NAR THANKS BUSH FOR SIGNING DEBT BILL

The NAR statement on Realtor.org includes the following:
"Today's bill will ensure that any debt forgiven on a mortgage secured for a principal resisence will not be taxed."

The full statement follows:

Bush Signs Mortgage Forgiveness Bill
Again, I encourage anyone having difficulty with their mortgage contact their lender first in the interest of working out a solution. Many unscroupulous people are pretending to assist those in difficulty while creating an even worse problem for their own benefit. Trust your lender first!

And check the December 7 entry in this blog for further info on assistance.

HOME SALES TO TREND UP IN 2008

The National association of Realtors® try to be as upbeat and yet as realistic as they can in the midst of tough times.

Existing Home Sales to Trend Up in 2008

I do know there are several National figures who are economists and financial advisors who don't honestly understand what the problem is in the housing market. The economy is good, the FOMC is not messing up as bad as some expected (but do stand by for another interest rate correction before Christmas), unemployment is down, manufacturing has been up for 6 months, but the majority of folks are just doing a "deer in the headlights" response.

Prices on existing homes are at the lowest in several years, interest rates are under 6%, (I remember 9% when I bought in 1962, some bought at as high as 23%), and much of the sub-prime damage is behind us. Can prices slip further in the Phoenix area - sure! By anything significant - not likely! And you can make me eat the words later if I'm dead wrong.

I will admit that the political election process, the conflict of is it or isn't it Warming because of us, the Stock Market mood swings, the National Debt, and Medical Cost issues and ...and...and - well, they do get bothersome at times, don't they? However, I do think life will go on, with changes I'm sure, but it will go on. And homes will begin appreciating again, sooner than the media would have you believe!

WOW - A TOUGH VIEW OF MORTGAGE HELP!

From Realty Times, one man's view of the Bush "Plan" for helping homeowners facing serious mortgage problems.

The Bush Foreclosure Plan: Who Really Benefits?

Let's hope the view of the writer is a bit overstated. Time will tell.

The bottom line, irrespective of the article, contact your lender early to try to work out a solution. Lenders will have a hard time getting money for new loans if they carry too much "bad" paper, so there is some motivation on them to convert your loan to a "good" loan.

MORTGAGE RATE UPDATE?

In case you wondered how investors influence mortgage rates, here is a clue from Realty Times:

Hot Debates on Subprimes and Foreclosures

I guess if you're going to buy a home any time soon, you would hope the stock market doesn't perform well!

CONGRESS WRESTLES WITH MORTGAGE HELP

Latest word from Washinton via Realty Times:

Hot Debates on Subprimes and Foreclosures

Meanwhile, folks under the gun are wondering where they will be spending Christmas, with the greatest emphasis on "spending" - Congress has not been known to act too quickly, particulary in the Holiday Season. Come on guys, get with it!

MORTGAGE BAILOUT - DO YOU QUALIFY?

An excellent article from Business Week. The big question, does the plan go far enough?

New mortgage bailout plan: Do you qualify?

There are several subarticles on the bailout, including investor reaction.

If you are in an "ARM" mortgage, this is must reading!

A NEW CONCEPT FOR UPLIFTING THE USA

The gathering of inputs from 363 highly connected integrated metropolitan areas to bring new life to a stodgy federal structure.


Blueprint For American Prosperity


Let's all pray and hope it will begin to bring us into the New 21st century.

FREDDIE MAC - INTEREST RATE DOWN

MORTGAGE RATES AT 2005 LEVELS

A recent Real Estate seminar we attended noted that with 100,000 net annual increase in Maricopa County's population, with more and more National weather anomalies and our constant warm climate, with pending sales up the last 2 months in Maricopa County, with Builders still building, with prices down AND interest rates down, while there is bond money available to help 1st time homebuyers with a FREE 3+% grant (no repay), with more young people leaving Ohio than staying, with our access to skiing, lakes, Mexico, Vegas, and FHA reforming to a more viable option, why is the media so negative.

Partly because they report Nationally, and because bad news makes headlines, not good news. One Broker reported a 0.1% per month drop in Tucson prices - a recent Tucson headline, "Home Prices Plunge!".

Maricopa County home grown investors, not the Californian's that caused the 2005 run-up with O% down, 100%, interest only loans, are jumping in with both feet. They know when most Buyers sitting on the sidelines jump in there could be a frenzy mentality! Beat the "Christmas Rush" type phenomena if you're serious about buying!

INTEREST RATE UPDATE

The message is - get'em while they're hot!


Interest Rate Update

Maricopa & Pinal Country 3rd Q ARMLS Sales & Price History

The following report, provided courtesy of 1st American Title, is a 3rd Quarter ARMLS report of Listing Inventory, Sales, Prices, Days on Market, by Zipcode, for Maricopa and portions of Pinal County.

ARMLS REPORT

This is an exceptionally detailed report of historical data and an ARMLS prediction of where it is headed in the 4th Quarter of 2007.

FHA Loan Program: Model of Success?

With FHA, a lot of the risk associated with the new loan formats is eliminated. For instance, there are no prepayment penalties with FHA financing. The article from Realty Times identifies several other advantages:

FHA Loan Program

Of particular interest, "FHA has just come out with a new loan designed specifically for troubled ARM borrowers who face foreclosure. Called "FHASecure," the new program is available even to homeowners who have missed six or more monthly payments."

Perhaps the help you are seeking is close at hand.

Buying A Home Isn't Stupid

A few tidbits of information the National Association of Realtors would like the media to keep in mind:

Buying a Home isn't Stupid!

And for investors, you could hardly beat the home prices available now!

DROUGHT AREA MONITER

Here is a new factor to consider if you are in the home buying process. Water, water, everywhere? Not always!


Droughts Impact 'Location' Buying Factor

Perhaps a visit to the NOAA website would be in order - it is complicated but with a little effort you can check out your home buying area of interest for "anomalies"!


NOAA

Keep it simpler - try this:


DROUGHT SCORE FOR ARIZONA

Lest this scare you away, Arizona has the best drought mitigation program of any of our neighboring states. We will prevail!

YOUR HOME VALUE AFFECTED BY NEIGHBORS?

Foreclosures in your neighborhood don't just cost homeowners their homes - they unfortunately affect your home value also. You already knew that, I suspect, but you best read the article for a fuller picture of the affect:



Foreclosure Fallout Landing On Neighboring Homes


Again, I won't just concentrate on every scrap of positive, a little realism can go a long way.

First Weekly Report for November

This is the first November weekly "last 30 day" report for the Southeast Phoenix Valley market.

This data is provided weekly courtesy of First American Title.

Please use the BACK arrow to return to this Blog:

MLS INVENTORY - SOUTHEAST VALLEY

Please Note: The sales from our 10/31 report was 1298 units for past 30 days, and is 1351 for the 30 days ending 11/7. This is the first increase in many weeks!

We still have 15 Months of inventory, a bit more than 2 years ago (a BIG bit!)

We offer this data as a candid, unfiltered, indicator of home listing and sales activity for your East Valley decision making process.

October East Valley Market Report

This is the month end report for October. It is a snapshot of the Southeast Phoenix Valley market status.

This monthly report from MLS data is also on my web page. It provides a summary for October and the past 12 months.

EAST VALLEY LISTINGS AND SALES HISTORY

We offer this data as a candid, unfiltered, indicator of home sales activity for your East Valley decision making process.

ZIP CODE DEMOGRAPTHICS

Learn the DEMOGRAPTHICS of your ZIP CODE or of an area you find of interest for your next home. Learn the Education, Marital Status, Income, and Occupation distribution of those living in your current area or compare your ZIP to all others in your area.

NATIONAL ZIP CODE ANALYSIS

This data is developed froe the U.S. Census of Year 2000.

YEAR 2000 CENSUS PAGE

Gives you a great way to know where you are now or where you are heading.

MARKET TURNAROUND TO BEGIN IN 2008?

The following article from The Real Estate Buyer's Agent Council (REBAC) newsletter of November 2, 2007.


MARKET TURNAROUND

The view of the Economists participating in the National Association of Home Builders Fall Construction Forecast Conference on Oct. 24.

All is NOT doom and gloom.

Does Housing "Fatigue" Signal The Bottom?

Realty Times offers some interesting comments regarding the national market:


Does Housing "Fatigue" Signal The Bottom?


Hmmmm, maybe near the bottom?

Last Weekly Report for October

This is the last October weekly "last 30 day" report for the Southeast Phoenix Valley market.

This data is provided weekly courtesy of First American Title.

Please use the BACK arrow to return to this Blog:

MLS INVENTORY - SOUTHEAST VALLEY

My monthly report from MLS data will be available in the next 23 hours.

We offer this data as a candid, unfiltered, indicator of home listing and sales activity for your East Valley decision making process.

Valley Home Values

For those that missed the big spread on Valley Home Prices in the Arizona Republic a few days ago, the information is available by Zip Code at the following site:

Valley Home Prices

I don't know how long they keep these files active at the Republic, but check out your Zip Code while you can.

Second 30 Day Report For October

This is the second October weekly "last 30 day" report for the Southeast Phoenix Valley market.

This data is provided weekly courtesy of First American Title.

Please use the BACK arrow to return to this Blog:

MLS INVENTORY - SOUTHEAST VALLEY

My monthly report from MLS data is available only at month end.
We offer this data as a candid, unfiltered, indicator of home listing and sales activity for your East Valley decision making process.

BOND MONEY IS AVAILABLE!

Maricopa County Bond money is again available:

THERE IS NOW ONLY 6 MILLION DOLLARS LEFT IN THIS ALLOTMENT.

(6 days ago there was 15 million left)

There is a BOND “BLUE LIGHT SPECIAL’ going on

The bond has areas called Priority Lending Areas (PLA´s) and in those priority lending areas:

The rate is 6.29% instead of the 6.55% normal fixed rate.

The grant amount is 6% instead of 5% - NO down payment required from you!

If you have not owned a home during the last 3 years and if your household income (including your teen kids) is under $65,000, call for help with a free 5% - 6% down payment and closing cost GIFT to buy a home. YOU DO NOT REPAY THIS MONEY!

First 30 Day Report For October

This is the first October weekly "last 30 day" report for the Southeast Phoenix Valley market.

This data is provided weekly courtesy of First American Title.

Please use the BACK arrow to return to this Blog:

MLS INVENTORY - SOUTHEAST VALLEY

My monthly report from MLS data is available only at month end.

We offer this data as a candid, unfiltered, indicator of home listing and sales activity for your East Valley decision making process.

September East Valley Market Conditions

This is the month end report for September. It is a snapshot of the Southeast Phoenix Valley market status.

The first data is provided courtesy of First American Title:

MLS INVENTORY - SOUTHEAST VALLEY

My monthly report from MLS data ( also on my web page ) provides a summary for September and of the past 12 months.

EAST VALLEY LISTINGS AND SALES HISTORY

We offer this data as a candid, unfiltered, indicator of home sales activity for your East Valley decision making process.

East Valley Market Conditions

Enclosed is a mid-month (9-19-07) snapshot of the Southeast Phoenix Valley provided courtesy of First American Title.

FIRST AMERICAN TITLE DATA

The monthly report from MLS data that is on my web page will be updated in early October.

Possible Help For Homebuyers with Rates Ready to Reset

A recent article from Realty Times offer some stress relief to those facing rate resets:

Lower Rates Help Homebuyers with Rates Ready to Reset


This was posted BEFORE this weeks interest rate reductions by the FOMC and Bernake's comments.

A related article from Bankrate.com reviews FHA's plans to help some borrowers:

FHA saddles up to help delinquent borrowers

The article states "About 60,000 "delinquent-yet-creditworthy" mortgage borrowers will be able to refinance into FHA-insured home loans in the next year or so,...."

Let's hope it really helps.

TAX IMPACT ON FORECLOSURES & SHORT SALES

The Internal Revenue Service has provided guidance in a publication dealing with Foreclosures and Short Sales:


IRS PUBLICATION

Having read the article, I suggest you contact a competent CPA to review your personal circumstances. The issue of insolvency appears to be the key to whether you will face tax consequences.

MORTGAGE RATES FALL - PRICES STABLE

Bankrate.com reports "The benchmark mortgage rate has fallen in five of the last six weeks, and home prices fell less than 1 %." Their article follows:

http://bankrate.com/brm/news/mtga/Aug3007_mortgage_analysisa1.asp

Meanwhile, The National Association of Realtors® reports that existing home sales are stable .....with increases of 1.8% in the West! The full article is worth the read:

http://www.realtor.org/press_room/news_releases/2007/ehs_july07_home_sales_stable.html

With all the hype regarding sub prime lenders in the media, the summer market was badly damaged. The unfortunate thing is that Buyers with a 700 FICO score, and 20% down, loans are available on a "stated income" basis. FHA loans are likely to come back into fashion with only 3% down with good credit history. There are even loans for folks with less than perfect credit where the down payment and closing costs are paid by a gift grant!

Now is an excellent time to seriously consider Buying. Give me a call so we can review the many valid loan options available and home prices are down!

HOME PRICES DOWN IN JUNE - SO?

An August 29 Realty Times article by Blanche Evans. Blanche Evans is the award-winning editor of Realty Times, the Internet's largest independent real estate news service, where she oversees the nation's leading real estate writers and columnists. Blanche has been named one of the "25 Most Influential People In Real Estate" by REALTOR Magazine, recognized as one of nine "Notables," and was named "Top Reporter Covering the NAR."

The title "Panic Working Like A Charm; Home Prices Mostly Down In June" doesn't due justice to the detail of Blanches article. Please take the time to read.

http://realtytimes.com/rtapages/20070829_paniccharm.htm

And a safe and pleasant Labor Day Weekend to you all.

HOW BOUT THOSE LOAN COMPANIES?

This is not a healthy indication of where the loan industry is headed:

"FIRST MAGNUS HALTS LOANS

By Jack Gillum, Christie Smythe and David Wichner
ARIZONA DAILY STAR
Tucson, Arizona Published: 08.16.2007


First Magnus Financial Corp., a mortgage lender that is one of Tucson's only locally based national firms and one of the area's major employers, is no longer writing loans as of this morning.

An e-mail Wednesday evening told branch managers of Great Southwest Mortgage, the retail arm of First Magnus, that the parent company was no longer funding loans. First Magnus is reporting 800 full-time-equivalent local employees.

"We will not be funding loans tomorrow," wrote Erik Lutz, the president and founder of Great Southwest. "

Many of the smaller lenders will be hit hard. Even Countrywide is struggling but given its size will likely come through the mess.

One prediction to consider: Are we about to return to the days when Sellers carried a note on the sale of their homes. It would help the entry level buyers now that the sub-prime market is either going away or tightening up to tight for most buyers. Time will tell - how bad do the Sellers want to sell?

FHA MORTGAGES UP IN 2007

The FHA mortgages of years past seemed out of date with all the new, clever, zero-down, ARM, and Interest Only products. Now a renewed vigor has entered the marketplace as folks shy away from many of the sparkly new approachs after watching the sub-prime lending market slowly disolve into non-existence.

Here is an article that highlights the features and requirements to use FHA to purchase your home.

FHA Mortgages Up

To use this 30 year, fixed rate option, you do need to have good credit and 3% down, but you do get protected against the very things that are causing your neighbors to abandon their dream homes.

Check both FHA and non-FHA loans to see which will best fit your particular needs.

FORECLOSURE HELP

Foreclosures are on the rise! Definitely not news to those facing an increase on an Adjustable Rate Mortgage, facing an Interest Only balloon, in a zero down loan or are just in over their head and can't make the payments.

There are "Housing Advocacy Groups .... many people were put into high interest loans when they would have qualified for less-expensive mortgages." (The Arizona Republic dated Sunday, August 5, 2007).

There may be unscrupulous people out there, ready to take advantage of your financial problems, but there are also Advocacy Groups that would legitimately like to help.

A National organization called ACORN addresses many of the issues of Social Justice including foreclosures.

Cick here for ACORN

Neighborhood Housing Services of Phoenix has a hotline at 1-888-995-HOPE to offer free counseling. There may be similar groups nationwide.

Some lenders are receptive to working with their customers - if lenders have too many bad loans on their books, they can no longer get money to loan! There is an incentive for them to work with you. A phone call is cheap! At least ask!

The situation is only going to get worse in late 2007 and early 2008 when many mortgage adjustments come due. If you are facing an adjustment or see trouble ahead, act now before you face the pressure of deadlines to address an alternative to losing your home.

Give me a call if you want an honest opinion of what your Phoenix area home is now worth and possible suggestions on how to best proceed.

We're with you!

PHOENIX AREA SALES

The Arizona State University maintains a very active Realty Studies Group.

As stated on their web page, "Since 1980, the primary objectives of ASU's Realty Studies have been to serve as a focal point for research and educational projects of faculty members, both in real estate and in allied disciplines throughout Arizona; to analyze and evaluate the Arizona real estate market on behalf of private, public, and governmental organizations; to conduct studies related to real estate, and to publish the results of those studies; and to assist in the development of real estate educational programs throughout Arizona that will enhance the professionalism and knowledge of those involved in the real estate industry."

They are highly regarded by the Arizona Real Estate Community, with Mr. Jay Butler the acknowledged spokesman for the organization.

Subsections of the report at the web site include historical data on Sales Activity, Affordability Indices, Construction Activity, Office Activity, Retail Activity, Greater Phoenix Indicators and Maps.

Individual cites, 26 Phoenix Communities in all , including the East Valley Cities of Chandler, Gilbert, Tempe, Scottsdale, Queen Creek, Higley, Mesa appear in the Sales and Median history data.

The ASU Realty Studies Web Site begins here. We recommend you save the web site in your Favorites file.

URINE TEST

Now there's a subject that you wouldn't expect!

Like a lot of folks in this state, I have a job. I work, they pay me. I pay my taxes and the government distributes my taxes as it sees fit. In order to get a paycheck, many folks are required to pass a random urine test with which I have no problem.

What I do have a problem with is the distribution of my, and your, taxes to people who don't have to pass a urine test. Shouldn't one have to pass a urine test to get a welfare check because I have to pass one to earn it for them? Please understand, I have no problem with helping people get back on their feet. I do on the other hand have a problem with helping someone sitting on their ass, doing drugs, while I work. Can you imagine how much money the state would save if people had to pass a urine test to get a public assistance check?

Just had to get that off my chest.

MORTGAGE BROKERS

A bonus for today - Mortgage brokers do it cheaper and better! This article points out that Brokers are working longer hours and doing a lot more work - guess they want your business?

MORTGAGE BROKERS

I must agree, after 15 years in real estate, I would choose brokers first, direct lenders (Chase, Countrywide, etc.) second, local banks third, and internet lenders last!

TAX DEDUCTIONS AFTER RE-FI

An article that asks if you are getting all the available tax deductions you are entitled to on re-fi or second home. Pretty much anything will qualify if it has sleeping, cooking and toilet facilities. Second homes, RVs and Mobile Homes? And how about lines of credit, home equity loans or anything that is secured by your home? And if you do a re-fi, check on other provisions relating to points and some other costs that might qualify. Best you talk to your CPA before going too far afield.

TAX DEDUCTIONS

UNDERSTAND YOUR MORTGAGE

When you obtain a mortgage loan, you will be required to sign a large number of documents, all of which contain terms which are a mystery to many potential homebuyers.

UNDERSTAND YOUR MORTGAGE

You have a copy of all the papers you signed and all the attachments. Do you know where those papers are? If you are in an ARM, Interest Only, O% Down, or any of the many "non-conforming" loan products, it is important to drag out those papers and make a point of reading what you signed. Most folks never do - join the minority!

Bottom line, you need to know what lies ahead in 2 years, 5 years or 10 years. Ever hear about the "balloon mortgages" of the 1990s - you might have the 2000s version of a directly related cousin with a new name. Find out while you still have the window of opportunity to sign on for a fixed rate mortgage. Whatever caused you to choose the original, even a "sub-prime" mortgage, over a "conforming" 30 year fixed product may well have changed. Chances are you can get a loan in the fixed 6% to 7% region. Sounds like a lot, but, many of us started back in the 1960s at 9%, in the 1970s and 1980s into as high as 20+%! And yes, I went to a 6 room schoolhouse in Northern Indiana and had to walk up-hill through 3 feet of snow to get there, and back!!!

Okay, it was really only up hill in one direction. However, the interest rates stated above were all to real! Don't let 6+% keep you from avoiding the serious consequences that may lie ahead. Read your loan docs and, if appropriate, take action.


600,000 HOMEOWNERS MAY RUN INTO TROUBLE

If that doesn't spur you into action, I wish you my very best and will include you in my prayers tonight.

Meantime, release your emotions and concerns with this rather bizarre video if you have high speed internet:

ONE NIGHT OF FIRE

2008 HOME PRICE EXPECTATIONS

A new forecast by the National Association of Realtors suggests existing-home sales will pick up late this year and prices are likely to rise by 1.8% in 2008. This is consistent with my comments in my blog of yesterday.

2008 HOME PRICE EXPECTATIONS

I do hope they are right!

CURRENT EAST VALLEY MARKET INFLUENCES

The country's fifth largest city is in the desert, according to the latest Census Bureau estimates. Now, to whom do you suppose this article is referring?

Head Count Shows Shifting Population

Note that they are only referring to the city of Phoenix when they state that 43,000 were added to the population between 2005 and 2006. This is over 117 people per day, folks.

To get the full picture for the Phoenix Metro Area, go to:

Maricopa County MapStats

You will find that Maricopa County population is estimated at 3,768,123 at the end of 2006. A little quick math comparing the 2000 population to 2006, per the census, says "The County" has been growing at 116,000 people average per year for the last 5 years. That's roughly 3% per year! And over 317 people per day!

I am frequently asked if the home we are looking at will appreciate. I have no crystal ball! However, allowing for the fact that we had a lot of mis-guided "out of state" investors in year 2005 (no population change - just houses sold) that are licking their wounds and creating a Buyer's market (stabilization phase), and given that our rental vacancy rate is way down, appreciation is more likely a "when" than "if" question.

Meantime, it is more difficult for 1st time home buyer's as several lenders have fallen by the wayside for too many risky loans and have put many homeowners in jeopardy as highlighted by this article:

Home Equity Loan Delinquencies Rise

I should note that Maricopa County Bond money is available for "no down payment" loans as this is written.

So, we are in a "stabilization period", even with continuing population growth.

Bottom line - Maricopa County, and particularly the East Valley, will be at the forefront of the national housing recovery. Continued population growth, the general shift of population from the cold regions, tornado states, and hurricane alley, and continued strong employment opportunities will put us back on the Appreciation Track!

Anybody for a pool as to when that day will come?

SMARTEN UP ON LENDING

From the National Association of Realtors (NAR) on July 1, 2007:

"CNN: "Looking for Ways Out of the Subprime Mortgage Crisis",
USA Today: "Neighborhood Finds Real Estate Loans Too Good to Be True",
Washington Post: "Foreclosure Rate Hits Historic High""

"Abusive and predatory lending practices are a serious problem for our nation's communities. Because of abuses in the subprime market, families are losing their homes and savings, foreclosure rates are higher, and some neighborhoods face increased vacancy rates. Empty neighborhoods, or those where the majority of houses are for sale, can be perceived as blighted. This leads to declining prices and inevitably devastates the strength and stability of those communities and the families who live there.

How Did This Happen? During the real estate boom, many lenders originated risky mortgages with floating interest rates and weak underwriting standards. While some in the media may have over-dramatized the situation, a number of subprime lenders that made problematic loans have gone out of business, and the delinquency rate for subprime loans at the end of 2006 was more than 13 percent--4.5 percent are in foreclosure."

The solution is education before you begin the lending process. The following from the NAR will provide you the knowledge to avoid these lending disasters:

http://www.realtor.org/subprime_lending.nsf/Pages/responsible_lending_principles?OpenDocument

Start prepared and enjoy the home buying process to the fullest!

TIME FOR YOUR ANNUAL CREDIT CHECKUP

If and when you even think about buying a home, you want to ensure your credit history is at it's best. Your FICO score will determine if you can qualify for a "conforming" loan, the industry, FNMA and FMAC, standard loan. More important for the long term, your FICO score will determine what rate of interest you will be paying for the next 30 years or so. The best interest rates are offered to those with scores in the 760 to 850 range (6.313% National Average on 7-1-07) to 6.819% (660 to 699 range) or 9.930% (500-579 range). If your FICO is less than 500, even renting could be a problem!

A free, one time a year, free credit report is available to you. This web site will also give you the opportunity, separate from the free report, for $7.95, to get a copy of your FICO score (Equifax Credit Reporting Service). The other 2 credit reporting services offer similar options. All three services (called a tri-merged report) are used by lenders so each must be corrected for any problems.

This is the web site for all three services, and you can get the free report from each:

https://www.annualcreditreport.com/cra/index.jsp

If you find problems with your report, real or errors, there are options for improving and correcting these items. A good place to start is the FICO web site:

http://www.fico.org/

If you know there are problems with your credit history, get started now! You will wish later you had as you suffer the penalties and pain of trying to buy your home. Good luck!

GILBERT and ARIZONA

The Arizona Republic of June 28, 2007, reports that Gilbert, in the Phoenix East Valley, is now the 5th fastest growing city in the U.S. with a population of 191,500 at the end of 2006.

A bit of coincidence but Phoenix is now the 5th largest city in the U.S. at over 1.5 million population. Maricopa County, which includes metropolitan Phoenix, has a population of 3,768,123 as of July, 2006. It now ranks fourth among the nation's counties and is greater than the population of 23 of the 50 states. The center of population of Arizona is located in Maricopa County, and just by happenstance, in the town of Gilbert.

We are blessed with a warm climate, excellent city and state management, and a great economic climate to boot. The bets are that the Phoenix Metro area will rebound well ahead of the rest of the nation in the Real Estate sector. Sales of single family detached homes so far in 2007 is 26,518 with an available inventory of 54,250 as of this writing - a 1 year supply of homes with more and more Sellers finally realizing the boom is over and reducing prices accordingly. With mortgage rates returning to the 6% region again, ( http://www.bankrate.com/brm/news/mtga/June2807_mortgage_analysisa1.asp ) it is an exceptional time to buy in the Phoenix area.

And yes, I do believe what I just wrote.

Blu-ray vs HD-DVD and RESPA

I have HD TV and an old DVD player. I guess I'm missing something?

Some background from Sept. 2005:

http://www.engadget.com/2005/09/19/blu-ray-vs-hd-dvd-state-of-the-s-union-s-division/

Wasn't even aware there was a contest going on and now it may be settled. When I go to Blockbuster, I rent a DVD. Now I have to decide between Blu Ray and HD-DVD? And buy a new player? I'm still upset that VHS beat out BETA decades ago!

http://www.pittsburghlive.com/x/pittsburghtrib/news/s_513097.html


Now, back to the subject or Real Estate - RESPA is a term you are or will become familiar with if or when you purchase a home. It is a bit murky just what RESPA is, but it does offer benefits the Buyer should be aware of and something about which Realtors should become bit more educated.

The following is one of the better treatise on the subject I have seen. I honestly do not recall the original source and commend the writer, but most important I strongly urge you read it. It is in .PDF format. If you do not have the Adobe® Acrobat Reader® installed, you may download it free of charge from the Adobe's website at: http://www.adobe.com/

Now for the treatise. http://www.denismarque1.com/re/respa.pdf

This was written from the perspective of the Realtors responsiblities in March, 2005. You may have read more recent articles about loan fraud that has thus far put some 80 lenders nationwide out of business. Colusion between real estate agents, lenders and appriasers locally has prompted the Arizona Legislature and Governer to pass laws that will very likely place some in jail with very large financial penalties. Needless to say, they apparently haven't read RESPA very recently.

OUR MARKET AREA

Is Gilbert the fatest growing city? 1,000 new reisidents per month?

http://realtytimes.com/rtcpages/20070620_mrktconditions.htm

Some might be tempted to move to Canada!

http://realtytimes.com/rtcpages/20070620_trebmidjune.htm

Phoenix is at the top of the PMI risk list?

http://realtytimes.com/rtapages/20070620_riskindex.htm

Mortgages heading up?

http://realtytimes.com/rtcpages/20070518_rates.htm

You won't just get the good news here. Yes, Phoenix is a Buyer's market but there are risks and pitfalls. Make sure your Realtor gives you a candid picture of the market and the homes you are looking at compared to the overall market.

OUR BLOG BEGINS

We begin this process of blogging as neophytes even though we hold an e-PRO designation, a National Association of Realtors (NAR) certification of Internet prowess.

We will attempt to keep you informed of items crucial to your thoughts regarding Buying or Selling Real Estate. We will draw from the thoughts of those with expertise in the statistics and trends of the Real Estate market and from my fellow agents and their current assessment of the environment.

We will link you, where possible, to pages on the internet containing significant items of interest. A couple or so examples:

Are there renters in your neighborhood?

http://realtytimes.com/rtapages/20070524_uncaringtenants.html

PMI or MIP may now be tax deductible!

http://www.privatemi.com/finallydeductible/

Are mortgage rates going up?

http://realtytimes.com/rtcpages/20070523_mortgagesector.htm

In the last 2-3 weeks locally, we have seen rates increase by nearly 0.5% to 6.75% on "Conforming Loans" - those that permit the lender to sell the loan to National Clearing Houses.

Coupled with the 44,000+ Single Family Homes now available on MLS in the Grater Phoenix area, this would seem to be a very good time to consider buying!