"Sales of existing homes fell in January to their lowest levels in nearly 12 years, with a real estate group saying buyers delayed purchases in anticipation of government programs to boost the housing market.
The National Association of Realtors said Wednesday that existing home sales dropped 5.3% last month, to a seasonally adjusted annual rate of 4.49 million units from a rate of 4.74 million in December.
January sales were the lowest since July 1997, and were far below the consensus estimate of 4.79 million units, according to a survey of economists compiled by Briefing.com."
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Existing home sales fall 5.3% in January
Wednesday, February 25, 2009
Tuesday, February 24, 2009
Home price drop is record in S&P Case-Shiller index
"Home prices declined at a record pace around the nation in the final three months of 2008, according to an industry report released Tuesday.
The S&P Case-Shiller National Home Price Index reported that prices sank a record 18.2% during the last three months of 2008, compared with the same period in 2007.
Case-Shiller's index of 20 major metropolitan areas fell 18.5%, also a record."
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Home price drop is record in S&P Case-Shiller index
The S&P Case-Shiller National Home Price Index reported that prices sank a record 18.2% during the last three months of 2008, compared with the same period in 2007.
Case-Shiller's index of 20 major metropolitan areas fell 18.5%, also a record."
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Home price drop is record in S&P Case-Shiller index
Monday, February 23, 2009
Median home prices now higher in Tucson
"The median price of a home is now higher in metro Tucson than it is in the Phoenix area.
Median home prices have traditionally been slightly lower in Tucson than Phoenix. But speculative development and out-of-state investment fueled the housing bubble in Maricopa County, and the disparity between home prices in the two markets grew.
Now the bubble has burst, and the foreclosure mess has flipped the housing market upside down."
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Median home prices now higher in Tucson
Median home prices have traditionally been slightly lower in Tucson than Phoenix. But speculative development and out-of-state investment fueled the housing bubble in Maricopa County, and the disparity between home prices in the two markets grew.
Now the bubble has burst, and the foreclosure mess has flipped the housing market upside down."
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Median home prices now higher in Tucson
Valley drivers about to run into highway-building spree
"Valley motorists are about to see a renewed freeway-construction spree, affecting nearly every major route in the area.
The flurry of heavy equipment, work crews and cones might mislead drivers into thinking federal stimulus money is at work. Instead, it's mostly being paid for by the regional sales tax from Proposition 400, which eclipses the stimulus money coming out of Washington for highways.
When the last of this year's new projects ends in 2012, the region's freeways should be less congested. The freeway network will feature at least three lanes reaching out to its extremities, including dozens of miles of new high-occupancy-vehicle lanes to speed up bus service and take solo drivers off the roads."
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Valley drivers about to run into highway-building spree
The flurry of heavy equipment, work crews and cones might mislead drivers into thinking federal stimulus money is at work. Instead, it's mostly being paid for by the regional sales tax from Proposition 400, which eclipses the stimulus money coming out of Washington for highways.
When the last of this year's new projects ends in 2012, the region's freeways should be less congested. The freeway network will feature at least three lanes reaching out to its extremities, including dozens of miles of new high-occupancy-vehicle lanes to speed up bus service and take solo drivers off the roads."
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Valley drivers about to run into highway-building spree
Sunday, February 22, 2009
Property-tax notices reflect the housing crash, but not your bills
"Property-tax notices mailed out to Maricopa County homeowners today will deliver one more reminder of the severe housing slump.
Most people will see a drop in their home's assessed value because of the collapse of the local housing market. According to the Maricopa County Assessor's Office, home values fell an average of 23 percent during the 12 months that ended in November. Not everyone will see the same drop in upcoming tax bills.
A big part of that drop is due to a record number of foreclosures, which for the first time are being used to assess property values in Arizona."
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Property-tax notices reflect the housing crash, but not your bills
Most people will see a drop in their home's assessed value because of the collapse of the local housing market. According to the Maricopa County Assessor's Office, home values fell an average of 23 percent during the 12 months that ended in November. Not everyone will see the same drop in upcoming tax bills.
A big part of that drop is due to a record number of foreclosures, which for the first time are being used to assess property values in Arizona."
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Property-tax notices reflect the housing crash, but not your bills
Number of Active & Sold Listings in the Phoenix-Metro Area (2/22/2009)
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 - 50,457 (-348)
Single Family Detached - 40,900 (-346)
Patio homes - 938
Townhouses - 3,570
Apartment Style - 3,024
Gemini/Twin Homes - 403
Manufactured/Mobile Housing - 1,393
Modular/Pre-fab - 38
Loft Style - 192
Total Sold Listings (2009) - 7,939 (+1323)
Single Family Detached - 7,141 (+1167)
Patio homes - 70
Townhouses - 317
Apartment Style - 239
Gemini/Twin Homes - 42
Manufactured/Mobile Housing - 113
Modular/Pre-fab - 1
Loft Style - 16
Friday, February 20, 2009
Mortgage Help: Do you qualify?
"The eagerly anticipated foreclosure prevention program unveiled Wednesday by President Obama targets 9 million borrowers for help - are you one of them?
The $75 billion effort, dubbed the Homeowner Affordability and Stability Plan, boils down to two basic solutions:
First, the government is aiming to help more homeowners refinance to take advantage of new low interest rates.
Second, it provides incentives to lenders and servicers to restructure your mortgage to more affordable levels.
Official guidelines won't be unveiled until March 4, but here's how to know whether you'll likely be able to take advantage of either of these options."
Click below to read more...
Mortgage Help: Do you qualify?
The $75 billion effort, dubbed the Homeowner Affordability and Stability Plan, boils down to two basic solutions:
First, the government is aiming to help more homeowners refinance to take advantage of new low interest rates.
Second, it provides incentives to lenders and servicers to restructure your mortgage to more affordable levels.
Official guidelines won't be unveiled until March 4, but here's how to know whether you'll likely be able to take advantage of either of these options."
Click below to read more...
Mortgage Help: Do you qualify?
Wednesday, February 18, 2009
Who qualifies for mortgage assistance
"President Barack Obama's $75 billion housing plan will help as many as 9 million homeowners refinance if they owe more than their home is worth or avoid foreclosure if their payments are climbing beyond their reach.
The initiative, called the Homeowners Affordability and Stability Plan, is more extensive than expected. But it doesn't offer aid to speculators who bought multiple homes as investments, nor to people who bought homes they knew they couldn't afford and then tapped all their home equity.
'The plan I'm announcing focuses on rescuing families who have played by the rules and acted responsibly,' Obama said during his speech at Mesa's Dobson High School. 'It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans.'"
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Who qualifies for mortgage assistance
The initiative, called the Homeowners Affordability and Stability Plan, is more extensive than expected. But it doesn't offer aid to speculators who bought multiple homes as investments, nor to people who bought homes they knew they couldn't afford and then tapped all their home equity.
'The plan I'm announcing focuses on rescuing families who have played by the rules and acted responsibly,' Obama said during his speech at Mesa's Dobson High School. 'It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans.'"
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Who qualifies for mortgage assistance
Experts say Obama's foreclosure fix will work
"The $75 billion foreclosure prevention program announced Wednesday by President Obama will go a long way to helping millions of distressed borrowers and to stopping the housing market's downward spiral, experts said.
The multi-pronged plan, which calls for modifying loans for borrowers both at risk or already in default and for allowing those with little or no home equity to refinance into more affordable loans through interest rate reductions, has made some strange bedfellows.
'It cuts the Gordian knot that has eluded everybody,' said Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, a lobbying group. He called it a 'solid approach' to preventing foreclosures."
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Experts say Obama's foreclosure fix will work
The multi-pronged plan, which calls for modifying loans for borrowers both at risk or already in default and for allowing those with little or no home equity to refinance into more affordable loans through interest rate reductions, has made some strange bedfellows.
'It cuts the Gordian knot that has eluded everybody,' said Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, a lobbying group. He called it a 'solid approach' to preventing foreclosures."
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Experts say Obama's foreclosure fix will work
Obama seeks to aid up to 9 million borrowers
"President Obama is unveiling a $75 billion multi-pronged plan Wednesday that seeks to help up to 9 million borrowers suffering from falling home prices and unaffordable monthly payments.
The long-awaited foreclosure fix marks a sharp departure from the Bush administration, which relied mainly on having servicers voluntarily modify troubled mortgages.
Obama, meanwhile, will make it easier homeowners to afford their monthly payments either by refinancing the mortgages or having their loans modified. The president is vastly broadening the scope of the government rescue by focusing on homeowners who are still current in their payments but at risk of default. And he puts billions of federal funds into enticing servicers to modify the loans of those who've already stopped paying."
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Obama seeks to aid up to 9 million borrowers
The long-awaited foreclosure fix marks a sharp departure from the Bush administration, which relied mainly on having servicers voluntarily modify troubled mortgages.
Obama, meanwhile, will make it easier homeowners to afford their monthly payments either by refinancing the mortgages or having their loans modified. The president is vastly broadening the scope of the government rescue by focusing on homeowners who are still current in their payments but at risk of default. And he puts billions of federal funds into enticing servicers to modify the loans of those who've already stopped paying."
Click below to read more...
Obama seeks to aid up to 9 million borrowers
Q&A on the foreclosure plan, and what it means for you
"Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan from the U.S. Department of Housing and Urban Development."
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Q&A on the foreclosure plan, and what it means for you
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Q&A on the foreclosure plan, and what it means for you
Tuesday, February 17, 2009
Obama expected to announce foreclosure plan
"President Obama on Wednesday will visit Phoenix, Arizona, one of the cities hardest hit with foreclosures, where he's expected to outline a $50 billion to $100 billion plan to help homeowners.
Economist Peter Morici said $50 billion to $100 billion won't be enough to solve the mortgage crisis.
Though administration officials are tight-lipped about details, one idea that has been floated is for the federal government to reduce monthly mortgage payments by modifying loans.
Sheila Bair, the U.S. FDIC chairwoman, has advocated reducing payments to between 31 and 38 percent of a family's gross income."
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Obama expected to announce foreclosure plan
Economist Peter Morici said $50 billion to $100 billion won't be enough to solve the mortgage crisis.
Though administration officials are tight-lipped about details, one idea that has been floated is for the federal government to reduce monthly mortgage payments by modifying loans.
Sheila Bair, the U.S. FDIC chairwoman, has advocated reducing payments to between 31 and 38 percent of a family's gross income."
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Obama expected to announce foreclosure plan
Sunday, February 15, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (2/15/2009)
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 - 50,805 (-589)
Single Family Detached - 41,246 (-616)
Patio homes - 953
Townhouses - 3,570
Apartment Style - 3,005
Gemini/Twin Homes - 411
Manufactured/Mobile Housing - 1,388
Modular/Pre-fab - 40
Loft Style - 192
Total Sold Listings (2009) - 6,616 (+1080)
Single Family Detached - 5,974 (+969)
Patio homes - 57
Townhouses - 255
Apartment Style - 191
Gemini/Twin Homes - 28
Manufactured/Mobile Housing - 96
Modular/Pre-fab - 1
Loft Style - 14
Total Active Listings - 50,805 (-589)
Single Family Detached - 41,246 (-616)
Patio homes - 953
Townhouses - 3,570
Apartment Style - 3,005
Gemini/Twin Homes - 411
Manufactured/Mobile Housing - 1,388
Modular/Pre-fab - 40
Loft Style - 192
Total Sold Listings (2009) - 6,616 (+1080)
Single Family Detached - 5,974 (+969)
Patio homes - 57
Townhouses - 255
Apartment Style - 191
Gemini/Twin Homes - 28
Manufactured/Mobile Housing - 96
Modular/Pre-fab - 1
Loft Style - 14
Housing pattern crippled Phoenix
"Phoenix grew into the nation's fifth-largest city through a reliable pattern: Build affordable homes on the metro area's edges, welcome waves of new buyers, and then roads, schools and retail centers follow.
Home buyers relied on that pattern. Buy an affordable home on the edge, watch it quickly appreciate, then sell at a good profit and move again to a bigger home in an established area.
Builders and all the other businesses of the real-estate industry relied on that pattern. Develop open land just beyond established neighborhoods, offer affordable houses, and watch the area grow into the Valleys' newest suburb."
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Housing pattern crippled Phoenix
Home buyers relied on that pattern. Buy an affordable home on the edge, watch it quickly appreciate, then sell at a good profit and move again to a bigger home in an established area.
Builders and all the other businesses of the real-estate industry relied on that pattern. Develop open land just beyond established neighborhoods, offer affordable houses, and watch the area grow into the Valleys' newest suburb."
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Housing pattern crippled Phoenix
Citi, JPMorgan temporarily halt foreclosures
"JPMorgan Chase and Citigroup Inc. announced plans Friday to temporarily halt foreclosures as the government works to finalize the details of a financial rescue package that could include billions of dollars in aid for struggling homeowners.
The announcements come as regulators and lawmakers have stepped up pressure on financial institutions to suspend foreclosures until the plan comes out.
Vikram Pandit, Citi's (C, Fortune 500) chief executive, and Jamie Dimon, JPMorgan's (JPM, Fortune 500) CEO, both indicated their willingness to suspend foreclosures during testimony before Congress Wednesday."
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Citi, JPMorgan temporarily halt foreclosures
The announcements come as regulators and lawmakers have stepped up pressure on financial institutions to suspend foreclosures until the plan comes out.
Vikram Pandit, Citi's (C, Fortune 500) chief executive, and Jamie Dimon, JPMorgan's (JPM, Fortune 500) CEO, both indicated their willingness to suspend foreclosures during testimony before Congress Wednesday."
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Citi, JPMorgan temporarily halt foreclosures
Thursday, February 12, 2009
Home price declines deepen
"Home prices fell 12.4% during the fourth quarter of 2008, the largest year-over-year decline since the National Association of Realtors began keeping comprehensive records in 1979.
The median price for a U.S. home sold during the fourth quarter of 2008 fell to $180,100, down from $205,700 during the last quarter of 2007.
Distressed properties, the foreclosures and short sales that have flooded the market, accounted for 45% of all deals. That has driven sales volume up in Nevada, California and other states hit hard by foreclosures, but these heavily discounted homes have also pushed median prices down."
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Home price declines deepen
The median price for a U.S. home sold during the fourth quarter of 2008 fell to $180,100, down from $205,700 during the last quarter of 2007.
Distressed properties, the foreclosures and short sales that have flooded the market, accounted for 45% of all deals. That has driven sales volume up in Nevada, California and other states hit hard by foreclosures, but these heavily discounted homes have also pushed median prices down."
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Home price declines deepen
Monday, February 9, 2009
Fannie, Freddie to ease mortgage payments?
"The Obama administration is crafting a mortgage-rescue program that would see Fannie Mae and Freddie Mac ease payments for hundreds of thousands of borrowers and offer a model for Wall Street to do the same, sources familiar with the plan said.
Late last week, officials from the Treasury Department and Department of Housing and Urban Development worked with the companies' regulator to agree on standards for who could get relief and how they might coax other finance companies to follow their lead, said two industry sources familiar with the deliberations.
Those discussions were still going on over the weekend with Treasury officials trying to weigh the merits and costs of several possible approaches, said one source familiar with the talks."
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Fannie, Freddie to ease mortgage payments?
Late last week, officials from the Treasury Department and Department of Housing and Urban Development worked with the companies' regulator to agree on standards for who could get relief and how they might coax other finance companies to follow their lead, said two industry sources familiar with the deliberations.
Those discussions were still going on over the weekend with Treasury officials trying to weigh the merits and costs of several possible approaches, said one source familiar with the talks."
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Fannie, Freddie to ease mortgage payments?
Dark clouds loom for Valley's commercial real estate
"The foreclosure wave that gathered momentum in the housing market last year is careening toward apartment, storefront, office and warehouse properties, with billions of dollars in commercial mortgage loans in danger of default.
About $4.5 billion in securitized commercial mortgages is set to mature in the Phoenix area this year, with little hope of refinancing for commercial-property owners whose equity has slipped away.
Many small-business owners will struggle to make their loan or lease payments in 2009, experts say. Storefronts will be boarded up. Office and industrial buildings will empty out."
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Dark clouds loom for Valley's commercial real estate
About $4.5 billion in securitized commercial mortgages is set to mature in the Phoenix area this year, with little hope of refinancing for commercial-property owners whose equity has slipped away.
Many small-business owners will struggle to make their loan or lease payments in 2009, experts say. Storefronts will be boarded up. Office and industrial buildings will empty out."
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Dark clouds loom for Valley's commercial real estate
Sunday, February 8, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (2/8/2009)
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 - 51,394 (-262)
Single Family Detached - 41,862 (-310)
Patio homes - 951
Townhouses - 3,557
Apartment Style - 3,008
Gemini/Twin Homes - 405
Manufactured/Mobile Housing - 1,372
Modular/Pre-fab - 38
Loft Style - 201
Total Sold Listings (2009) - 5,536 (+865)
Single Family Detached - 5,005 (+781)
Patio homes - 48
Townhouses - 209
Apartment Style - 156
Gemini/Twin Homes - 25
Manufactured/Mobile Housing - 79
Modular/Pre-fab - 1
Loft Style - 13
Total Active Listings - 51,394 (-262)
Single Family Detached - 41,862 (-310)
Patio homes - 951
Townhouses - 3,557
Apartment Style - 3,008
Gemini/Twin Homes - 405
Manufactured/Mobile Housing - 1,372
Modular/Pre-fab - 38
Loft Style - 201
Total Sold Listings (2009) - 5,536 (+865)
Single Family Detached - 5,005 (+781)
Patio homes - 48
Townhouses - 209
Apartment Style - 156
Gemini/Twin Homes - 25
Manufactured/Mobile Housing - 79
Modular/Pre-fab - 1
Loft Style - 13
Falling home prices erase what many Valley owners gained
"Home prices in many parts of metropolitan Phoenix have fallen so low, they have returned to levels from before the housing boom.
New data compiled for The Arizona Republic show median housing prices in most Valley ZIP codes have dropped to where they were in early 2005 or late 2004, signaling the housing market already has lost most of the gains from the boom when home prices shot up 50 percent.
For example, in the Glendale ZIP code 85305, the median price of a home fell from $385,000 at the peak in 2006 to $227,000 today, which is about what it was in 2004."
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Falling home prices erase what many Valley owners gained
New data compiled for The Arizona Republic show median housing prices in most Valley ZIP codes have dropped to where they were in early 2005 or late 2004, signaling the housing market already has lost most of the gains from the boom when home prices shot up 50 percent.
For example, in the Glendale ZIP code 85305, the median price of a home fell from $385,000 at the peak in 2006 to $227,000 today, which is about what it was in 2004."
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Falling home prices erase what many Valley owners gained
Friday, February 6, 2009
Freeway closures and restrictions this weekend
"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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Freeway closures and restrictions this weekend
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Freeway closures and restrictions this weekend
Thursday, February 5, 2009
Mortgage rates rise to highest in six weeks
"Mortgage rates rose over the past week, pushing the cost of borrowing to its highest level since Christmas. And volatility is expected to continue as the debate over the economic stimulus plan continues.
The average 30-year fixed mortgage rate rose to 5.70% from 5.48% for the week ended Feb. 4, according to Bankrate.com.
The average 15-year fixed rate mortgage increased to 5.31% from 5.10%, and the average jumbo 30-year fixed rate jumped to 7.12% from 7.06%."
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Mortgage rates rise to highest in six weeks
The average 30-year fixed mortgage rate rose to 5.70% from 5.48% for the week ended Feb. 4, according to Bankrate.com.
The average 15-year fixed rate mortgage increased to 5.31% from 5.10%, and the average jumbo 30-year fixed rate jumped to 7.12% from 7.06%."
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Mortgage rates rise to highest in six weeks
Mortgage borrowing today: What you need to know
"If you're shopping for a mortgage these days, it's a whole new world out there.
'There have been a huge number of changes over the past few years in mortgage borrowing,' said Gibran Nicholas, founder of the CMPS Institute, which trains and certifies mortgage advisors.
Of course, many of the subprime loans that helped fuel the housing boom - those that didn't require borrowers to show any proof of income, or that let homeowners make minimum payments - are are simply no longer available."
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Mortgage borrowing today: What you need to know
'There have been a huge number of changes over the past few years in mortgage borrowing,' said Gibran Nicholas, founder of the CMPS Institute, which trains and certifies mortgage advisors.
Of course, many of the subprime loans that helped fuel the housing boom - those that didn't require borrowers to show any proof of income, or that let homeowners make minimum payments - are are simply no longer available."
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Mortgage borrowing today: What you need to know
Wednesday, February 4, 2009
U.S. mortgage applications up as refinancing jumps
"U.S. mortgage applications rose in the last week of January, reflecting a jump in demand for home refinancing loans even as interest rates rose to their highest levels since early December, data from an industry group showed Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Jan. 30 increased 8.6% to 795.4 after slumping 38.8% during the previous week.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 5.28%, up 0.06 percentage point from the previous week. Three weeks earlier, mortgage rates were 4.89%, the lowest level recorded since the MBA survey began in 1990."
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U.S. mortgage applications up as refinancing jumps
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Jan. 30 increased 8.6% to 795.4 after slumping 38.8% during the previous week.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 5.28%, up 0.06 percentage point from the previous week. Three weeks earlier, mortgage rates were 4.89%, the lowest level recorded since the MBA survey began in 1990."
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U.S. mortgage applications up as refinancing jumps
Local unemployment up in 98% of cities
"In a sign that job loss is felt in every corner of the nation, unemployment rates rose in 98% of metropolitan areas across the country in December, according to a recent government report.
The Labor Department reported that the unemployment rates in 363 of 369 metropolitan areas rose in December 2008, compared to the same month in the prior year. In November, 364 of 369 areas reported higher unemployment rates.
According to the report, 168 areas reported jobless rates of at least 7%, compared to just 33 a year ago, and 40 areas reported rates that were higher than 10%. Just 22 metropolitan regions had unemployment rates that were under 4%, down from 112 last year."
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Local unemployment up in 98% of cities
The Labor Department reported that the unemployment rates in 363 of 369 metropolitan areas rose in December 2008, compared to the same month in the prior year. In November, 364 of 369 areas reported higher unemployment rates.
According to the report, 168 areas reported jobless rates of at least 7%, compared to just 33 a year ago, and 40 areas reported rates that were higher than 10%. Just 22 metropolitan regions had unemployment rates that were under 4%, down from 112 last year."
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Local unemployment up in 98% of cities
Realtors' leader predicts tough '09
"Tom Farley took the helm of the Arizona Association of Realtors last year. It's a turbulent time.
Here are some of his concerns and projections from a recent interview."
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Realtors' leader predicts tough '09
Here are some of his concerns and projections from a recent interview."
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Realtors' leader predicts tough '09
Tuesday, February 3, 2009
Distress sales dominate many housing markets
"Real estate values around the nation have collapsed, and sales of foreclosed and 'underwater' homes now dominate many housing markets, according to a report released Tuesday.
The report, from Zillow.com, a real estate Web site, revealed that with foreclosures soaring, nearly 20% of the nation's home sales in 2008 were of bank-repossessed properties. Another 11% were short sales, in which homeowners owed more in mortgage debt than their homes were worth.
Madera, Calif., had the highest percentage of these distressed sales: 54.6% of all transactions there were foreclosed homes, and another 3.4% were short sales."
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Distress sales dominate many housing markets
The report, from Zillow.com, a real estate Web site, revealed that with foreclosures soaring, nearly 20% of the nation's home sales in 2008 were of bank-repossessed properties. Another 11% were short sales, in which homeowners owed more in mortgage debt than their homes were worth.
Madera, Calif., had the highest percentage of these distressed sales: 54.6% of all transactions there were foreclosed homes, and another 3.4% were short sales."
Click below to read more...
Distress sales dominate many housing markets
Sunday, February 1, 2009
Number of Active & Sold Listings in the Phoenix-Metro Area (2/1/2009)
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 - 51,656 (-832)
Single Family Detached - 42,172 (-759)
Patio homes - 935
Townhouses - 3,550
Apartment Style - 2,995
Gemini/Twin Homes - 407
Manufactured/Mobile Housing - 1,354
Modular/Pre-fab - 40
Loft Style - 203
Total Sold Listings (2009) - 4,671 (+1,624)
Single Family Detached - 4,224 (+1,456)
Patio homes - 39
Townhouses - 187
Apartment Style - 130
Gemini/Twin Homes - 21
Manufactured/Mobile Housing - 60
Modular/Pre-fab - 0
Loft Style - 10
Flood of foreclosures: It's worse than you think
"Housing might be in worse shape than we think.
There is probably even more excess housing inventory gumming up the market than current statistics indicate, thanks to a wave of foreclosures that has yet to hit the market.
The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called 'ghost inventory' could be substantial enough to depress already steeply falling prices when it does go on the market."
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Flood of foreclosures: It's worse than you think
There is probably even more excess housing inventory gumming up the market than current statistics indicate, thanks to a wave of foreclosures that has yet to hit the market.
The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called 'ghost inventory' could be substantial enough to depress already steeply falling prices when it does go on the market."
Click below to read more...
Flood of foreclosures: It's worse than you think
Top 100 markets forecast: Where home prices are headed next
"The housing implosion is nowhere near over. In 75 of the 100 top U.S. cities, prices are expected to fall in the next 12 months according to Fiserv Lending Solutions.
The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That's the biggest fall since the index began tracking prices in 2000.
Meanwhile, foreclosure filings more than doubled in the first three months of 2008, spiking 112%. So far this year 156,463 families have lost their homes to repossessions. Many markets won't hit bottom till late 2009 or even 2010."
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Top 100 markets forecast: Where home prices are headed next
The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That's the biggest fall since the index began tracking prices in 2000.
Meanwhile, foreclosure filings more than doubled in the first three months of 2008, spiking 112%. So far this year 156,463 families have lost their homes to repossessions. Many markets won't hit bottom till late 2009 or even 2010."
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Top 100 markets forecast: Where home prices are headed next
New home sales plunge in December to lowest on record
"Sales of newly constructed homes plunged in December to the lowest level on record, going back to 1963, according to a government report released Thursday.
The U.S. Census Bureau reported that new home sales fell to an annual, seasonally adjusted rate of 331,000 in December. That's down 14.7% from a revised 388,000 annual rate in November.
The December sales pace was 44.8% below the same month a year ago, when the annual rate of new home sales was 600,000."
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New home sales plunge in December to lowest on record
The U.S. Census Bureau reported that new home sales fell to an annual, seasonally adjusted rate of 331,000 in December. That's down 14.7% from a revised 388,000 annual rate in November.
The December sales pace was 44.8% below the same month a year ago, when the annual rate of new home sales was 600,000."
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New home sales plunge in December to lowest on record
Dec. existing home sales rise 6.5 percent
"Sales of existing homes posted an unexpected increase last month, closing out the worst year for the U.S. real estate market in more than a decade.
The National Association of Realtors said Monday that sales of existing homes rose 6.5 percent to an annual rate of 4.74 million in December, from a downwardly revised pace of 4.45 million in November.
The results were better than expected. December's sales had been forecasted to fall to a pace of 4.4 million units, according to Thomson Reuters."
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Dec. existing home sales rise 6.5 percent
The National Association of Realtors said Monday that sales of existing homes rose 6.5 percent to an annual rate of 4.74 million in December, from a downwardly revised pace of 4.45 million in November.
The results were better than expected. December's sales had been forecasted to fall to a pace of 4.4 million units, according to Thomson Reuters."
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Dec. existing home sales rise 6.5 percent
$47.5 mil in overdue county bills available for investors to buy
"Maricopa County is gearing up for its largest sale of delinquent property-tax liens on record, an estimated $47.5 million worth of unpaid taxes available for purchase by investors.
Bidding on property-tax liens occupies a relatively obscure niche in the arena of real-estate investment, but experts say investors who know what they're doing can achieve a fairly reliable rate of return with interest as high as 16 percent.
'It's a pretty small universe of people that actually get into it,' said Mark Manoil, a Phoenix lawyer who specializes in property-tax issues and has written a book about tax-lien investing."
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$47.5 mil in overdue county bills available for investors to buy
Bidding on property-tax liens occupies a relatively obscure niche in the arena of real-estate investment, but experts say investors who know what they're doing can achieve a fairly reliable rate of return with interest as high as 16 percent.
'It's a pretty small universe of people that actually get into it,' said Mark Manoil, a Phoenix lawyer who specializes in property-tax issues and has written a book about tax-lien investing."
Click below to read more...
$47.5 mil in overdue county bills available for investors to buy
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