Andrew Monaghan CRS, GRI, EPro Associate Broker

FHA Extends Waiver of Anti-Flipping Regulations Through 2012:

In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting Federal Housing Administration (FHA) Commissioner Carol J. Galante will extend FHA’s temporary waiver of the anti-flipping regulations.

With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, FHA temporarily waived this regulation through January 31, 2011, and later extended that waiver through the remainder of 2011. The new extension will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

The extension is effective through December 31, 2012, unless otherwise extended or withdrawn by FHA. All other terms of the existing Waiver will remain the same. The Waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers. The Waiver continues to be limited to sales meeting the following conditions:

· All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

· In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the Waiver will only apply if the lender meets specific conditions and documents the justification for the increase in value.

· The Waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

30-Day Market Snapshot as of 12/17/11
(from ARMLS for past 30 days – residential sales only)

These numbers mean there is currently only 2.55 months of inventory (2.79 last week)
(Active listings divided by sold listings!!!!)

Active listings in ARMLS 19,183 (19,394 last week)

Active with contingency 7,253 (7,337 last week)

Pending sales 10,196 (10,435 last week)

Sales in last 30 days 7,513 (6,959 last week)

Cancelled in last 30 days 1,753 (1,653 last week)

Expired in last 30 days 646 (606 last week)

Temporarily Off Market-last 30 days 608 (567 last week)

What a wonderful upbeat ( new to me) Christmas song by Nicole C Mullen that i just had the pleasure of seeing in concert last night.

Andrew Monaghan

The Monaghan Group

Keller Williams Professional Partners.

602-308-4660

Andrew@themonaghanGroup.com

The Fiesta Bowl has recieved a lot of negative publicity due to the actions of a few, as a member im proud to be part of the organization and be part of many good things that we do.

Andrew Monaghan

The Monaghan Group.

Keller Williams Professional partners

6025419416

This song brings back memories of John lennon, His contribution to the music world in addition to being a fantastic song.