James Wexler, Associate Broker~Coldwell Banker

According to more than one source, including, Kerry Fehr-Snyder of the Arizona Republic, more than 50 people camped out recently to buy one of 100 home in a new community called Mountain Bridge in Mesa.

Yes, you read the article correctly. 50+ people! Camped out!Waited in line! 5 days! prior to Saturday's sale! by Blandford Homes .

by the way, I need to mention what a wonderful job Blandford's team did entertaining, serving breakfast, lunch and dinner to its patient and eager buyers while future neighbors got to know one another.

Why? you ask.

• Blandford Homes is an excellent builder with a great track record of happy and satisfied buyers
• Blandford Homes builds a great product at an affordable price.
• Blandford Homes understands what is going on in the market; offering ways to overcome the difficulty in getting financing and the competition with foreclosures and builder blowout prices.

They have addressed all these issues with and affordable product, a variety of 3 bedroom to 5-bedroom models, pricing from $239K - to $750K, incentives to help buyers get financing and a beautiful setting with views of the mountains and Sonoran desert.

I also, like the fact that Blandford Homes has thought about the residents. They have provided a stipulation that buyers must live in the homes; preventing investors from trying to flip and prevent future foreclosures in this family community should they not be able.

I recommend you take a look for yourselves. Their sales team is top notch and will be able to provide you all the information you need.

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Copyright © James Wexler, *Buying Frenzy in Mesa - Buyers camp out for Blandford Home community new home sale*

I have written lately about the optimism for stabilization in Real Estate.

My confidence is primarily a result of the the President promsise not to Veto the American Homeowner Rescue act that is expected to receive Senate Approval this weekend.

I believe this legislation and the earlier move by the Treasury to help (not bailout) Fannie and Freddie Mac will finally add confidence to the Wall Street and the ailing consumer.

However, ...

the stock market was down 283 points in response to a shockingly week report on declines in existing home sales, interest rates shot up to a 12 month high and

many argued that the cost of the Housing Stimulus package at a mere $25 Billion is too high a price to the US tax payer.

My question I ask for all to ponder and answer is ,

• Do you think the Housing Rescue Bill will work ?
• Is it worth it at any cost ?

If you think this Legislation will be innefective, ...

• what ideas have you heard or can sugggest that we should focus upon ?

Or ... like many say,

• There is nothing that can be done. the FED did not get us into us, and they cannot do much to get us out.

Please share your thoughts, good , bad , ... just not indifferent

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Copyright © 2008 By James Wexler, All Rights Reserved. *Who has the answer to the $25 Billion question?*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs

Today, we have entered into what I call the 'Perfect Storm' of Real estate where many factors have come together to cause this crisis that appears to have no end.

We had House approved legislation providing help to struggling homeowners and more importantly liquidity to the lending giants Fannie Mae and Freddie Mac which was expected to renew confidence today on Wall Street. It has not!

In fact, we have now watched Fixed rate mortgage soar today to their highest level in 1 year.

Most disturbingly,

The National Association of Realtors said existing sales resumed their decline in June after a slight rebound in May. The NAR Existing home sales declined by 2.6 percent in June, well beyond the 1 percent drop economists had forecast.

This is, how shall I say it, not upbeat news;

Typically, as home prices decline, sales will actually rise. (due to the cheaper bargain basement prices). This did not happen! and is is very shocking. And can only mean a likely a precursor to further and steeper declines in home prices or no sales.

It does not take more than having Internet access, network television or delivery of the Sunday newspaper to be aware of the fact that Real Estate is going through a difficult time here in Greater Phoenix and the surrounding towns of Scottsdale, Fountain Hills, Tempe, Peroia, Glendale, Mesa and many other cities in Arizona and unfortunately accross many parts of the Country.

As real estate professionals, we cannot control the market. However, often have the task of being the bearer of bad news. And too often, people like to shoot the messenger.

If your clients, friends and family ask. Do the difficult and be honest.

If they need to sell. Lower the price to where it needs to be. If they cannot sell, Re-Fi while rates are low enough to make a difference and payment and before credit lending standards become possibly more strict.

They will not love to hear it. However, they will thank you later.

James Wexler , Wexzilla- Please don't shoot , I am just the messenger

House Approves Homeowners Stimulus package just moments ago.

The Bill designed to help more than "400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac".

The resounding vote helped solidify stability in the financial markets and specifically the stocks of Fannie Mae and FreddieMac

The now House approved lesgislation is on track to pass the Senate and become law within days.

I applaude the President for his support.

Most importantly,

As Secretary of Treasury , Henry Paulson said , "portions of this bill are orders of magnitude more important to turning the corner on the housing correction and supporting our markets and our economy"

Congratulations to the House of Representatives for not making this a Republicans or Democratic issue.

This is an American issue and a potential crisis that needs to be averted.

Home prices dropped 4.8% in may down from May of 2007 according to a government report released earlier today.

The report issued by the Office of Federal Housing Enterprise Oversight (OFHEO) also says prices, on a seasonally adjusted basis, "fell 0.3 percent from April to May.

The index is down almost 5 percent from its peak in April of last year."

The OFHEO is also the governement agency that oversees the government-sponsored mortgage-finance companies Fannie Mae and Freddie Mac.

The reason I mention the Fannie Mae and Freddie Mac relationship is that those 2 company's stock has traded upward on Wall Street in spite of its troubles and this news .

In my humble opinion, I do not think we are completely out of the woods. However, the fact that Wall Sreet sees that the worst is out there in front of us can only be interpreted as a ray of light in cloudy (real estate price drop news) days.

Please share your opinion; especially, other areas of the country which may not have experienced the same price drops as we see here in Greater Phoenix.

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James Wexler - Wexzilla - your voice for all things Phoenix | Scottsdale Real Estate

480.221.8080