"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
Tuesday, July 28, 2009
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."
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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."
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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."
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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."
Click below to read more...
Ariz. sites designated for solar study
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