Flagstaff, AZ

There were several real estate news releases this week. None grabbed the headlines. Perhaps that is because real estate was overshadowed by Wall Street this week. Perhaps it was because there was little new in the real estate reports.

Still, a 10.7% drop in resale home prices from August 2007 to August 2008, and a 17-year low in new home sales volume would have grabbed some headlines on even an active news day, if they were news. But this has started to be so repetitive, month-to-month, that the normal news outlets don't seem to follow it.

Here is are my posts from Flagstaff about the three real estate reports of the week:

Office of Federal Housing Enterprise Oversight Releases July (yes, July) Numbers

National Association of Realtors Releases August Numbers

New Home Sales and Construction Statistics

Oh, and some more not-news: My commentary on last Sunday's headliner in the local Flagstaff paper.

To keep up-to-date on national and local real estate issues, follow the blog written in Flagstaff:

Flagstaff Real Estate and Community News

To buy or sell Flagstaff homes, contact Team Heitland at RE/MAX Peak Properties!

Don't underestimate the power of a single vote! Remember, our current governor was elected in 2002 by a margin of barely 400 votes.

Friends don't let friends not register!

If you have moved since you last voted, you need to register again! And ask for a vote by mail ballot.

Registration deadline is next Tuesday!

Here are some articles you may be interested in if you live in Flagstaff, AZ (or want to). Also, take note that his is the famous "Open Studios" weekend, when you can get a map and drive around our beautiful mountain country to visit the studios of local artists.

Flagstaff Civic Events on Saturday -- locals may want to put these on their calendars

Financial Crisis Hard to Comprehend -- Where did it begin? Not with real estate

Featured Flagstaff Home Listing! -- a rare log cabin in the pines offering

Have a great Flagstaff weekend!

To buy or sell Flagstaff real estate, contact Team Heitland at RE/MAX Peak Properties.

In my last post, The Big Bailout -- Where Did It Come From?, I talked about the Fannie Mae/Freddie Mac takeover by the U.S. Treasury. Boy, that seems like a long-time ago. This has been a long week marked by Lehman's bankruptcy, Bank of America's bailout of Merrill Lynch (a long-term coup for Bank of America, no doubt), and AIG's crisis -- which is a huge worldwide problem (not that Fannie and Freddie weren't). Meanwhile, homebuyers are really sitting on the sidelines, frozen in panic, perhaps.

Don't freeze. Think rationally. What steps can you take to secure your future? If you have an ARM, or any home loan at a 6.5% or better interest rate, consider refinancing NOW: If You Have An Adjustable Rate Home Loan, It Is Time To Refinance Into A Fixed Loan.

Become an informed voter. The choice we make in November will determine the course of government action on the economy. I'm thinking of this election as Herbert Hoover vs. FDR. How about you?

Check out: Financial Crisis Hard to Comprehend. Where did it begin? Not with real estate. The real estate industry was just part of a big messy circle.

For specific advice regarding Flagstaff real estate as it affects your financial situation, contact Team Heitland at RE/MAX Peak Properties.

I've been writing a series of posts about the Housing and Economic Recovery Act, which became law in July. This is what Congress calls an "omnibus" bill --- because it had so many provisions. Some got more publicity than others. At the time the law was passed, the authority to take over Fannie Mae and Freddie Mac was not given a lot of emphasis -- Treasury Secretary Paulsen said that authority was unlikely to be used. A mere six weeks later, they were used to perform the largest government bailout in a long time. See full story of the take-over by the Wall Street Journal.

The initial market reaction on Monday was great for homeowners seeking to refinance and for buyers who -- at least briefly -- saw the lowest mortgage interest rates in a year. Whether that will continue even 24 hours appears doubtful tonight: The Asian stock markets are down as pessimism about the U.S. housing market overwhelms the initial reaction to the mortgage market bailout: Stocks reverse gains as bailout optimism fizzles. We'll see tomorrow what happens when the U.S. markets open. But, as reality sets in, it may not be good: Reality Check.

While they seem of little impact in the face of this turmoil in the financial markets, here are links to my earlier posts about the Housing and Economic Recovery Act:

First-Time Home Buyers Get Encouragement

Provision would eliminate privately-financed downpayment assistance -- good news or bad news?

The recently passed Housing and Economic Recovery Act provides some temporary relief for property tax for some homeowners

New Housing Act Creates Tax Hit for Some Flagstaff Homeowners

For help with Flagstaff real estate, contact Team Heitland at RE/MAX Peak Properties.