuyers
But there is one big obstacle for many first-time house hunters looking to take advantage of the market: cash for down payments. The typical first-time buyer has only saved enough to cover 4% of the purchase price, according to the National Association of Realtors.
As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time - when it's needed."
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Fast $8,000 down-payment assistance for homebuyers
Sunday, May 17, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (5/17/2009)
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 - 36,796 (-1279)
Single Family Detached - 28,501 (-1103)
Patio homes - 837
Townhouses - 2,923
Apartment Style - 2,704
Gemini/Twin Homes - 336
Manufactured/Mobile Housing - 1,281
Modular/Pre-fab - 30
Loft Style - 184
Total Sold Listings (2009) - 30,538 (+2283)
Single Family Detached - 27,435 (+2024)
Patio homes - 333
Townhouses - 1312
Apartment Style - 895
Gemini/Twin Homes - 164
Manufactured/Mobile Housing - 350
Modular/Pre-fab - 6
Loft Style - 43
Treasury is giving cash-for-keys
"When all else fails, the Treasury Department is now willing to cough up cash to get homeowners to move on and to get loan servicers to forgive mortgage debt.
The new initiatives are part of the government's Making Home Affordable program.
Under the original program, unveiled earlier this year, homeowners could be eligible for loan adjustments or refinancings if they meet several criteria: the home must be their primary residence, for example, and the mortgage balance must be no more than $729,750."
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Treasury is giving cash-for-keys
The new initiatives are part of the government's Making Home Affordable program.
Under the original program, unveiled earlier this year, homeowners could be eligible for loan adjustments or refinancings if they meet several criteria: the home must be their primary residence, for example, and the mortgage balance must be no more than $729,750."
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Treasury is giving cash-for-keys
Thursday, May 14, 2009
Foreclosures jump in April but repossessions fall
"Foreclosures in April exceeded even March's blistering pace with a record 342,000 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report.
One of every 374 U.S. homes received a filing during the month, the highest monthly rate that RealtyTrac, an online marketer of foreclosed properties, has recorded in four-plus years of record keeping.
'April was a shocker,' said Rick Sharga, a spokesman for RealtyTrac. 'I would have bet on a dip because March foreclosures were so high.'"
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Foreclosures jump in April but repossessions fall
One of every 374 U.S. homes received a filing during the month, the highest monthly rate that RealtyTrac, an online marketer of foreclosed properties, has recorded in four-plus years of record keeping.
'April was a shocker,' said Rick Sharga, a spokesman for RealtyTrac. 'I would have bet on a dip because March foreclosures were so high.'"
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Foreclosures jump in April but repossessions fall
55,000 mortgages modified under foreclosure prevention plan
"More than 55,000 troubled homeowners have received loan modification offers under President Obama's foreclosure prevention program, officials said Thursday.
Administration officials also announced it was expanding the program to assist delinquent borrowers who do not qualify for a modification. The government will provide incentives for servicers and borrowers to pursue short sales, where the bank agrees to take the proceeds of a sale as full payment of the mortgage, and deeds-in-lieu of foreclosure, in which the homeowner gives the house to the bank. Both methods avoid foreclosure and lessen the impact on neighbors' property values."
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55,000 mortgages modified under foreclosure prevention plan
Administration officials also announced it was expanding the program to assist delinquent borrowers who do not qualify for a modification. The government will provide incentives for servicers and borrowers to pursue short sales, where the bank agrees to take the proceeds of a sale as full payment of the mortgage, and deeds-in-lieu of foreclosure, in which the homeowner gives the house to the bank. Both methods avoid foreclosure and lessen the impact on neighbors' property values."
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55,000 mortgages modified under foreclosure prevention plan
Monday, May 11, 2009
The Basics: 2009 First-Time Home Buyer Tax Credit
"As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.Bringing the Dream of Homeownership Within Reach"
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The Basics: 2009 First-Time Home Buyer Tax Credit
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.Bringing the Dream of Homeownership Within Reach"
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The Basics: 2009 First-Time Home Buyer Tax Credit
Mortgage modifications are happening. Get yours
"Two months ago, Ivan Coleman was struggling, his mortgage payment having ballooned to $1,200 - more than half his income. Starting June 1, his monthly payment will fall to $725.
'My mortgage company was helpful, eager to have me stay in my home,' said Coleman, who first fell behind on his payments after losing his job.
Coleman, who has owned his Maple Heights, Ohio, home for ten years, is among the first wave of homeowners to have their mortgages modified under President Obama's foreclosure-prevention program. As of last week, for example, Chase Mortgage, the servicing side of JP Morgan Chase, had issued more than 15,000 modifications under the plan."
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Mortgage modifications are happening. Get yours
'My mortgage company was helpful, eager to have me stay in my home,' said Coleman, who first fell behind on his payments after losing his job.
Coleman, who has owned his Maple Heights, Ohio, home for ten years, is among the first wave of homeowners to have their mortgages modified under President Obama's foreclosure-prevention program. As of last week, for example, Chase Mortgage, the servicing side of JP Morgan Chase, had issued more than 15,000 modifications under the plan."
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Mortgage modifications are happening. Get yours
Sunday, May 10, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (5/10/2009)
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 - 38,075 (-1087)
Single Family Detached - 29,604 (-943)
Patio homes - 840
Townhouses - 3,025
Apartment Style - 2,764
Gemini/Twin Homes - 350
Manufactured/Mobile Housing - 1,280
Modular/Pre-fab - 32
Loft Style - 180
Total Sold Listings (2009) - 28,275 (+1680)
Single Family Detached - 25,411 (+1487)
Patio homes - 308
Townhouses - 1201
Apartment Style - 821
Gemini/Twin Homes - 155
Manufactured/Mobile Housing - 330
Modular/Pre-fab - 6
Loft Style - 43
Housing loan help attracts new scams
"Faulty oversight and outright scams helped send the housing market into a tailspin. Efforts to bring the market back are attracting new scams.
Loan modifications to fight foreclosures are the backbone of the federal housing plan announced in February by President Barack Obama during a stop in Mesa. In a loan modification, a lender and homeowner work out a deal to cut interest rates and even principal on mortgages of homes in danger of foreclosure.
Free counselors are available to help homeowners work with lenders. And some firms have emerged that, for a fee, also provide counseling. Scam artists have joined the scene, promising help, taking hefty upfront fees, and then leaving homeowners on their own."
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Housing loan help attracts new scams
Loan modifications to fight foreclosures are the backbone of the federal housing plan announced in February by President Barack Obama during a stop in Mesa. In a loan modification, a lender and homeowner work out a deal to cut interest rates and even principal on mortgages of homes in danger of foreclosure.
Free counselors are available to help homeowners work with lenders. And some firms have emerged that, for a fee, also provide counseling. Scam artists have joined the scene, promising help, taking hefty upfront fees, and then leaving homeowners on their own."
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Housing loan help attracts new scams
Friday, May 8, 2009
Weekend freeway closures and restrictions
"Freeway improvement projects will require closures or lane restrictions this weekend. Freeway work often occurs 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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Weekend freeway closures and restrictions
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Weekend freeway closures and restrictions
Lawsuit alleges builder, lender used rigged house appraisals
"A group of West Valley home buyers says builder KB Home and its exclusive lender Countrywide, now owned by Bank of America, developed a scheme to sell homes at peak market prices even after real-estate values began to decline.
A lawsuit filed Thursday in Maricopa County Superior Court contends the builder and lender engaged in systematic appraisal-rigging to inflate by thousands of dollars the value of new homes sold since 2006. The plaintiffs, seven KB Home customers in Buckeye and Surprise, say the practice has cost customers billions of dollars and contributed to the recent flood of loan defaults and foreclosures.
KB Home and BofA representatives said they had not seen the complaint Thursday and could not comment."
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Lawsuit alleges builder, lender used rigged house appraisals
A lawsuit filed Thursday in Maricopa County Superior Court contends the builder and lender engaged in systematic appraisal-rigging to inflate by thousands of dollars the value of new homes sold since 2006. The plaintiffs, seven KB Home customers in Buckeye and Surprise, say the practice has cost customers billions of dollars and contributed to the recent flood of loan defaults and foreclosures.
KB Home and BofA representatives said they had not seen the complaint Thursday and could not comment."
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Lawsuit alleges builder, lender used rigged house appraisals
Thursday, May 7, 2009
More homes worth less than mortgage - Zillow report
"More than 20% of American homeowners owe more on their mortgage debt than they can sell their homes for, according to an industry report released Wednesday.
The real estate Web site Zillow.com reported that 21.8% of all U.S. homes, representing more than 20 million residences, were in a 'negative equity' or 'underwater' position after prices dropped more than 14% nationally in the year ended March 31.
'A combination of falling prices and low down payments has left many borrowers underwater,' said Stan Humphries, Zillow's vice president in charge of data and analytics. 'In some markets, more than half of all homes are in negative equity.'"
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More homes worth less than mortgage - Zillow report
The real estate Web site Zillow.com reported that 21.8% of all U.S. homes, representing more than 20 million residences, were in a 'negative equity' or 'underwater' position after prices dropped more than 14% nationally in the year ended March 31.
'A combination of falling prices and low down payments has left many borrowers underwater,' said Stan Humphries, Zillow's vice president in charge of data and analytics. 'In some markets, more than half of all homes are in negative equity.'"
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More homes worth less than mortgage - Zillow report
Monday, May 4, 2009
March pending home sales in surprise jump
"Is the housing meltdown ending?
Pending home sales rose in March for the second consecutive month and are up year over year. The Pending Home Sales Index from the National Association of Realtors showed a 3.2% gain to 84.6 from February, when it was 82. The index stands 1.6% higher than a year ago.
The consensus forecast of industry experts polled by Briefing.com had predicted no increase in the index."
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March pending home sales in surprise jump
Pending home sales rose in March for the second consecutive month and are up year over year. The Pending Home Sales Index from the National Association of Realtors showed a 3.2% gain to 84.6 from February, when it was 82. The index stands 1.6% higher than a year ago.
The consensus forecast of industry experts polled by Briefing.com had predicted no increase in the index."
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March pending home sales in surprise jump
Sunday, May 3, 2009
Best fast fixes to get your house sold - Boost curb appeal
"Before you list your place, you'd better make sure it's the best one in its price range. Time for some low-cost projects with big results."
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Best fast fixes to get your house sold - Boost curb appeal
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Best fast fixes to get your house sold - Boost curb appeal
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