Home Prices in 20 U.S. Cities Increase by Most Since 2006

The article, Home Prices in 20 U.S. Cities Increase by Most Since 2006, from www.bloomberg.com, reports that home prices in 20 U.S. cities rose in the 12 months to December by the most in more than six years, a sign the housing-market recovery is strengthening. The S&P/Case-Shiller index of property values increased 6.8 percent from December 2011, the biggest year-to-year gain since July 2006. “The key here is it’s not as if we’re getting all the juice from one area, it’s broadly based across the country,” said Brian Jones, a senior U.S. economist at Societe Generale in New York, who correctly projected the year-over-year increase. “Rates are low, prices are attractive, so affordability is high, and the labor market is gradually healing as well. If you were in the market to buy a home, right now it’s a good time." Home prices adjusted for seasonal variations in the 20-city index climbed 0.9 percent in December from the prior month, compared with a 0.7 gain in November. The month-over-month gain was led by Las Vegas and Los Angeles. All 20 cities showed increases. Phoenix led the group of 19 cities that showed year-over- year increases, with a 23 percent jump in the 12 months to December. San Francisco was second with a 14.4 percent gain.

Here is the link to the entire article: http://www.bloomberg.com/news/2013-02-26/home-prices-in-20-u-s-cities-increase-by-most-since-2006.html

Phoenix-area homebuyers squeezed out by investors

Phoenix-area homebuyers squeezed out by investors

Signs of upturn in Phoenix's long-suffering housing market

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http://www.usatoday.com/money/economy/housing/story/2012-02-24/phoenix-housing-market-rebounding/53276056/1#.T0zXDj1JSss.email

STRIPPING FORECLOSED HOMES

ARIZONA INFORMATION TO ASSIST THE ARIZONA MORTGAGE BROKER©
(May 18, 2009)

FBI AGENTS AND LOCAL LAW-ENFORCEMENT HAVE ARRESTED FIVE PEOPLE THIS PAST MONTH FOR STRIPPING THEIR FORECLOSED HOMES

FACTS

FBI agents and local law-enforcement personnel have arrested five people in the past month for stripping their foreclosed homes of appliances, cabinets, countertops and plumbing fixtures. That includes cases in Fountain Hills, Anthem, Phoenix and Surprise of some of the more egregious violators who are taking everything they can out of homes.

To combat the theft, the Mortgage Fraud Task Force is going after violators who have stripped multiple investment properties that investors are losing to foreclosure, rather than homeowners who have lost their home. But the enforcement effort is also trying to discourage those thefts as well.

One realtor has been recently arrested for this type of theft. The task force recently arrested Kailash Bhatt, 43, after officials say he advertised the sale of cabinets, granite countertops, an oven, microwave and dishwasher on craiglist.org. Bhatt, who owned a foreclosed home in Anthem, was indicted last month by a Maricopa County grand jury on charges of theft and defrauding creditors. Bhatt, who operates a Web site listing foreclosed properties, accepted $2,000 from an undercover task force agent, according to the Maricopa County Attorney's Office.

The FBI Mortgage Task Force, which got its start last June, is also continuing to investigate mortgage-fraud cases. Prosecutors are working on plea deals or to take those cases to trial, said Halferty, the task force supervisor. Some of the new cases involved schemes with losses of $10 million to $100 million, she said. Agent Tolhurst said a number of people employed in financial services and real estate have come forward to assist the task force. (azrep51409)

MORAL

First buy the investment property, then strip it and then win the prize of going to prison . Remember, everyone is innocent until convicted. I trust he has a good attorney. If not, I can recommend one.

Real Estate Outlook

Realty Times of January 12, 2010

Real Estate Outlook: The Numbers Are In by Kenneth R. Harney


The drop in the latest pending home sales index got a lot of press attention, but that blip downward shouldn't be your guide on what to expect for real estate in 2010.

The 16 percent decline in November pending sales from October's unusually high index was due almost entirely to buyers' behavior confronting what they thought was an expiring tax credit.

In October the pending sales index went off the charts. Buyers were scrambling to sign contracts before the $8,000 credit program expired at the end of the month.

In November, buyer behavior was just the opposite. When Congress extended the credit through next April 30, the pressure was off. Nobody needed to rush to sign contracts.

Not surprisingly, the November index hit the skids.

Meanwhile, even November's pending sales number was a solid 16 percent above November 2008. That suggests that even without the extra incentive provided by the credit, the home sale market is gaining strength for its own fundamental reasons: huge pent-up demand, low prices and great financing.

But keep this in mind: Those fundamentals are dynamic - and buyers and sellers need to stay on top of them as they change in the weeks ahead.

For example, as we've noted before here at Realty Times, with the economy climbing slowly out of recession, and the Federal Reserve expected to throttle back on its mortgage securities purchases , interest rates are now trending upwards.

Last week's thirty year average fixed rate for new mortgages hit 5.2 percent, according to the Mortgage Bankers Association. That's still very low by historical standards, but it's up nearly a quarter of a percentage point just since mid December.

Fifteen year fixed rates averaged 4.6 percent -- a rise of one third of a point in the past few weeks.

Home prices are also beginning to trend upward in key markets, according to the latest Case-Shiller home price index. In San Francisco and Minneapolis, the index is up by about 15 percent since the low point earlier in 2009, according to an analysis by Bespoke Investment Group.

The same analysis found the Case-Shiller index up 8.3 percent from last year's low point to the latest month in metropolitan Washington DC, 7.6 percent in San Diego, 7.2 percent in Denver, 6.9 percent in Chicago and Phoenix, 6.8 percent in Dallas and 6.1 percent in Boston.

With reports of fewer layoffs plus significant new gains in manufacturing outplut and retail sales don't be surprised to see prices-and mortgage rates -- continue to rise in the months ahead.

Copyright © 2010 Realty Times. All Rights Reserved.

NEW APPRAISAL AND LOAN PROBLEMS

The Home Valuation Code of Conduct(HVCC)went into effect on May 1, 2009. HVCC establishes standards for solicitation, selection, compensation, conflicts of interest and appraiser independence. Realtors® and mortgage brokers are prohibited from selecting appraisers except for In House staff appraisers.

To date, only Fannie Mae and Freddie Mac have agreed to adopt the Code. There is a strong feeling in the Real Estate Industry that the new system has created manor negative results in the home sales environment. In one long sentence, sales fall through due to delays and bad appraisals, Appraisers are given less time to complete their work and get paid less, many appraisers have left the business, and the system even sends appraisers from another state to work in unfamiliar territory. One or more appraisers from California were sent to Tucson to perform appraisel work?

To date HUD, who administrates FHA, has declined to accept the HVCC. Suddenly, FHA is becoming the lender of choice in our floundering Real Estate Market.

A few facts from recent news releases and information offered on radio programs:

1) Approximately 1/3 of all home owners in the U.S. are upside down on their homes (i.e. their loan is greater than the current value of their home!)

2) An estimated 75 to 80% of those loans are sub-prime loans.

3) And for the first time in history, over 7% of those loans are prime loans!

4) In Phoenix, the national 33% estimate becomes 51% of homeowners that owe more than their house is worth.

An Arizona judge recently forced Wells Fargo Senior Vice President Joe Ohayon to Phoenix for 2 days to explain why so few loan modifications had been granted and why they failed to communicate with those seeking help?

The customer that filed the case that prompted this judicial action said they never told her there was a problem with her request paperwork, they failed to tell her they had turned her down on her request for help, and she states she is now about to lose her home of 15 years. Nice job, Wells Fargo.

For those facing the potential for foreclosure, please see my last blog, "Mortgage Help". I wish you success in overcoming the barriers that seem to persist.

America's most affordable cities.

From Realty Times of July 15, 2009

Market Conditions by Realty Times Staff


Forbes.com recently reported on its what stats show are America's most affordable cities.

Their criteria was based on cost of living and employment rates. They report that "U.S. homes are more affordable than they've been in two decades. The most recent report by the National Association of Homebuilders and Wells Fargo Bank showed that 72.5% of American homes sold in the last quarter were considered affordable. Of course, foreclosures and sliding prices may play a role."

Making the list:


Phoenix, Arizona

Columbus, Ohio

San Antonio, Texas

Houston, Texas

Dallas, Texas

Austin, Texas

Cincinnati, Ohio

Pittsburgh, Pennsylvania

St. Louis, Missouri

Indianapolis, Indiana



Copyright © 2009 Realty Times. All Rights Reserved.

Phoenix in the middle of recovery

Realty Times of May 8, 2009

Hot Market: Phoenix in the middle of recovery by M. Anthony Carr

A year ago, I covered the Phoenix market in this column, saying that comparing April '08 to April '07, it looked like this western market had hit bottom – sales were up 15 percent year-over-year. That prediction, seems to have been right on the nose as nearly 12 months later, sales are up a whopping 78 percent from March 2008 to March 2009.

With listings down 17 percent for the metro area, sales are siphoning off inventory and buyers are picking deals at prices they haven't seen in more than 5 years, according to blogger Ron Wilczek, West USA Realty "Another notable fact is that the year over year (YOY) sales are up for the 10th consecutive month," blogs Wilczek. "One more notable fact: the year over year over year (YOYOY) sales are up for the fourth consecutive month. I admit that I "made up" that last statistical category. But essentially it means that the sales in March 2009, February 2009, January 2009 and December 2008 were all higher than the same months for the last two years."

The foreclosure sale dominates the market, but may be a necessary evil to jump-start one of the largest markets in the southwest. Wilczek says foreclosure sales make up more than 75 percent for March 2009.

"Though March's percentage was a slight increase from February 2009's, the percentage of Phoenix foreclosure sales (Valley wide) has remained relatively stable over the last three months," he says. "This is a change from the trend we saw starting in June 2007 and lasting until December 2008. Foreclosure properties during that time sold at a steadily increasing rate each month -- sometimes by a substantial amount."

Copyright © 2009 Realty Times. All Rights Reserved.

Buyers Go West for Good Deals

From Realty Times of October 17, 2008

Hot Market: Buyers Go West for Good Deals by M. Anthony Carr

You've heard the news that pending sales are up across the country over 7 percent from July to August. While that's the broad brush news, when looking at the details, one sees just how many states in the West are experiencing a huge surge in the number of sales being registered on real estate boards across the region.

Following the trends over the last two quarters, it should be no surprise that the real estate market across the country is slowly beginning to show signs of life. The National Association of Realtors, keeper of national realty sales data, has been releasing the numbers all year of state after state experiencing very healthy sales increases from the 1st quarter to the 2nd quarter.

Leading the way is Idaho, with a 51 percent jump between the two quarters. California was up 25.8 percent followed closely by Nevada at 25 percent. The fourth strongest statewide market was Arizona, up by 20.5 percent.

The only two states to show a quarter over quarter increase from 2nd quarter 2007 to 2nd quarter 2008 was California, up 3.7% and Nevada surging forward at 18 percent.

When news hit about this latest sales increase of 7.4 percent, hidden, again, in the fine print was the fact that sales year over year in the west had jumped a whopping 37 percent. The challenge facing markets now, of course, is the current credit crisis, which will determine if the trends of upward bound sales will continue.
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Copyright © 2008 Realty Times. All Rights Reserved.

Biggest concern now, is it getting too crowded out here? We are projected to double in population in only a decade or two from now!


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Market Conditions

Market Conditions by Realty Times Staff October 10, 2008

The latest report from the National Association of Realtors indicates that pending home sales surged in August -- jumping 7.4 percent. This level is even higher than the August 2007 stats.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. "What we're seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region," he said. "It's unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we're hopeful most of the increase will translate into closed existing-home sales."

Regionally, the West saw the biggest jump for the month of August -- surging 18.4 percent.

The only region that was still below August 2007 levels is the South.

Expert predict that home prices will finally begin to rise again -- by about 2 to 3 percent next year. This comes with prediction about 30 year fixed rate mortgages staying in the 6 percent range throughout 2009.

Copyright © 2008 Realty Times. All Rights Reserved.

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I would add that data on my website shows that September was strong as well.



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PHOENIX & EAST VALLEY SALES & LISTINGS

The latest report for the Southeast Phoenix Valley and Greater Phoenix markets provided courtesy of First American Title.

Please use the BACK arrow to return to this Blog after viewing the data:

MLS INVENTORY - 07/23 - SOUTHEAST VALLEY

Departing from the previous format, during the last 2 weeks Listings up 81, Pending up 53 and Sales down 99. With Active and Pending at 21079 total and divided by sales of gives us 9.8 months of inventory. Based on Active only, that would be 8.3 months.

Again, under a new format, Total Phoenix Area MLS Actives, during the last 2 weeks, up by 308, Pending by 173 and Sold down by 79. This is 11 months inventory, but based on Sales only it is 9.4 months.

MLS INVENTORY - 07/23 - TOTAL VALLEY


Prices continue to decline, driven mostly by sale of REO (Bank owned) properties and Short Sales.

As stated before, it is predicted that the Valley will double in population in 20 years. Good time to buy - I think so!

On a short term time line, the President will likely sign the Mortgage Relief package from Congress, which should help the economy begin to turn upward. Not a total solution, but hopefully will help folks to become a little more positive about tomorrow.

PHOENIX & EAST VALLEY SALES & LISTINGS

The latest "last 30 day" report for the Southeast Phoenix Valley and Greater Phoenix markets provided courtesy of First American Title.

Please use the BACK arrow to return to this Blog after viewing the data:

MLS INVENTORY - 07/08 - SOUTHEAST VALLEY

The number of listings (active and pending) in the SOUTHEAST VALLEY went down by 733 from 2 weeks ago, new contracts in escrow were 466 of those. Sales were up by 52 (2.4%). Summer months are not when a lot of folks are out looking, most make there move earlier to close before schools reopen.

With the total listings at 20964 and SALES at 2252, we now have 9.3 months of inventory in the pipeline for the South East Valley.

Phoenix data is compared to a report of 5 weeks ago.

Results for the total Phoenix MLS area showed the listings decreased by 470 to 60926, while contracts and sales both increased (by 54 and 34 respectively.

We now have 10.7 months of inventory in the Phoenix MLS pipeline.

MLS INVENTORY - 07/08 - TOTAL VALLEY


Prices continue to decline, driven mostly by sale of REPO (Bank owned) properties and Short Sales. Where it will end is anybody's guess, but it is predicted that the Valley will double in population in 20 years. Eventually, the market will begin to turn - we are the nations leader in employment increases which will begin to attract new folks from areas not so fortunate.

City of Phoenix Foreclosure Assistance

A new resource for those facing foreclosure:

New City of Phoenix Website - Foreclosure Help

The City of Phoenix is working actively to address the challenges posed by the foreclosure crisis. Their Web page features an array of resources to help you deal with a foreclosure situation whether you are a homeowner, a concerned resident or a prospective homebuyer.

Many Metros to See No Job Growth

An article from Realty Times:

No Job Growth as Mortgage Crisis Worsens

And if you don't read the article, you will miss this nugget:

"Peak-to-peak employment gains (the difference between the current job level peak and the employment peak prior to the 2001 recession) were led by Phoenix at 307,100 jobs; Houston at 298,300; Washington at 289,400; Riverside at 233,800; and Miami at 220,600."

Hey, we must be doing something right!

PHOENIX & EAST VALLEY SALES & LISTINGS

The latest "last 30 day" report for the Southeast Phoenix Valley and Greater Phoenix markets provided courtesy of First American Title.

Please use the BACK arrow to return to this Blog after viewing the data:

MLS INVENTORY - 06/25 - SOUTHEAST VALLEY

The number of listings in the SOUTHEAST VALLEY went down by only 20 from 3 weeks ago, new contracts in escrow up by 183 but sales were down by 83 (3.6%).

With the ACTIVE listings at 18174 and SALES at 2200, we now have 8.72 months of inventory in the pipeline for the South East Valley.

In the past week I have noted increased activity in both my own office and in the title companies I have visited. Is it a trend in the making or just a blip on the radar screen. We should know more by the next report from 1st American Title.


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I will report of Greater Phoenix in the next report.

PENDING SALES UP NATIONALLY FOR APRIL

An article from CNNMoney.com:

Pending home sales up 6.3%; prices seen falling:

The number of homes under contract to be sold rose unexpectedly..

"The Pending Home Sales Index from the National Association of Realtors (NAR) rose to 88.2 in April, up 6.3% from March's reading of 83 and the highest level since October. The increase defied the consensus estimate of economists polled by Briefing.com, which forecast pending sales to fall by 1%.

Despite the increase, April's reading remains down 13.1% from the same period last year, and off 29% from the index's peak in April 2005."

We will all remember what 2005 looked like, won't we?

PHOENIX & EAST VALLEY SALES & LISTINGS

The latest "last 30 day" report for the Southeast Phoenix Valley market provided courtesy of First American Title.

Please use the BACK arrow to return to this Blog after viewing the data:

MLS INVENTORY - 06/04 - SOUTHEAST VALLEY

The number of listings in the SOUTHEAST VALLEY went down by 518 from 1 week ago, new contracts in escrow decreased by 155 but sales were up by 121 (5.3%).

With the ACTIVE listings at 18194 and SALES at 2283, we now have 7.96 months of inventory in the pipeline for the South East Valley.

Positive results for the total Phoenix MLS area showed the listings decreased by 1246 to 52778, and while new contracts in escrow did decrease by 322, sales increased by 296. We now have 9.3 months of inventory in the Phoenix MLS pipeline.

MLS INVENTORY - 06.04 - TOTAL VALLEY


It is my growing impression from recent reports that most of the sales in our current market are Bank Owned and Short Sale properties. These sales are frequently at much lower prices than the prevailing MLS listing resales. Appraisers will take these lower sales into account when valuing your home so don't be counting on selling at higher prices than the comparables including repos and Short Sales if you list your home. That is not good news for those in distress but Short Sales may be a way to avoid foreclosure. Not easy, but better that a 3 to 4 year delay in your ability to buy another home in the future.

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PHOENIX & EAST VALLEY SALES & LISTINGS

The latest "last 30 day" report for the Southeast Phoenix Valley market provided courtesy of First American Title.

Please use the BACK arrow to return to this Blog after viewing the data:

MLS INVENTORY - 05/28 - SOUTHEAST VALLEY

The number of listings in the SOUTHEAST VALLEY decreased by 40 from 2 weeks ago, new contracts in escrow decreased by 55 but sales were up by 180 (8.9%). Pretty positive gain!

With the ACTIVE listings at 18845 and SALES & PENDING at 5689, we now have 8.7 months of inventory in the pipeline for the South East Valley.

Positive results for the total Phoenix MLS area showed the listings decreased by 95 to 54220, new contracts in escrow were up by 26, and sales completed were up by 446. We now have 10.1 months of inventory in the Phoenix MLS pipeline.

MLS INVENTORY - 05/28 - TOTAL VALLEY


Keep your eye on the market, we may be stabilizing.

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PHOENIX & EAST VALLEY SALES & LISTINGS

The latest "last 30 day" report for the Southeast Phoenix Valley market provided courtesy of First American Title.

Please use the BACK arrow to return to this Blog after viewing the data:

MLS INVENTORY - 05/13 - SOUTHEAST VALLEY

The number of listings in the SOUTHEAST VALLEY decreased by 95 from 2 weeks ago, new contracts in escrow increased by 171 and sales were up by 39 (2.0%). The positive news continues!

With the ACTIVE listings at 18885 and SALES at 2004, we now have 10.6 months of inventory in the pipeline for the South East Valley, up slightly from 2 weeks ago.

Positive results for the total Phoenix MLS area showed the listings decreased by 1330 to 54315, new contracts in escrow were up by 370, and sales completed were up by 540 (11.9%). We now have 9.3 months of inventory in the Phoenix MLS pipeline.

MLS INVENTORY - 05/13 - TOTAL VALLEY


Keep the good times rolling.

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PHOENIX & EAST VALLEY SALES & LISTINGS

The latest "last 30 day" report for the Southeast Phoenix Valley market provided courtesy of First American Title.

Please use the BACK arrow to return to this Blog after viewing the data:

MLS INVENTORY - 05/07 - SOUTHEAST VALLEY

The number of listings decreased by 547 from 2 weeks ago, new contracts in escrow increased by 51 and sales were up by 121(6.6%). The positive news continues!

With the ACTIVE listings at 18986 and SALES at 1965, we now have 9.7 months of inventory in the pipeline for the South East Valley, down from over 10.8 months.

The South East Valley provided most of the positive results for the total Phoenix MLS area which showed the listings decreased by only 217 to 55428, new contracts in escrow were down by 27, althougth sales completed were up by 407 (9.0%).

MLS INVENTORY - 05/07 - TOTAL VALLEY


Keep up the good work, folks.

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