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Gary and Claudia Scott - Scottsdale, AZ Real Estate

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What about the mortgage meltdown??

01-13-09
Gary and Claudia Scott - Scottsdale, AZ Real Estate
The reality of the mortgage ‘meltdown’ has affected almost everyone. Even if you didn’t refinance or obtain a new mortgage during the 2004-2005 mortgage frenzy, the resulting foreclosures for those who did get into risky mortgages is indirectly causing the value of your home to be reduced in many areas.
 
Realtor Karen Highland from Frederick, MD recently wrote an very enlightening and interesting article about the Realtor’s perspective of the meltdown The Mortgage Meltdown: A Realtor's Perspective. Karen pointed out that the main culprit was the subprime mortgage in addition to the political climate. She also Identified the accomplices that include The Real Estate Boom and Bust, Securitization, Credit Rating Agencies, Fannie Mae and Freddie Mac, and The Community Reinvestment Act. Karen did a lot of research to write her article and it would be worth your time to review Karen’s article for the details.
 
So, where do we go from here?? Well, obviously the lenders have again tightened their lending standards, the political environment is shifting as the new administration soon will take over, FHA loans are gaining popularity (they are a great resource for first time homebuyers), Fannie Mae launched a pre-approval pilot, which began on December 19, 2008 with the intention to speed up the short sale process and the FBI is investigating several of the mortgage related crimes. It remains to be seen how the ‘bail out’ will stimulate the mortgage and real estate market. The good news is that the historically low interest rates and reduced home prices are stimulating the previously stagnate real estate market. Home foreclosures and short sales account for many of the current sales activity.

Hopefully, we are all ‘smarter’ from this painful experience and will learn from our mistakes. 


Scottsdale and Phoenix map     Search the Scottsdale and Phoenix MLS     What is my home worth?

Gary and Claudia Scott
Real Estate Agents

toll free 466-464-2140
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My adventure on the new Phoenix Light Rail

01-08-09
Gary and Claudia Scott - Scottsdale, AZ Real Estate
There certainly has been a lot of excitement lately about the new Phoenix light rail system which officially opened for passenger service in December 2008.
The Phoenix Light Rail is now Operational
After all the hype and having to deal with traveling on several road being torn up as they built the system over the past several months, I myself was anxious to give it a try! Unfortunately at this time, the rail does not come to Scottsdale but I had to make a trip to Tempe, so I decided to test it out and take advantage of the 'no fare' ride being offered. Since each station is designed to fit up to three rail cars at a time, my wait was minimal. I boarded the trail at the Tempe Mill & Third Street station and rode in to Mesa and back.
Having been on the light rail in Denver, I found the Phoenix system to be very similar. I was amazed at how smooth and quiet (except for the noisy excited kids J) the ride was. The trains are very sleek and modern with comfortable interiors. They have integrated several user friendly features to accommodate almost everyone. Each car has capacity for 4 wheel chairs, and there are no stairs to climb to board the trail as the door entries at the same height as the vehicle platform. It was a great experience.

The Phoenix Light Rail is now Operational

Phoenix light rail is running

I must admit it would be convenient to catch the train and not have to fight the traffic to get to work or an event! It remains to be seen how many people will take advantage of the light rail. I suspect that it will quickly become very popular. The price of $1.25 for a one way fare or $2.50 for the day is extremely reasonable. They also offer 3 and 7 day passes or monthly passes at reduced prices. It sure beats the hassle of driving!


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Phoenix area MLS REO Stats for 2008

01-07-09
Gary and Claudia Scott - Scottsdale, AZ Real Estate

The greater Phoenix metro area has had it’s share of Real Estate Owned (REO) properties in 2008. These bank owned properties as selling rapidly as realtors, lenders and title companies are now have been educated and are understanding in this new selling option. This is a market of opportunity!

At the January 6th John Hall & Associates 2009 Real Estate kickoff meeting. our broker, Jim Sexton, shared some of the 2008 REO property statistics. Arizona real estate attorneys, Rick Mack. shared information on the mechanics of trustees sales, the 2007 Debt Relief Act, and deficiency judgments. We are ready for 2009!
According to the Phoenix MLS, in 2008 there was a total of 60,205 properties sold. Of this total, 20,535 (34%) were REO sales and 1,157 were short sales. An average of 46% of the sales for the forth quarter of 2008 were REO. In December 2008 there was a totol of 5,611 properties sold and 2,931 (52%) were REO properties. Currently 3,356 (59%) of the listing pending sale are Real Estate Owned (REO) properties. These properties can be good deals for buyers as banks want to get them sold.

AZ MLS 2008 REO Home Sales Stats

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AZ MLS quarter 4 2008REO Home Sales Stats

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AZ MLS current Jan 2009 and Dec 2008 Pending Sales
The overall MLS property sales statistics for 2008 wereencouraging as the number of properties sold since June 2008 has increased steadily to date.
Review the Scottsdale/Phoenix MLS Properties currently for sale
480-948-0550
Toll free 866-464-2140

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So, what happened to Phoenix Real Estate in 2008?

01-07-09
Gary and Claudia Scott - Scottsdale, AZ Real Estate

Gary and I attended our John Hall & Associates 2009 Kickoff meeting here in Phoenix today. Our broker Jim Sexton presented some interesting 2008 Real Estate Statistics.

Don’t believe all the doom and gloom printed by the media. The greater Phoenix metro area has, like all real estate markets across the country, has had a larger than normal inventory, foreclosures & short sale properties and a reduction in equity but it is location, location, location. Phoenix remains a desired destination and has a bright future. The MLS stats are showing a slow by steady increase in the number of properties sold.

After a dismal 32 months of sales decline beginning in Quarter 4 of 2005, the last 7 months (since June 2008) has seen a steady increase in the number of properties sold. In February to July of 2008, monthly sales volume increased compared to the previous month. The last time we had that many monthly increases was 2003. The MLS statistics show that 60,205 properties sold in 2008 which is an increase from the 54,823 properties that sold in 2007. Another interesting observation presented is that from 2005 to 2007 the number of home sales in the second half of the year was lower than the first half of the year. However in 2008, 26,936 properties sold in the first 6 months while the number of properties that sold in the second half of the year increased to 33,269 properties. The market has not fully recovered but the future looks bright as the number of sales continue to increase and both buyers and sellers are becoming optimistic again.

Phoenix Home Sales per month 2008

AZ MLS home sales per quarter 2005-2008


Now is a great time to buy and sell Arziona Real Estate!

Research the Local MLS for Properties

Gary and Claudia Scott

AZ-real-estate-sales.com

480-948-0550

toll free 866-464-2140

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January in the Desert!

12-19-08
Gary and Claudia Scott - Scottsdale, AZ Real Estate
The January average temperature is 65.9 degrees with an average rainfall of 0.67 inches, making the Valley of the Sun a desirable place for locals and winter visitors alike. The mild temperatures and sunny days lend themselves to a multitude of outdoor activities and adventures. There is something for everyone.
Discover the Sonoran Desert. Don’t Miss Out on these January events in the Valley of the Sun, Arizona. Here are some of the scheduled January 2009 events:
January 5
The Annual Fiesta Bowl (this year’s match up is Ohio St. vs. Texas).
University of Phoenix stadium in Glendale.
January 13-20
The Barrett-Jackson Collector Car Auction - featuring 1,000+ collector and special-interest automobiles.
Westworld in Scottsdale
January 16-20
The Russo and Steele Collector Automobile Auction—featuring American muscle cars, European sports cars, hot rods and customs..
Scottsdale Road south of the 101 freeway loop
January 18
The P.F. Chang’s “Rock n’ Roll” marathon and half marathon – with local and national bands performing along the race route.
Event route begins at Wesley Bolin Memorial Plaza in downtown Phoenix eventually ending in Tempe
Jan 25—Jan 31
The Arizona Sun Circuit Quarter Horse Show – featuring 1,500 of the countries best quarter-houses.
Westworld in Scottsdale
Jan 28 – Feb 3
The FBR Open – this event is one of the most attended golf tournaments on the PGA Tour..
TPC Princess in Scottsdale
Januray Events in Scottsdale

Of course, there are always plenty of unscheduled events to participate in as well. Hiking, jeep tours, hot air balloon flights, horse back riding, tennis and, of course, world renowned golf offer the sports enthusiast plenty of opportunities to enjoy the Arizona sunshine.
For those who prefer a more relaxed from of entertainment, there are more than 25 resorts and day spas offering pampering sure to please, from upscale boutiques to larger high end malls Scottsdale is a shopping excursion mecca, there are restaurants, art galleries, museums and plenty of entertainment venues to select from as well.
If you are considering relocation to Scottsdale or simply want a ‘winter home’ to escape to, feel free to contact us for all of your Arizona real estate needs.
Gary Scott, Realtor, GRI – Claudia Scott, Realtor, GRI, e-Pro
Search the Scottsdale MLS
Toll free 866-464-2140
AZ-Real-Estate-Sales.com
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