Real Estate News

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.

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

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.

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

Phoenix Real estate experts predict the Valley’s housing glut is reaching its end as early as spring & see a shortage then. Continue reading →

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

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

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.

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

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 [...]

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

Posted January 17th, 2012 by Matthew Pellerin