Arizona

Maricopa AZ real estate market recovery - a 7 year comparison

03-13-12

Juli Vosmik - Scottsdale/Cave Creek, AZ real estate 480-710-0739

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Mobile: (480) 710-0739

MARICOPA COUNTY REAL ESTATE RECOVERY

For those of us who have lived and worked in Maricopa County real estate longer than 7 years, we all remember the craziness of the 2005 real estate market - most homes were receiving multiple first day offers and values were sky rocketing. Today, I am comparing the first 2.5 months of 2005 to the first 2.5 months of 2012 in our Maricopa County real estate. Notice anything similar in the chart below?

Scottsdale Cave Creek north Phoenix real estate market

In addition to the above numbers taken from ARMLS®, it should be noted that the average DOM (days on market) for 2005 was 84 days while 2012 is only 81 days.

What does this mean to you, the Maricopa County homeowner? It means that now may be a great time to sell your home. The inventory is very low offering limited competition for your home sale. Prices are rising slightly, not at the crazy rates of 2005 but at a sustainable 3.8% on average with some areas seeing even higher increases.

If you're looking to buy a home in Maricopa County, you will need to be prepared to make an offer the first day a home comes on the market. Your offer must have full loan approval or proof of cash for it to be considered over other multiple offers which may come in AND you may need to be prepared to pay more than the list price.

Will prices continue to increase? My crystal ball isn't working today. I do know that our Maricopa County real estate market is low on inventory, the demand is very high, prices are seeing some improvement and the interest rates are still at historic lows.

If you're interested in selling your home in Scottsdale, Cave Creek or north Phoenix, AZ, call me for your free market analysis.

Juli Vosmik

480-710-0739

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Market Snapshot Recess in Flagstaff, AZ

03-13-12

Ann Heitland, Flagstaff Real Estate ~ Associate Broker, CRS, GRI, CDPE

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Office: (928) 714-0001

Mobile: (928) 699-4299

I'm on vacation this week, so no market snapshots. If you'd like to see homes in Flagstaff this week, call Eric Davis or Jessica Garard at my usual phone number: 928-714-0001.

Have a great week!

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Banks to pay $20 billion to help borrowers avoid foreclosure, but what about self accountability? Is this another way to strip the American public of self reliability?

03-13-12

Phil Mahr

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Office: (310) 663-5478

So many people claim to be victims of the hyper-inflated housing market of 2007. Apparently, the average American thought that an average working class family would be able to afford a $900,000 single family 3 bedroom home in Arizona by 2013. Others were just lured by the temptation of buying a new boat or vacation when they didn't have the money for it. Or scarier yet, maybe they just didn't think at all.

After reading an article from the AP about the $25 billion lawsuit settled between the federal government and the banks, I felt relieved that the banks are officially being held accountable for the role they played in creating the foreclosure crisis. But what about the role that the average American consumer played in their own downfall? Without formally placing responsibility on consumers as well, are we reducing the accountability of the average American? Has it become fashionable to admit that Americans are incapable of resisting the will of corporate greed?

Now those who have the means to buy all of these homes at foreclosure auctions are transferring the wealth and power to themselves. It seems we are in the midst of a huge shift of wealth and power in the U.S.

Phil Mahr is a Realtor, real estate investor and foreclosure auction specialist in Arizona and California. He can be reached at (310) 663.5478 with questions or comments.

FORECLOSURE AUCTIONS IN ARIZONA

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OBAMA: FHA Premiums Lowered for Refinancing, Compensation for Military Members..

03-13-12

Shelby DiBiase

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Office: (623) 362-3051

Mobile: (602) 330-1985

Great news was released by President Obama a few days ago in a press conference from the White House. Amongst other things, the President talked about rewarding homeowners, who have been doing the right thing and have acted responsibly, by taking a step further and “cutting by more than half the refinancing fees that families pay for loans ensured by the Federal Housing Administration.” He added that this will save the typical family in that situation an extra $1000 a year on top of the savings that they’d also receive from refinancing.

FHA is reducing its premium to .01 percent, from 1 percent, for streamlined refinancing of loans originated prior to June 1, 2009 and cutting the annual fee in half to .55 percent, from 1.15 percent. The fee cuts begin June 11.

He also talked about helping homeowners who have served our country. Homeowners who were in the military and got wrongfully foreclosed on, he said, will be substantially compensated. For members of the armed forces who have a high interest rate and were wrongfully denied the opportunity to refinance and lower their interest while they were actively serving, the banks will refund them the money with a significant penalty.

Remax Balloon

In this news conference, President Obama urged the congress several times to pass a housing assistance proposal that would apply the administration’s HARP program to all loans. Currently HARP only applies for Fannie Mae and Freddie Mac loans.

This is great news for everybody, as the President said, it’s about time that people who are responsible get rewarded for trying to keep their homes, their “American dreams”, and feel supported by their own government.

Search Thousands of homes: www.dibiaseteam.com

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HARP 2.0 No appraisal needed refinancing

03-13-12

Gallegos Mortgage Team

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Mobile: (602) 692-9933
Secondary: (602) 692-4993

I have a investor that will allow us to Refinance without appraisal.

Home Affordable Refinance Program, More commonly called HARP 2.0, the Home Affordable Refinance Program is meant to give "underwater homeowners" opportunity to refinance. With average, 30-year fixed rate mortgages still hovering near 4.000 percent, there are more than a million homeowners in Arizona and nationwide who stand to benefit from the program overhaul. To qualify for the re-released HARP program, you must meet basic criteria :

Your existing home loan must be guaranteed by Fannie Mae or Freddie Mac
Your home must be a 1- to 4-unit property
Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months.
NO appraisal required

Most notable about the new HARP refinance program, though, is that the government is waiving loan-to-value requirements on a HARP loans. Homeowners' participation in the program are no longer restricted by their home's appraised value. In fact, the new HARP doesn't even require an appraisal, in most instances. With the new HARP program, underwater mortgages can be refinanced without LTV limit or penalty. According to the government's press release, pricing considerations for the new HARP program will be released on or before November 15, 2011; and lenders are expected to be offering the program as of March 15, 2012. If you think you may be eligible, first confirm that eitherFannie Mae or Freddie Mac is backing your loan. Both groups provide a simple, online lookup.

Fannie Mae loan lookup : http://www.fanniemae.com/loanlookup/
Freddie Mac loan lookup : https://ww3.freddiemac.com/corporate/

If your loan cannot be located on either of these two sites, your current mortgage is not backed by Fannie Mae or Freddie Mac, and is not HARP-eligible. The FHFA's official press release contains an FAQ section. In it, you'll find minimum qualification standards, as well as information related to condominiums and to mortgage insurance. The HARP program is meant to help a wide group of homeowners, but each applicant's situation is unique. For specific HARP questions, be sure to talk with a loan officer.

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