Tish Tischer

Jill Bright Sales Representative jill.bright@ctt.com Cell: 602.525.0790 Fax: 480.538.1960 CHICAGO TITLE INSURANCE CO. 21000 N. Pima Rd. #150 Scottsdale, AZ 85255

You will find many helpful resources and interactive features at: www.chicagotitlearizona.com/bright

Volume 15, Number 43 Economic Highlights for the Week Ending November 13, 2009 MONDAY, November 9th The Federal Reserve's senior loan officer survey, which provides information on credit availability and demand at the nation's largest banks, showed still tight credit standards at most institutions; however tightening was not becoming worse. Tight credit standards continued to apply to businesses and consumers alike. Because of this, demand for loans continues to fall off but at a slower rate in the current quarter. Demand for prime, residential mortgages increased as demand for non-traditional mortgages declined. TUESDAY, November 10th The National Association of Realtors reported that the median price for an existing home was up 6.4% in the third quarter from the previous quarter but that prices remained 11.2% lower on a year ago basis. This was the first quarterly gain since early 2007 indicating some stabilization in pricing is occurring. Sales volumes have also improved. Sales price gains could be short-lived though depending on the number of distressed homes that hit the market in coming months. WEDNESDAY, November 11th VETERANS DAY Equity and Futures Markets Open THURSDAY, November 12th The MBA mortgage applications index increased 3.2% to 627.5% for the week ending November 6. The purchase index tumbled 11.7% last week and remains 22.3% lower than its year ago level. The refinancing index gained 11.3% on the week and is up 140.2% over last year. Low mortgage interest rates continue to provide refinancing opportunities for homeowners wanting to move into more stable, lower cost and long term home financing terms. Jobless claims fell 14k to 502k for the week ending November 7. Claims have moved into a new lower range however, at just over 500k, initial claims are still elevated indicating a very weak pace of hiring. Improvement is happening in labor market conditions but very slowly. Long term mortgage rates fell to their lowest level in 5 weeks this week amid strong demand for Treasuries that raised prices and lowered yields in the bond market. The 30-year fixed rate mortgage averaged 4.91% this week down from 4.98% last week according to Freddie Mac's mortgage market survey. The government ran a $176.4 billion deficit in October compared to a $155.5 billion budget shortfall in October one year ago. Last month's shortfall was the biggest on record for any October. Rapidly rising outlays due to various stimulus programs and significantly lowered revenues as a result of a weakened economy have the Treasury budget on track for another monster deficit for FY2010. FRIDAY, November 13th The international trade deficit widened to $36.5 billion in September from a trade gap of $30.8 billion in August. Both imports and exports rose during the month but imports rose almost twice as fast and account for the larger share of trade activity. Higher oil prices and volumes in September pumped up overall import figures. Trade volumes were up across the board as well, suggesting both domestic and global economies are starting to recover. Import prices increased 0.7% in October less than an expected gain of 1.0%. Higher petroleum prices have pushed overall import prices up in recent months. Over the past year, import prices have fallen 5.7% but in the last six months they are up 13.3%. Petroleum prices were down 12.2% on the year but have surged 87.0% over the past six months. Consumer sentiment fell to 66.0 in early November from a reading of 70.6 in October. Sentiment levels remain mired in recessionary territory as consumers wait for relief from job losses, unemployment, higher energy prices and tight credit conditions. Struggling consumers are likely to continue their spending pullback which will impact the economically important holiday shopping season this year. Stock Market Close for the Week Index Latest A Week Ago Change DJIA 10270.47 10023.42 +247.05 or +2.46% NASDAQ 2167.88 2112.44 +55.44 or +2.62% WEEK IN ADVANCE Hopes are that a full economic calendar in the coming week will continue to support the view that the recovery remains on track going into the fourth quarter. Inflation reports, retail sales, housing starts and regional manufacturing surveys highlight. Key Interest Rates Latest 6 Mos Ago 1 Yr Ago Prime Rate 3.25 3.25 4.00 Fed Discount 0.50 0.50 1.25 Fed Funds 0.10 0.17 0.28 11th District COF 1.272 1.627 2.679 10-Year Note 3.42 3.14 3.78 30-Year Treasury Bond 4.36 4.12 4.24 30-Yr Fixed (FHLMC) 4.91 4.86 6.14 15-Yr Fixed (FHLMC) 4.36 4.52 5.81 1-Yr Adj (FHLMC) 4.46 4.71 5.33 6-Mo Libor (FNMA) 0.56438 1.56500 3.12125 Sources: IBC' s Money Fund Report; Bank Rate Monitor; Federal Home Loan Bank of San Francisco Upward pressure on interest rates Downward pressure on interest rates No pressure to change interest rates News worthy

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Maggie Clark Equity Title Agency, Inc 602-769-5565 http://www.eta-az.com Dear Agents, SO – here are the graphs! I have added a new feature to graphs with multiple cities: In the footer, I added a Breakdown By City – so you can see exactly where the numbers are. As far as the numbers go: There hasn’t been a lot of movement, but the little movement that we did see was all in the wrong direction – except in the SW Valley where their numbers are rocking! They had 64% of their inventory go Pending – that is insane!! And they are closing sales out there, too: 39% closed! WOW. Unfortunately, the numbers aren’t that good in areas like PV…. Currently the Valley’s months of supply is sitting at 4.5 months. 94% of the sales are still coming from properties under $400,000. By graph Scottsdale 8.8, Cave Creek 6.6, AJ and Queen Creek 4.4, Ahwatukee 5.0, East Valley 3.7, Fountain Hills 12.3, South West Valley 2.5, Northwest Valley 3.8, Peoria and Glendale 3.0, Paradise Valley 24.1. Have a wonderful weekend, don’t work too hard, (No please do!!! This way you can bring me escrows!!!) Happy Labor Day. Equity Title Agency, Scottsdale Branch will be closed on Monday, but open bright and early on Tuesday the 8th to open your escrows!!!! Maggie Clark Business Development Manager Mobile: 602-769-5565 E-Mail: maggiec@eta-az.com McCormick Ranch Office 7975 N. Hayden Rd., Ste. C280 Scottsdale, AZ 85258 Business: 480-607-0200 Fax: 480-607-3370

THE EPISCOPAL PARISH OF SAINT BARNABAS ON THE DESERT

SIXTH SUNDAY OF EASTER

May 17, 2009

Enjoy! Enjoy!

You have now heard everything I have to say this morning. But there is so much more to say because this is at the very heart of my Biblical faith and what I believe it means to be a Christian...

Author Harry Golden grew up on the Lower East Side of New York City in the early part of the last century. In one of his essays he speaks of his Mother’s faith in God. His Father was an intellectual who spent a lot of his time discussing God. Golden writes: “My mother, of course thought all those discussions were nonsense. She cooked and sewed and cleaned for the family and the neighbors. Even if a dish turned out well she would not take credit. The credit went to God. My mother talked with God all the time, actual conversations.”

Out of this faith came one of the few English words she knew—Enjoy! Golden writes, “When my Mother served our meals and placed before us a dish that may have turned out particularly well, she would always say, ‘Enjoy, enjoy’. The word covered hundreds of other situations. When the school had an outing and we all went off with our teachers, the last thing we heard going out the door was, ‘Enjoy, enjoy’.”

For nearly fifty years, Harry Golden’s mother’s faith and admonition have given illustration to a basic tenet of my Biblical faith—Enjoy!

One sentence in the Gospel this morning is one of a dozen passages of Scripture that provide the framework of my faith.

In the midst of a long conversation with his disciples, Jesus put it this way: “I have said these things to you so that my joy may be in you, and that your joy may be complete.” (John 15:11)

Out of her deep faith, Mrs. Golden put it this way: Enjoy! Enjoy!

I put it this way: God wants us to enjoy this life—and the next. In Jesus he has given us the way. Walk the path with me for a few moments.

Jesus said, “I have said these things…” What things?

Be at one with God. “I am the vine, you are the branches. Those who abide in me and I in them bear much fruit, because apart from me you can do nothing.” (John 15:5)

Be at one with yourself and your neighbor. “This is my commandment, that you love one another as I have loved you.” (John 15:12)

It all comes together in Matthew’s gospel at a time the enemies of Jesus are trying to trap him into saying something for which he could be arrested. One asked, “…which commandment in the law is the greatest?’” and he replied, “You shall love the Lord your God with all your heart, and with all your soul, and with all your mind. This is the greatest and first commandment. And the second is like unto it: You shall love your neighbor as yourself.” (Matthew 23:36-39)

Be at one with God. Be at one with yourself and your neighbor. But there is yet one more thing he said that is of critical importance. As you read a little beyond our lesson today Jesus reminds his disciples that “If the world hates you, be aware that it hated me before it hated you. If you belonged to the world, the world would love you as its own.” (John 15:18-19) Don’t abandon the world. Just don’t be owned by it.

If we are at one with God and at one with ourselves and our neighbors, it is not possible for the world to own us. Conversely, it the world owns us it is not possible to be at one with God and at one with ourselves and our neighbors. We cannot enjoy the world if the world owns us. It is that simple.

Jesus said, “I have said these things to you so that my joy may be in you, and that your joy may be complete.” What is the joy that these things bring?

First let me say, the joy promised is not the mad dash for happiness we see in the proliferation of books on the subject nor the ever expanding market for better living through chemistry nor the preachers promising financial success.

I have followed the current financial crisis economically and sociologically. From a theological point of view, I am convinced that at the bottom of it all is the thought that we have a right to happiness.

In a recent column, David Brooks comments on a study of 268 prominent young men who entered Harvard College in the late 1930’s. These were young men who had everything the world had to offer and yet over the years many of them made a mess of their lives. Brooks writes: “There is a complexity to human affairs before which science and analysis simply stands mute.” I believe that it is in that complexity we find the promised joy.

Of course, the promised joy is happiness, but it is also sadness. It is deeper than both. It is a mystery that keeps opening to us as we walk life’s way. And it is a gift. It was demonstrated on the cross and made real in the empty tomb.

Between the pursuit of happiness and the gift of joy is a very fine, perhaps mystical, border where we come face to face with God—where “science and analysis simply stand mute”.

There is so much I want to say about this joy because it is so central to my Biblical faith—to my understanding of what it means to be a Christian. Let me put it as starkly as I can: I enjoy both the grandeur of the Rocky Mountains and the glitz of the Las Vegas strip—recognizing each for what they are. I believe that is Biblical joy.

The movie Angels and Demons premiered Friday. The critics and panned it and the religious folks have dammed it. It’s just a story. It’s curious to me that we have so much trouble having fun with our religion—poking fun at it a bit.

Someone said, “Life’s journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways totally worn out shouting ‘Wow, what a ride!’” I believe that is Biblical joy.

In my life I have experienced the normal highs and low, successes and failures but I have never experienced anything catastrophic. If I do, it is my prayer that I will have the faith to experience the joy of those terminally sick persons who decide to spend their days living rather than dying. It has been said, “Life is not about waiting for the storm to pass. It’s about learning to dance in the rain.” I believe that is Biblical joy.

I believe God wants us to enjoy this life—and the next.

Be at one with God. Be at one with yourself and your neighbor. Don’t let the world own you.

The travel writer, William Least Half-Moon, shares the complaint of a woman he met. “I got a livin’ room, but in my life I got no room to live and that means I’m doin’ some wrong livin’”.

Jesus said, “I have said these things to you so that my joy may be in you, and that your joy may be complete.”

Out of her life of faith, Harry Golden’s mother said it all. Enjoy! Enjoy! Amen.

Philip Lawrence Carlson+

Short Sales challenge us to be kind. There are many people involved in a short sale all of whom have must to loose and or gain in the transaction. The business ethic of win'-win becomes an issue of selfishness or kindness.

My current thoughts as a listing agent of short sales is to see that the property is improved over the months of a short sale process. If a home has two loans on it from two different banks or lending institutions you can expect a long negotiation period. -- 45-90 days. During that time I have on two occasions had 2 offers go in and out of escrow on to close on a third offer.

The critical pieces are to talk with the loss mitigators and work out the agreed settlement amount from the 2nd and the 1st. Continue to market the home and lower the price regularly so that you always have a good or better backup offer if your primary disappears.

Remember to not submit an incomplete short sale package. It must be complete and easy to understand. The hardship letter must be compelling.

A short sale is much better than a foreclosure on your credit and can be less painful if done with a CDPE.

Tish - Tom Tischer, Associate Broker, CDPE (Certified Distressed Property Expert) 480-231-0782

Scottsdale, Paradise Valley, Carefree are full of really good deals in every price range. The Bank owned properties (REO) close quickly and for good price however they always need considerable work to be functional. Often these properties need new appliances, and evrything from flooring to roofing.

Short Sale -- still owned by the person in it! That Owner must sign the Purchase contract -- BUT -- The Bank that holds the Note and the Title must approve the sale as they take the loss between what is owed and what the Purchase contract indicates.

2nd Notes on the same property complicate the process even more. -- If the second note holder does not accept what the First note holder offers the @nd then the property goes to foreclosure and from there it either goes to auction by the Bank and/or the Bank lists the Property as an REO -- REO means owned by the Bank and stands for Real Estate Owned (REO) by the Bank or Mortgage holder or 3rd party.

Use a CDPE for any of this transactions. They know what to do and can save you money and time as well as give you a much better chance of closing a deal on a good property. CDPE is a Certified Distressed Property Expert.!

Got Questions? Give me a call 480-231-0782!