James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker)

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

Craig Anderson of the Arizona Republic reported that the ARMLS (Arizona Regional Multiple listing service) lost/cancelled more than 20% of its memberships as dues were due July 1st.

Bob Bemis, the CEO of the ARMLS noted that it is going on nationwide where National Assocation of Realtors expects to lose more than 150,000 agents.

However, the loss of agents is particular large in the Phoenix Valley due to the steep decline in housing.

The key factor, simply, is that agents are leaving the business; There is too little money to be made for all but the most savvy and (usually) experienced professionals.

This exodus from a profession that most realtors love is always unfortunate. However, the industry grew so quickly, with such small barriers to entry, that like all growth periods there needed to be a slow-down to a normal ratio of agents to buyers/sellers.

I have been fortunate during this down-turn to keep my head above water. However, I have to admit, it was frustrating to have to write a check for even as little as $264.

I wish all my fellow agents nothing but success and I hope you all were able to simle while writing your multiple listing service (MLS) dues.

Have a great and profitable week!

Michael Clancy of the The Republic and AZcentral.com recentely reported ...

that the the Mulit-Billion dollar project "CityNorth" (northeast part of Phoenix)

near Desert Ridge (loop 101 & 56th st.)

has added 10 high quality retailers and several restaurants.

The first phase of CityNorth, called High Street,

is scheduled to open November 13th and according to the article will have 44 retail stores and 7 restaurants.

The project will also have office space and condos. However, the details are yet to be released.

City North will be a huge boon to an already burgeoning area that has seen a tremendous amount of real estate development (commercial and residential) over the past several years.

In my opinion, this is not a bet or a gamble by the billions of dollars behind the CityNorth project. It is a intelligent investment into the heart of growth in Phoenix and Scottsdale.

If you have any updates on the condo portion or residential development, I encourage you to share.

Look forward to seeing you at Yogurberry in November.

James Wexler

HAPPY 4th of JULY !!!

I have to say that no matter what age you are , 4th of July Fireworks never get old.

In greater Phoenix, there are a multitude of towns that offer admission free 4th of July fireworks, picnics and barbecues, concerts, water parks, hot-dog eating contests and open pools and a variety of other activities.

Here are some of the best places to watch Fireworks.

• Scottsdale
• Phoenix
• Chandler
• Gilbert
• Glendale
• Avondale
• Mesa
• Peoria
• Tempe , at Tempe Town Lake

I hope you turn off your cell phones, lap-tops and spend the day with friends and family enjoying the freedom our great country offers.

Happy 4th of July !!

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Copyright © 2008 By James Wexler, All Rights Reserved. *Fireworks in Phoenix area JULY 4th *

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

Here in Phoenix, Arizona , in many ways, is a unique State when it comes to buying real estate and selling real estate.

we have Deeds of Trusts, not mortgages,

10-day inspection with full cancellation provision refunding all buyer's earnest monies to seller,

automatic loan contingency (unless removed in writing) fully refunding buyer's earnest money should buyers not obtain a loan without contingencies

and a "3-day Cure" notice... which gives both parties the right to give the other a "3 Day Cure Notice" prior to declaring a breach of contract

what that means to you is that there is , in a sense, essentially, an automatic 3-day extension to virtually all dates and times for all periods in the real estate contract.

for example, if the closing is supposed to occur on our before, May 1st, and the buyer does not close escrow, the seller cannot issue a 'cure notice' until May 2nd , notifying the buyer of the Breach and providing the buyer 3 days to comply with the notice.

Home buyers and seller's in Phoenix, Scottsdale, Peoria, Glendale, Paradise Valley, Desert Ridge, and golf communities of DC Ranch, Desert Mountain and all the towns of Maricopa County...

need to be aware of what I call and automatic extension in the Arizona Association of Realtors ( AAR) purchase contract as it can cause delays and problems for time frames outlined.

Please read the rest of the Article on Cure Period Notices << click

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Copyright © 2008 By James Wexler, All Rights Reserved. *What's a Cure Notice?... Arizona home sellers need to know*

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