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Ryan Acquires Phoenix Land for Future Development
12.3 Acres for $9M, building a 225,000-square-foot office
building for the GSA
2
Arizona cities saluted for defense jobs - Phoenix and Tucson are
among the best cities in the Southwest for defense and aerospace jobs,
according to ClearanceJobs.com, a website that matches U.S. job seekers who
have an active federal security clearance with companies that are hiring.
Industries that require the security clearances are doing fairly well in
Arizona. "The state's defense activity continues to draw new businesses and
job opportunities for those with a clearance," the site says. Metro Phoenix
continues to be a hub for aerospace-, bioscience- and technology-driven
businesses, according to the site. It is now one of the top 10 metro areas
for aerospace and defense manufacturing. Read full article:
http://www.azcentral.com/business/articles/2010/08/19/20100819biz-defensejobs0819.html
CityScape office tower soon will be home to 5 powerhouse firms - Five
Phoenix law firms have moved into the office high-rise in downtown Phoenix's
Cityscape project or have plans to move there. Leaders of the firms say that
they were enticed to move to the downtown complex's tower because they got
competitive leases, new space and a foothold in an up-and-coming
neighborhood. Law firms will fill up about half of the office space in the
600,000-square-foot office building. "Having so many firms occupy the office
tower is important to us because it affirms the prominence and stature of the
building and the project," said Jeff Moloznik of RED Development LLC. Read
full article:
http://www.azcentral.com/business/articles/2010/08/13/20100813biz-cityscape0814.html
Downtown Mesa light-rail extension
clears federal hurdle - The 3.1-mile light-rail extension through
downtown Mesa has cleared a hurdle in its development. The Metro’s request
to begin the next step of the project has been approved allowing design and
engineering work to start. Construction should begin in about two years.
The project will cost about $200 million. Read full article:
http://www.eastvalleytribune.com/local/mesa/article_6cc7798a-a71c-11df-9e21-001cc4c03286.html
Additional
articles that you may find of interest:
Investors sticking with real estate -
Two things historically hold true when it comes to investment dollars floating
around Arizona. In the best of times, investors jump full force on the real
estate bandwagon — most recently financing everything from subdivisions in
far-flung cities and towns to urban condos in downtown Phoenix and Tempe. In
the worst of times, investors also gravitate toward real estate, seduced by
the lure of bargain buys on foreclosed homes and commercial properties as they
bank on population growth to help Arizona’s economy rebound. Read full
article:
http://www.bizjournals.com/phoenix/stories/2010/08/09/story4.html?b=1281326400^3763701&s=industry&i=commercial_real_estate
Senate
Approves Increase in FHA Fees - Last week, the Senate gave the FHA
the go-ahead to raise monthly fees that borrowers pay the agency. The
annual fee is expected to raise from the current rate of 0.55% to 0.9% of
the total loan. The bill gives the FHA the authority to raise the annual
fee as high as 1.55%. The agency plans to lower the loan initiation fee
that was raised from 1.75% to 2.25% earlier this year - perhaps dropping the
up-front fee down to 1% of the total mortgage amount. Read full article:
http://www.realtor.org/RMODaily.nsf/pages/News2010080603
Homes will sell if priced right; foreclosures
have impact, according to USA Today, no matter what Emily
Rennie thinks her house is worth, what matters is what buyers are willing to
pay. That can be a lot less in areas where the supply of houses for sale is
swollen by foreclosures and short sales, often priced 20% to 30% below the
ones being sold by financially healthy owners. Nationally, such properties
account for a third of all sales. Real estate professionals say Rennie is in
good company. Nationally, 30% of the houses for sale were reduced in price in
June, according to Zillow.com, an online real estate site. "It's one of the
hardest things for sellers to do. They have an emotional attachment to their
house," says Amy Bohutinsky, a spokeswoman for Zillow.com. "For sellers to
understand how they should price, they should deeply understand their market
and competition — what's on the market now, not just what's sold."
Arizona No. 2 in new jobs since 2000,
Over the past 10 years Arizona has added more jobs than every state except
one,
according to new figures from the
U.S. Bureau of Labor Statistics.Arizona added 119,100
private-sector jobs from May 2000 to May 2010. Texas has enjoyed the best
decade of any state, adding 661,000 private-sector jobs. But even the two
leaders have been seriously affected by the recession. Arizona gained 336,600
in the first eight years of the decade, followed by a loss of 217,500 from
2008 to 2010, yielding an overall increase of 119,100.
The Senate is preparing to pass FHA Reform ACT of 2010. It has some good
features that will improve mortgage financing; however, it also contains a
very concerning mortgage insurance increase proposal that could have
detrimental effects on the housing market.
Scottsdale lands
on best cities lists in two magazines - Scottsdale is one of the best
cities to call home. Just look at Parenting or Money magazine for
confirmation. Both magazines compiled a list of what they considered the top
cities in the nation, and Scottsdale made an appearance in both. Parenting
magazine, which focused on the family environment, ranked Scottsdale eighth,
while Money magazine, which looked at the top small cities, ranked Scottsdale
at No. 71. Read full article:
http://www.azcentral.com/news/articles/2010/07/13/20100713scottsdale-best-cities-list.html
Craigslist
best practices - There is no need to post your listings more than
once every 48 hours. Top ranking on a page is lost in about 15 minutes
because of the regular influx of listings. "Disclose who
you are and what agency you're in. Cut down the hype level. Just be
straight with people," said Craigslist founder Craig Newmark. Also, "don't
do any keyword spamming. That has to do with throwing in a lot of terms (in
the posting) that don't have to do with your property. People online are
getting smarter and smarter." Read full article:
http://www.inman.com/news/2010/07/13/craigslist-best-practices
House votes to extend home buyer credit 3
months - Yesterday, the House overwhelmingly passed a bill, which
would give homebuyers an extra three months to complete their purchases and
qualify for a generous tax credit. The extended deadline only applies to
people who signed purchase agreements by April 30. The bill now goes to the
Senate, where Senate Majority Leader Harry Reid, D-Nev., has sponsored a
similar measure. More than 2.6 million taxpayers claimed the tax credit
through April, according to the Internal Revenue Service. Read full
article:
http://www.usatoday.com/money/economy/housing/2010-06-29-homebuyer-tax-credit_N.htm
Obama
Administration OKs $1.5bn Hardest-Hit Mortgage Relief Fund Plans -
The Obama Administration signed off on plans to use $1.5 billion in
foreclosure-prevention funding for states hardest-hit by home price declines.
The states may now begin to use the federal funds to facilitate borrower aid
programs. The aid supports local initiatives to aid underwater mortgage
borrowers in Arizona, California, Florida, Michigan and Nevada. Arizona will
receive $125.1m to pursue principal and interest rate reduction and term
extension programs. The funds will also be used to aid the elimination of
second liens where they prevent modification of first liens. Read full
article:
http://www.housingwire.com/2010/06/23/obama-administration-oks-1-5bn-hardest-hit-mortgage-relief-fund-plans
Commercial
Market May Have Hit Bottom - Both sales and values increased in
April for commercial real estate. The Moody’s/REAL Commercial Property
Price Index rose 1.7% from March. Property sales rose 50% in the first
quarter from the same period a year ago to $15.4 billion. Read full
article:
http://www.realtor.org/rmodaily.nsf/pages/News2010062202
Home prices show first annual increase in three
years - New research from Arizona State University shows that
Phoenix-area housing prices in April posted a year-over-year increase for
the first time in three years. The Arizona State University-Repeat Sales
Index measures changes in average Phoenix-area home prices from year to
year. The latest index finally reveals an estimated 1% increase from April
2009 to April 2010. “This report reflects an important milestone in the
recent housing cycle, with preliminary April data showing the first
year-over-year increase in house prices market wide,” said Karl Guntermann,
the Fred E. Taylor Professor of Real Estate, who authored the new report
with Research Associate Adam Nowak. Read full article:
http://www.bizjournals.com/phoenix/stories/2010/05/24/daily57.html?s=industry&i=resi_real_estate
Mortgage rates
again sink to yearly low; 30-year at 4.78% - Mortgage rates have
fallen to the lowest level of the year as European turmoil caused investors
to pour money into the safe haven of U.S. government securities. The
average rate on a 30-year fixed rate mortgage dipped to 4.78% this week from
4.84% a week earlier, according to a survey by Freddie Mac. Concerns over
the European debt crisis have sent yields for 10-year and 30-year Treasury
bonds to their lowest levels of 2010. Rates on 30-year home loans often
rise and fall in line with the 10-year note. Read full article:
Phoenix-area home sales show promising trends - April figures for
existing-home sales in metro Phoenix reveal several promising shifts for those
searching for signs of a housing-market recovery. The overall number of home
sales in the region continued to hover near record levels last month. Beneath
the sales figures were other encouraging numbers: 1) Foreclosures did not
dominate sales of existing homes in the Valley for the first time in more than
a year; 2) The number of investors purchasing homes from lenders dropped; 3)
More buyers purchased homes with the intent of living in them; and 4) More
buyers financed their purchases with long-term mortgages. Read full article:
http://www.azcentral.com/community/ahwatukee/articles/2010/05/22/20100522phoenix-home-sales-trends.html
European Crisis Drives Down Mortgage Rates -
International money is flowing into the U.S. as result of the
financial turmoil in Europe, pushing domestic mortgage rates to the lowest
levels of the year and back near 50-year lows. Falling mortgage rates could
lift the U.S. housing market. The housing industry had been bracing for
months for a period of rising mortgage rates, triggered by the end of the
Federal Reserve's $1.25 trillion mortgage-securities purchase program.
Instead, many in the industry now say rates could drift as low as 4.5% this
summer from 4.86% now, instead of rising to 6% as some economists projected,
making for significantly lower payments for Americans buying homes or
refinancing their mortgages. Read full article:
http://online.wsj.com/article/SB10001424052748704904604575262713807080890.html?mod=WSJ_Real+Estate_LeftTopNews
Report: Valley housing prices continue to rise
- Phoenix-area housing prices continued an upward trend for 2010
with prices increasing almost 5.5% from $136,500 in January to $144,000 in
April. “Several factors contributed to this increase, including the normal
seasonal price hike that happens every spring and also less discounted
prices being offered on foreclosed properties for resale,” said associate
professor Jay Butler from the W. P. Carey School of Business at ASU. “On
the positive side, the recent improvement in home prices does provide
evidence of short-term appreciation, and it has also further enhanced the
interest of investors in the local housing market.” Read full article:
http://www.eastvalleytribune.com/story/153493
Mortgage Rates
at Lowest Level of the Year - The 30-year fixed-rate mortgage
averaged 4.93% with an average 0.7 point for the week ending May 13, 2010,
according to Freddie Mac's Primary Mortgage Market Survey. Last week, it
averaged 5.00%, and a year ago it averaged 4.81%. "Interest rates on
fixed-rate mortgage declined for the 5th straight week," said Frank Nothaft,
Freddie Mac vice president and chief economist. "The National Association
of Realtors® reported that median house prices are recovering in more local
areas in the latest quarter. On a year-over-year basis for the 152 areas
the association reports on, 91 metropolitan areas had positive growth in the
first quarter of this year." Read full article:
http://realtytimes.com/rtpages/20100514_rates.htm
Big Push on
Capitol Hill for Real Estate Reforms - REALTORS® are asking
Congress to strengthen the Federal Housing Administration, extend the
FHA's high-cost loan limits, and get flood and disaster insurance reforms
passed as part of their push on Capitol Hill this week during NAR 2010
Midyear Legislative Meetings & Trade Expo. Read this article for a look
at some of REALTORS®' top legislative priorities:
http://www.realtor.org/RMODaily.nsf/pages/News2010051201
How new short sale rules can help you
-
-
New rules intended to make the short sale process
faster and easier.
-
Lender is required to give response within 10 days
of receiving RASS document.
-
Once buyer closes, seller is eligible for
"relocation incentive" of $3,000.
If you need to sell your home for less than the
mortgage, new rules
governing
short sales are designed
to make the process faster and easier.
Read full article:
http://ralphandtricia.com/new_short_sale_rules.htm
In foreclosure crisis, demand for family homes in Phoenix rises
- People looking for family-size houses to rent in Phoenix-area neighborhoods
have far fewer choices.
Since September, the number of available rental
homes in metropolitan Phoenix has dropped by 40 percent, and probably even more
than that when it comes to three- to four-bedroom homes in desirable
neighborhoods.
Read full article:
http://ralphandtricia.com/rentaldemand.htm
Houses selling ‘like hotcakes’ in
Paradise Valley - Paradise Valley luxury homes are trading at a rapid
clip, and one agent who specializes in the affluent neighborhood says she has
more buyers than properties. The vast majority of recent sales in Paradise
Valley have involved out-of-state and out-of-country buyers, according to
several area agents. “The PV buyers are from the Midwest, in their late 40s
and early 50s, and they’re planning for retirement,” said veteran broker Walt
Danley. “They can afford to buy these homes for the (enjoyment of their)
grandchildren.” Although Midwest buyers predominate with Danley, agent Chris
Karas has worked with buyers from all over the world: London, Germany, South
Africa, Dubai, Abu Dhabi and Qatar. They are a combination of old and new
money, he said. Many are retirement age, but several have been in their late
20s and early 30s. Read full article:
http://www.bizjournals.com/phoenix/stories/2010/05/03/story6.html?b=1272859200^3276481&s=industry&i=resi_real_estate
Real Estate
Outlook: The Federal Reserve - What should we make of the latest
reports on rising home sales and the Federal Reserve's promise to keep
interest rates low indefinitely? In its "open markets committee" statement
issued last week, the Fed pointed to the underlying positives: Overall
national "economic activity continues to strengthen," it said, and "the
labor market is beginning to improve." The Commerce Department reported
last week that new home sales in March were up by 27% -- hitting their
highest levels since July of 2009. Even the median sale price was up by
4.3% compared with the same month the year before. Read full article:
http://realtytimes.com/rtpages/20100503_realestateoutlook.htm
Housing permits spike in Gilbert, Queen Creek -
Gilbert and Queen Creek saw big upward spikes in the number of
single-family housing permits issued in the first two months of 2010, in large
part due to tax credits that end today. Gilbert's 260 permits during the
first two months of the year were up dramatically over 81 during the same
period last year. Queen Creek saw a less dramatic year-over-year jump: from 9
to 37. "I think that it's been obvious for some time that the Southeast
Valley in general has been leading the housing recovery in the region," said
Arizona housing analyst RL Brown. "The resale market, of course, has been the
beneficiary of not just the stimulus but the really significantly low prices
available in short-sale and foreclosed houses, so the resale market
statistically has shown strong recovery - exceptionally strong recovery,"
Brown said. Read full article:
http://www.azcentral.com/business/realestate/articles/2010/04/29/20100429gilbert-housing.html
Households
Unfazed by Expiring Tax Credits - The expiration of the home buyer
tax credits won’t deter optimistic households who believe the market is
improving, according to a survey by Prudential Real Estate and Relocation
Services. More than 90% of those surveyed believe the home buyer tax
credits have helped both first-time buyers and the overall housing market,
but 65% say that end of tax credits won’t reduce their personal interest in
buying a home. Read full article:
http://www.realtor.org/rmodaily.nsf/pages/News2010042901
Reports: Phoenix
housing values improve - Two reports released Tuesday, one local and
one national, appear to confirm that housing values are improving in the
Phoenix market. ASU’s Repeat Sales Index shows that although prices are lower
than one year ago, the declines are not as severe as they have been. “The
March figures also show the first monthly increase in the median price of
non-foreclosure homes since the end of 2007,” said ASU Professor Karl
Guntermann, who is the Fred E. Taylor Professor of Real Estate. “This may
signal the start of price stability throughout much of the housing market.”
The S&P/Case Shiller Home Price Indices also indicate that housing value
declines are beginning to slow in Phoenix with a one-year composite decline
hovering at 1.6%. That was one of the smallest declines among 20 metropolitan
areas surveyed.
http://www.bizjournals.com/phoenix/stories/2010/04/26/daily22.html?s=industry&i=resi_real_estate
Real Estate Outlook: Signs of Recovery -
Sales of existing single family homes jumped by 7.3% in March,
according to the National Association of Realtors survey released last
Thursday, and were 13% above year-earlier levels. Median single family
prices were up by 9% year over year in the Northeast region, and by about 7%
in the South, Midwest and the West. Meanwhile, unsold inventory dropped by
two percent in March, and is now 22 percent below its peak in July 2008.
March single family housing starts rose by 1.6% to their highest level since
November of 2008. Bottom line this week: Think positive. Because that's
where we're headed in real estate and the economy overall. Read full
article:
http://realtytimes.com/rtpages/20100428_realestateoutlook.htm
New-home sales
jump 27%, biggest gain in 47 years - Sales of new homes surged 27%
nationwide last month, bouncing off the previous month's record low and
blowing past expectations as better weather and government incentives boosted
sales. The Commerce Department said Friday that new-home sales rose in March
to a seasonally adjusted annual sales pace of 411,000. It was the strongest
month since last July and the biggest monthly increase in 47 years. Read full
article:
http://www.usatoday.com/money/economy/housing/2010-04-23-new-home-sales_N.htm
Mortgage rates unchanged from last week -
Rates on 30-year mortgages didn't budge from last week, Freddie Mac
said Thursday. The 30-year fixed-rate mortgage averaged 5.07% - the same as
last week, according to Freddie Mac's Primary Mortgage Market Survey. A
year ago, 30-year fixed-rate mortgage averaged 4.80%. Read full article:
http://www.usatoday.com/money/economy/housing/2010-04-22-mortgage-rates_N.htm
Land Prices Jump as Home Builders Move In -
Recently, there was a bidding war over some land in Gilbert. In
Arizona and across the U.S., home builders are battling to acquire land lots
in preparation for ramping up home construction. While volume is tough to
track, analysts report that land deals have been rising rapidly in recent
months, causing land prices in some of the nation's weakest housing markets to
rise for the first time since 2006. "There's been an absolute land rush,"
said Gregor Watson, a partner with McKinley Partners, a California-based
real-estate fund that works with builders. Now the companies are spending
millions of dollars to boost their land supply, optimistic that sales will
pick up once the employment picture improves.
http://online.wsj.com/article/SB10001424052748703763904575196291509876752.html?mod=WSJ_Real+Estate_LeftTopNews
Scottsdale makes
RelocateAmerica's top 100 cities - While Arizona missed out on the
top 10, the state did make a mark on RelocateAmerica’s Top 100 Places to Live
in 2010. Flagstaff, Green Valley, Prescott and Scottsdale made the list of
cities nominated by RelocateAmerica.com users and selected by the website’s
editorial team. "The Scottsdale housing market offers enormous variety, so
buyers have unlimited choices regarding where and how they want to live,” the
website says, citing lifestyles from urban to family friendly and horse
properties.
http://www.bizjournals.com/phoenix/stories/2010/04/19/daily18.html
Economist: Recession over in Ariz. -
University of Arizona economist Marshall Vest says the recession officially
ended in Arizona several months ago, although it will be months before a
recovery is evident. Vest contends the national recession ended in May or
June and the recession in Arizona ended about six months later. He bases that
on an analysis of retail, employment, housing and income numbers as well as
anecdotal information. "With the data we have currently, it looks like
consumers are spending again," Vest said. "I think the economy is off and
running."
http://www.azcentral.com/business/articles/2010/04/19/20100419recession-over-arizona.html
New Lead Paint
Rules for Contractors - Beginning on Earth Day, April 22, contractors
working on homes built before 1978 must prove that they are following the
EPA’s new rules regarding containment and cleanup of lead paint – or face
fines of up to $37,500 a day. Painters and renovation contractors must be
trained and certified in EPA-approved lead-paint management methods.
http://www.realtor.org/rmodaily.nsf/pages/News2010041904
Proposal to
slash business property taxes on the table - Large commercial
property tax breaks are included in a tax-cut plan under consideration at the
Arizona Legislature. Business property taxes, which currently are as high as
20%, could be cut to 1% for 10 years for developers, property owners or
businesses making building renovations or doing new construction of $250
million or more. These entities also must hire at least 150 new workers for
their projects and qualify under Arizona Department of Commerce rules aimed at
attracting and retaining high-wage jobs with benefits. Capital investments
and developments of $1 million to $250 million that create at least 15 jobs
could result in a 5% property tax rate, down from 20%.
http://www.bizjournals.com/phoenix/stories/2010/04/19/story2.html?b=1271649600^3199621&s=industry&i=commercial_real_estate
Real Estate
Outlook: Faster Recovery? - It's been a long time since we've seen
the Wall Street Journal run a front-page article suggesting that the national
economy appears to be rebounding faster than most analysts forecast. But that
happened last week. And over the past couple of years, we haven't seen retail
sales -- a key barometer of consumer confidence -- jump by almost two% in a
single month. But we saw that last week as well. Housing activity is also up
in 11 of the 12 bank districts. Freddie Mac's economists expect to see total
home sales this year at least 10% higher than last year, even with the
possibility of higher mortgage interest rates.
http://realtytimes.com/rtpages/20100419_realestateoutlook.htm
UA forecast calls for rebound in Valley
housing market this year - The Valley's new-home market is on its way
to recovery, according to a University of Arizona forecast. The UA Economic
and Business Research Center report predicts that new-home permits in metro
Phoenix this year will jump 54% from last year to 13,320. Then, permits will
more than double to 28,060 next year. The university's forecast predicts that
new-home permits will fluctuate from 35,000 to 40,000 annually from 2012-16.
The metro area is expected to grow from 4.2 million this year to more than 5
million in 2015. Longer term, Arizona is expected to grow to 16 million by
2050.
http://www.azcentral.com/business/realestate/articles/2010/04/15/20100415phoenix-area-new-home-recovery.html
Mortgage Rates Ease a Bit This Week
- The 30-year fixed-rate mortgage averaged 5.07% with an average
0.6 point for the week ending April 15, 2010, according to Freddie Mac's
Primary Mortgage Market Survey. Last week, it averaged 5.21%, and a year
ago it averaged 4.82%. "After rising for four consecutive weeks, mortgage
rates eased back to where they were two weeks ago and still remain
historically low," said Frank Nothaft, Freddie Mac vice president and chief
economist.
http://realtytimes.com/rtpages/20100416_rates.htm
Uptick in home building encourages
Chandler officials - The pace of Chandler home building is picking
up, and that's giving officials hope that the city is on its way out of the
recession. City Manager Mark Pentz recently compiled a list of current and
past single-family building permit numbers from Chandler and other Valley
municipalities at the request of Councilman Jeff Weninger. It shows
Chandler's 122 home-building permits so far this year is a big increase over
10 permits for that same period in 2009. And in February, Chandler issued 59
home permits compared with one for that month last year. "We have seen an
uptick but it is relatively localized in three or four existing subdivisions
that were stalled out and are now seeing more brisk sales," said Planning
Director Jeff Kurtz.
http://www.azcentral.com/business/realestate/articles/2010/04/13/20100413chandler-home-building.html
More homeowners keep up with their
mortgage - The share of homeowners behind on their mortgages fell in
the first quarter, the first drop in four years and a possible sign that the
foreclosure crisis has peaked. The portion of mortgages that were delinquent
30 days or more fell to 6.57% in the first quarter from 6.60% in the last
three months of 2009, according to Equifax and Moody's Economy.com. That's a
drop of about 16,630 delinquent loans and, though modest, it is the first
decline in the delinquency rate since early 2006.
http://www.usatoday.com/money/economy/housing/2010-04-14-1Amortgages14_ST_N.htm
Builder buys 88 Gilbert lots for $5.7M -
PulteGroup Inc. recently purchased 88 finished lots in Gilbert at the Lyon’s
Gate master-planned community located near Higley and Ray roads. The firm
purchased the land from an undisclosed group of investors who had bought the
land from Orleans Homes in December 2007. Pulte will build homes ranging in
size from 2,400 to 3,500 square feet. In October Pulte, along with Meritage
Homes and Toll Brothers, collectively purchased 232 finished lots at Stratland
Estates in Gilbert for $13.3 million.
http://www.bizjournals.com/phoenix/stories/2010/04/12/daily17.html?s=industry&i=resi_real_estate
Mortgage Rates
Dip - Private Buyers Fill Government Void - Last Wednesday
afternoon, just as results of the weekly Freddie Mac survey were finalized,
mortgage rates dipped. The decline in long term mortgage rates was an
effect of rising MBS prices. Mortgage rates move opposite mortgage-backed
securities prices. Surprisingly, so far private buyers have successfully
filled the void left in mortgage-backed securities markets since the
government discontinued their MBS purchasing program on Mar. 31st.
http://realtytimes.com/rtpages/20100413_rates.htm
Check the Real Estate: It's Time to Delve In -
The author of this article writes...Last summer I wrote that it was time to
buy residential real estate if you were in the market and looking for a
bargain. I never expect to call a market bottom, and certainly not for
long-cycle assets like houses, but I seem to have come pretty close. The
latest S&P/Case-Shiller survey results, released last week, suggest housing
prices bottomed out around April 2009, when its 20-city composite index was
down 32.6% from its peak reached in June/July 2006. Since then it has gained
3% through January 2010. Read more:
http://online.wsj.com/article/SB10001424052702304172404575167971729724454.html?mod=WSJ_Real+Estate_LeftTopNews
E.V. cities
named best places to learn
Phoenix homes now undervalued by 22% -
As of year-end, home prices in Phoenix were undervalued by more than
22%, according to the data released Friday by IHS Global Insight. Prices in
the Phoenix area fell 39.5% from 2005 to 2009. The report put 2005 prices in
the Phoenix area at $242,100 — being overvalued by 38.9%. That compares with
$146,500 at the end of 2009, with an undervaluation of 22.3%.
http://www.bizjournals.com/phoenix/stories/2010/03/15/daily62.html?s=industry&i=resi_real_estate
Short-Sale Incentives Start April 5th -
Starting April 5th, the federal government will begin offering
lenders financial incentives to hasten the process. Under the new rules,
banks will seek a BPO before the property is listed for sale and let the
sellers know a minimum number they are willing to accept. If the sellers
bring a buyer with a good offer, the lender must accept it within 10 days.
http://www.realtor.org/RMODaily.nsf/pages/News2010032202
Tighter
Requirements for FHA Loans Loom - It's about to get tougher to
qualify for a FHA mortgage. The FHA is adding more-stringent lending
requirements and higher fees borrowers must pay to get the federally-insured
loans. Beginning this spring, the FHA will raise mortgage insurance fees that
borrowers must pay, cap the amount of cash that sellers can contribute for
closing costs and require higher down payments for the borrowers with poor
credit scores. The new upfront mortgage premium will cost borrowers 2.25% of
the loan amount. New borrowers must have a minimum FICO credit score of 580
to qualify for FHA's 3.5% down payment loan, otherwise the borrower must put
10% down.
http://realtytimes.com/rtpages/20100311_loans.htm
Feds offer help Thursday to
homeowners facing foreclosure - Housing
counselors and representatives from lenders will be available to help
homeowners facing foreclosure at an event in Glendale on Thursday. The
federal government's Making Home Affordable program is sponsoring the
event at the Glendale Civic Center. It runs from 1 p.m. to 7 p.m.
http://www.yourwestvalley.com/news/help-13815-ariz-homeowners.html
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