Real Estate News

The crash of the housing market was notoriously fast and furious in Metro Phoenix. The ‘first-in / first out’ surge of activity we see today marks a lower-end market on fire—the result of the price clock dialed back a decade; the inventory of homes being depleted faster than new listings can replace them; and investors and first-time buyers fiercely competing for what inventory remains.

However, this 30 thousand foot level view misses a landscape of diverse market dynamics that follow from community and price range factors.

“For people who have been waiting to time their home purchases close to the market bottom, it’s time to start shopping,” said Dr. Stan Humphries, Chief Economist at Zillow on April 25. As far as Greater Phoenix is concerned, it would almost certainly have been a better idea to buy a home sometime between February 2009 and December 2011, because by April 25, 2012 the average $/SF for monthly sales had risen to $94.56, the highest point since January 11, 2009. Shopping now will probably be much harder work than at any time in the past 3 years.

Home prices are surging in metro Phoenix, climbing 8 percent in March alone and 20 percent in the past 12 months Continue reading →

Phoenix Arizona Homes - Real Estate news &blogs in the SE valley Phoenix AZ

Scams to try to cash in on the $25 billion settlement with the nation’s largest lenders have already begun, and the deal was finalized just last month.

The Arizona Attorney General is warning consumers to watch out for companies contacting them about the settlement. People who are eligible for part of the settlement will be contacted directly by one of the five major lenders involved — BofA, Citigroup, the former GMAC (now known as Ally Financial), JPMorgan Chase and Wells Fargo.

Phoenix home values are forecasted to experience the largest national gains in 2012, according to a recent report by Zillow. Continue reading →

Phoenix Arizona Homes - Real Estate news &blogs in the SE valley Phoenix AZ

Phoenix group called VIZZDA, which stands for visual data, has created a website with information on commercial foreclosures in metro Phoenix. VIZZDA has data, photos, video, past ownership and the current foreclosure status of all metro Phoenix’s commercial properties and vacant land.

Users including banks, investors, brokers, contractors and vendors, can see what commercial properties are in foreclosure on any given block, a mile-radius or city and then compare them with comps, or recent sales, of similar properties.

Phoenix group called VIZZDA, which stands for visual data, has created a website with information on commercial foreclosures in metro Phoenix. VIZZDA has data, photos, video, past ownership and the current foreclosure status of all metro Phoenix’s commercial properties and vacant land.

Users including banks, investors, brokers, contractors and vendors, can see what commercial properties are in foreclosure on any given block, a mile-radius or city and then compare them with comps, or recent sales, of similar properties.

Phoenix housing has only an inventry of 30 days and new home builders that have on the sidelines are scrambling to get homes on the market Continue reading →

Phoenix Arizona Homes - Real Estate news &blogs in the SE valley Phoenix AZ

Daily Real Estate News | Thursday, April 19, 2012

Banks are agreeing to more short sales, and for the first time,  short sale transactions are exceeding foreclosure deals, according to the most recent housing data from Lender Processing Services (LPS) Inc.

In January, short sales made up 23.9 percent of home purchases, according to LPS. Meanwhile, foreclosures made up 19.7 percent of sales.

Just one year prior, foreclosures made up the bulk at 24.9 percent of transactions while short sales made up 16.3 percent.

Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days.

DMB Associates promoted Charley Freericks  to president earlier this week. Here are some opinions on the housing market, and DMB’s future from the the veteran of Arizona real estate.
1. How would you describe metro Phoenix’s current housing market? Economy?

 This year’s list has few new ones. North Scottsdale Silverleaf community is becoming more popular with mulit-million dollar buyers, but most of the region’s most expensive mansions are still In Paradise Valley.
http://www.azcentral.com/business/realestate/articles/2012/04/05/20120405Phoenix-scottsdale-most-expensive-homes-real-estate.html …

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Home sales shot up 22.3 percent in March as increasingly confident buyers rushed to snap up houses in the peak buying season. Continue reading →

Phoenix Arizona Homes - Real Estate news &blogs in the SE valley Phoenix AZ

Naysayers of metro Phoenix’s housing market recovery might be swayed by this: the median price of an existing home in the region climbed 7 percent during March.
Last month, the median price of a Phoenix-area used home reached $131,000, according the real estate firm AZBidder. That’s the highest the median for the area since June 2010.
A little more positive data. In April, 9,587 houses sold across the region. That’s the highest level since June 2009.