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Number of Active & Sold Listings in the Phoenix-Metro Area (12/27/2009)

noreply@blogger.com (Chris Zubrycki) — Mon, 28 Dec 2009 03:35:00 +0000

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

noreply@blogger.com (Chris Zubrycki) — Wed, 23 Dec 2009 17:06:00 +0000

"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

noreply@blogger.com (Chris Zubrycki) — Wed, 23 Dec 2009 17:01:00 +0000

"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)

noreply@blogger.com (Chris Zubrycki) — Mon, 21 Dec 2009 03:09:00 +0000

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

noreply@blogger.com (Chris Zubrycki) — Thu, 17 Dec 2009 21:06:00 +0000

"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

noreply@blogger.com (Chris Zubrycki) — Wed, 16 Dec 2009 20:19:00 +0000

"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

noreply@blogger.com (Chris Zubrycki) — Sun, 13 Dec 2009 20:18:00 +0000

"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

noreply@blogger.com (Chris Zubrycki) — Sun, 13 Dec 2009 20:15:00 +0000

"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)

noreply@blogger.com (Chris Zubrycki) — Sun, 13 Dec 2009 20:04:00 +0000

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

noreply@blogger.com (Chris Zubrycki) — Fri, 11 Dec 2009 18:35:00 +0000

"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

noreply@blogger.com (Chris Zubrycki) — Fri, 11 Dec 2009 16:59:00 +0000

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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)

noreply@blogger.com (Chris Zubrycki) — Mon, 07 Dec 2009 02:19:00 +0000

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

noreply@blogger.com (Chris Zubrycki) — Tue, 01 Dec 2009 17:02:00 +0000

"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

noreply@blogger.com (Chris Zubrycki) — Tue, 01 Dec 2009 16:57:00 +0000

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)

Administration plans new efforts on foreclosures

noreply@blogger.com (Chris Zubrycki) — Mon, 30 Nov 2009 17:46:00 +0000

"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

Number of Active & Sold Listings in the Phoenix-Metro Area (11/29/2009)

noreply@blogger.com (Chris Zubrycki) — Mon, 30 Nov 2009 00:20:00 +0000

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

Underwater mortgages: 1 in 4 in negative equity

noreply@blogger.com (Chris Zubrycki) — Wed, 25 Nov 2009 14:30:00 +0000

"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

Number of Active & Sold Listings in the Phoenix-Metro Area (11/22/2009)

noreply@blogger.com (Chris Zubrycki) — Sun, 22 Nov 2009 22:14:00 +0000

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

Repeal pending on home liability

noreply@blogger.com (Chris Zubrycki) — Wed, 18 Nov 2009 22:33:00 +0000

"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

Home construction at lowest level in 6 months

noreply@blogger.com (Chris Zubrycki) — Wed, 18 Nov 2009 22:28:00 +0000

"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

Number of Active & Sold Listings in the Phoenix-Metro Area (11/15/2009)

noreply@blogger.com (Chris Zubrycki) — Sun, 15 Nov 2009 18:52:00 +0000

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

Investor Daily: 3 signs of the next real estate apocalypse

noreply@blogger.com (Chris Zubrycki) — Wed, 11 Nov 2009 20:55:00 +0000

"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

Avoid foreclosure by renting your own home

noreply@blogger.com (Chris Zubrycki) — Wed, 11 Nov 2009 20:52:00 +0000

"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

Housing market still faces a big glut

noreply@blogger.com (Chris Zubrycki) — Wed, 11 Nov 2009 18:11:00 +0000

"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

Appeals of property valuations soar

noreply@blogger.com (Chris Zubrycki) — Tue, 10 Nov 2009 15:26:00 +0000

"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