Phoenix home prices gain 1.3% from Sept. to Oct.

"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.

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

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

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

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

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

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

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

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

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

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

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

Federal Housing Tax Credit: Frequently Asked Questions About the First-Time Home Buyer Tax Credit

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Federal Housing Tax Credit: Frequently Asked Questions About the First-Time Home Buyer Tax Credit

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

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

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)