Real Estate News

Arizona will receive $1.6 billion of the $26 billion settlement over bad foreclosure practices that government officials reached with the nation’s biggest lenders today.
Separately, the state will receive $10 million from Bank of America to settle its  lawsuit over alleged mortgage fraud the Arizona Attorney General filed against the lender in December 2010. The settlement of that lawsuit, reached late last night, had to happen for Arizona to participate in the national settlement. BofA is also part of the nationwide settlement.

Metro Phoenix’s median existing home price climbed again in January to $121,500, according to the Information Market.
 The region’s home values ended the year on a high note when the median climbed to $120,000 after falling to $112,000 last August.
The recent increases come after a triple dip for the region’s home values. But many housing market analysts are confident metro Phoenix is past the market’s bottom and should keep slowly improving.
I’ll keep tracking the numbers… …

Senator Merkley talks with Dylan Ratigan on MSNBC about the current foreclosure crisis and how his plan will help prevent families from losing their homes.

Single Family Homes Sales Trends in Fountain Hills, January 2012 January 2011 December 2011 January 2012 Monthly Change in % Annual Change in % Asking Price $407,505 $357,663 $351,769 -1.65% -13.68% Sale Price $380,758 $343,919 $328,131 -4.59% -13.82% % of Asking Price 93.44% 96.16% 93.28% -3% -0.17% Price/SqFt $137 $137 $143 4.38% 4.38% DOM* 161 [...]

Single Family Homes Sales Trends in South Scottsdale, January 2012 January 2011 December 2011 January 2012 Monthly Change in % Annual Change in % Asking Price $303,298 $229,062 $232,328 1.43% -23.4% Sale Price $275,923 $219,903 $221,613 0.78% -19.68% % of Asking Price 90.97% 96% 95.39% -0.64% 4.86% Price/SqFt $137 $125 $123 -1.6% -10.22% DOM* 136 [...]

Single Family Homes Sales Trends in North Scottsdale, January 2012 January 2011 December 2011 January 2012 Monthly Change in % Annual Change in % Asking Price $532,211 $570,654 $569,130 -0.27% 6.94% Sale Price $493,216 $539,220 $534,608 -0.86% 8.39% % of Asking Price 92.67% 94.49% 93.93% -0.59% 1.36% Price/SqFt $170 $177 $175 -1.13% 2.94% DOM* 157 [...]

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.

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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.

Arizona Distressed Property Report - January 2012

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.

Single Family Homes Sales Trends in Fountain Hills, December 2011 December 2010 November 2011 December 2011 Monthly Change in % Annual Change in % Asking Price $330,857 $379,474 $357,663 -5.75% 8.1% Sale Price $312,862 $362,715 $343,919 -5.18% 9.93% % of Asking Price 94.56% 95.58% 96.16% 0.61% 1.69% Price/SqFt $141 $151 $137 -9.27% -2.84% DOM* 173 [...]

Single Family Homes Sales Trends in South Scottsdale, December 2011 December 2010 November 2011 December 2011 Monthly Change in % Annual Change in % Asking Price $223,709 $233,726 $229,062 -2% 2.39% Sale Price $209,946 $219,080 $219,903 0.38% 4.74% % of Asking Price 93.85% 93.73% 96% 2.42% 2.29% Price/SqFt $116 $125 $125 0% 7.76% DOM* 99 [...]

Single Family Homes Sales Trends in North Scottsdale, December 2011 December 2010 November 2011 December 2011 Monthly Change in % Annual Change in % Asking Price $658,718 $576,113 $570,654 -0.95% -13.37% Sale Price $606,115 $545,990 $539,220 -1.24% -11.04% % of Asking Price 92.01% 94.77% 94.49% -0.3% 2.7% Price/SqFt $193 $174 $177 1.72% -8.29% DOM* 165 [...]

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.

Housing recovery may not bring a sales spike

NEW YORK — When the real estate market improves has a lot to do with your perspective on the market, said Alex Perriello, president and CEO for Realogy Franchise Group, during a panel presentation Thursday at theReal Estate Connect conference.

Arizona prosecutors have cracked down on another scheme that takes advantage of homeowners facing foreclosure.
Gerald Lee Kelly, 47, of Gilbert has been indicted by a federal grand jury in Phoenix for wire and mail fraud, money laundering and structuring financial transactions to avoid federal bank requirements.
 

FOR IMMEDIATE RELEASE
Scottsdale, Arizona, United States of America(Free-Press-Release.com) January 14, 2012 –

Contact:
Peter Lupus
Peter Lupus Real Estate Group with ProSmart Realty
480-788-7785
peter@plreg.com

Stabilizing and restoring the health of the housing market is critical to a broader economic recovery, according to a white paper released yesterday by the Federal Reserve Board. Many of the issues and recommendations outlined in the paper support key principles established by the National Association of Realtors® to help revitalize the housing industry and economy.

Pending home sales continued to gain in November and reached the highest level in 19 months, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.

Arizona State University has a new real estate analyst, but he’s no newcomer to metro Phoenix’s housing market.
Mike Orr, publisher of The Cromford Report, the daily online real-estate market analysis for metro Phoenix, has joined the W.P. Carey School of Business. The Oxford University-educated mathematician from England will provide real estate analysis for the university and continue his own real estate report. His new ASU title is director of the Center for Real Estate Theory and Practice.

Sure, the past year was been tough for real estate, but it seems like the rich and famous of the world did more than okay  in that department- as evidenced by so many popular stories of  home prices gone wild. For while 2011 ushered in some of the saddest tales of distressed properties this country has ever seen—and a whole lot of them at that—on the other end of the spectrum, we saw some the most expensive real estate transactions in history. As in ever. And so, in tribute to record-breaking home sales of 2011,  ZipCode brings you…

FHA will keep funding flips

Waiver for 90-day resales extended through 2012