Real Estate News

New data shows the number Phoenix-area homes taken back by lenders fell to its lowest level in January since early 2008.
Last month, there were 2,263 foreclosures, or trustee sales, in the region, according to the Information Market. Pre-foreclosures, also known as notice of trustee sales, fell to 2,932, the lowest level since the summer of 2007.

  …

read the rest of this post

The much-anticipated details of a sweeping plan to help nearly 15 million Americans  underwater on their mortgages refinance to lower rates were announced this morning by President Barack Obama during a speech in Falls Church, Virg.
The plan, first mentioned in one of the president’s speech last October, would be broadened to include not only homeowners with Fannie Mae and Freddie Mac mortgagesd, but also 3.5 million homeowners with privately-held home loans.

Gilbert, AZ – Peter Lupus and ProSmart Realty announced today that Peter Lupus has achieved the Certified Distressed Property Expert (CDPE) designation from the Charfen Institute. Lupus is the first and only REALTOR® in his organization to receive the designation, joining the agents worldwide that have earned the certification to help aid people in troubled housing situations.

In President Barack Obama’s State of the Union last night, he vowed to keep the “American dream” alive.
His plan includes legislation that would extend the expanded HARP refinancing program to homeowners with private loans.
 Currently only underwater homeowners with mortgages backed by government-owned Fannie and Freddie Mac are eligible. To qualify, it doesn’t matter how much homeowners are underwater, but they can’t have missed more than one payment.

 Fannie Mae and Freddie Mac are changing the rules in a way doing something that could make metro Phoenix’s many home investors very happy.
The new program that allows homeowners with mortgages held by those government-owned mortgage giants to refinance, no matter how underwater they are, now will include investors. When the expanded Home Affordable Refinancing Program, or HARP, was  announced in October, investors weren’t going to be to be included.

New-home sales across the Phoenix area in 2011 hit their highest level at the end of the year, according to the “Phoenix Housing Market Letter.”
In December 855, new homes sold. That’s nearly double the monthly rate in Phoenix for most of 2011. It could be that the supply of foreclosure- and resale homes is at a seven-year low, or the near-record low interest rates.

Problems similar to those that played out lenders, servicers and borrowers in housing market during its foreclosure crisis, are now issues for the commercial real estate market.
Earlier this week at a Arizona Commercial Mortgage Lenders Association meeting, much of the discussion was about difficulties of buying office buildings, hotels, warehouses, apartments and shopping centers in foreclosure.

West Valley single family homes, condos and townhouses sales reports for December 2011 including:Avondale, El Mirage, Glendale, 

East Valley Market Conditions, December 2011

East Valley single family homes, condos and townhouses sales reports for December 2011 including:Apache Junction, Chandler, Gilbert, 

Rio Verde Market Conditions, December 2011

Posted January 17th, 2012 by Matthew Pellerin

in

• Real Estate
• Arizona
• Blogs
• Phoenix

Embed ChartProvided by PhoenixHomes.comSimply copy and paste the HTML code into your site. Click to continue  »

Central Corridor Market Conditions, December 2011

Posted January 17th, 2012 by Matthew Pellerin

in

• Real Estate
• Arizona
• Blogs
• Phoenix

Embed ChartProvided by PhoenixHomes.comSimply copy and paste the HTML code into your site. Click to continue  »

Carefree Market Conditions, December 2011

Posted January 17th, 2012 by Matthew Pellerin

in

• Real Estate
• Arizona
• Blogs
• Phoenix

Embed ChartProvided by PhoenixHomes.comSimply copy and paste the HTML code into your site. Click to continue  »