From the monthly archives: May 2009
All the zip code real estate charts available via the list of zip codes in the right-hand column have now been updated through April 2009 with the number of home sales, the median home price and the median home price per square foot. Okay, okay, I know the video is too wide but what the [...]
You still gotta have a 3.5% down payment for FHA loans. First time home buyers can use tax credit upfront for closing costs. FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department [...]
Paul McCulley works for PIMCO, a huge international investment management firm. Paul uses the theories of economist Hyman Minsky as a framework for explaining our current housing bust. This is as complete an explanation as I’ve seen of the housing boom and bust. Even better, it rings true, too. The following except is from “The [...]
The record low U.S. housing starts is actually good news. After the record (over) production during the boom, there was ultimately only one way to bring supply back into balance. Since the peak in new home sales was in mid-2005, it’s surprising how long it took builders to get the message. Actually, they never got [...]
If you put an offer on an Arizona home that is located in an Homeowners Association (HOA), we will include with your offer an “H.O.A Condominium/Planned Community Addendum.†Before this addendum came into use a few years ago, some Arizona home buyers were surprised to find out after purchasing their home that they had to [...]
Jay Thompson, The Phoenix Real Estate Guy, discusses the skyrocketing “Listing Success Rate” for homes listed for sale on the local MLS. (An improving Listing Success Rate is favorable for home sellers.) Here is the Listing Success Rate for each major market segment (as of Saturday May 23): Lender Owned Properties – 89.8% Pre-foreclosures (short [...]
Chuck Robb at the Arizona Republic makes fun of the economic worrywarts who are fretting that Phoenix isn’t the capital of the solar industry in the United States. “Apparently, no one has told them that those components are actually produced indoors.” He mentions that the same economic worrywarts used to chase biotech and before that [...]
Seniors with a huge down payment can now buy a home and make no monthly mortgage payments! I was just barely getting my head around regular reverse mortgages when my neighbor Sean Thomas, who is an Arizona reverse mortgage specialist at Well Fargo Home Mortgage, told me that some laws were changed in February and [...]
The Christian Science Monitor discusses the largest down-side risk to metro Phoenix residential home prices, the large overhang of homes in the foreclosure process in Phoenix. The question everyone wants to know is, “What do the banks plan to do with those homes?”. But, despite the short sales, foreclosure sales, and the burgeoning rental inventory, [...]
Absolutely not! It is illegal, in fact, for a loan officer (or home inspector or title company or real estate appraiser) to provide a referral fee or other compensation to a real estate agent. If a lender does a good job for my clients, that’s all the payment I want. Having a good lender makes [...]
(“MLS Listings” are measured at one point in time, usually the 15th day of the current month. “Median Price” of homes sold and the total number of home “MLS Sales” are for the entire preceding month.) Price (green line) The median price in metro Phoenix of single family homes sold via the MLS fell to [...]
It was fun! On Wednesday, I was on Steve Goldstein’s “Here and Now” program on KJZZ 91.5 FM, the NPR station in Phoenix, to discuss the Phoenix real estate market with Dr. Anthony Sanders, Professor of Finance and Real Estate at the W.P. Carey College of Business of Arizona State University. Tony mentioned that he [...]
The Scottsdale Fire Department is collecting shoes to donate to needy people around the world. The Scottsdale Area Association of Realtors wanted to help the Scottsdale Fire Department so the Association is collecting shoes for them as well. Please drop off your “lightly worn“ shoes at the Scottsdale Area Association of Realtors 4221 North Scottsdale [...]
Dr. Jay Butler of Realty Studies at ASU came out with his Phoenix area residential real estate sales and median price numbers for April 2009. Realty Studies is associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus (although they are apparently going to become part of the W.P. Carey [...]
This is looking more and more like the perfect storm (in a good way) for first-time home buyers in Phoenix. Program ends December 1 (not 31) so you really need to have a home under contract by mid-October at the latest. Earlier is much better. The number of homes listed for sale in the first-time [...]
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