Have you heard?

Boy  I have been bad about blogging….Sorry blogger friends! Good news to that is I have been busy selling homes here in Queen Creek, San Tan Valley, Phoenix and Surprise!!  Love being busy helping buyers find the right home and love helping sellers make some money!! I love when I sit with sellers and am able to tell them that our market it moving in the right direction!!! Home prices have gone up! And Short Sales are getting easier! Yes I said it, short sales are getting easier. AND, There is more……THEY are offering cold, hard CASH to short sale in stead of foreclosure! See below!

NEW YORK (CNNMoney) — Bank of America is offering some struggling homeowners payments of up to $30,000 if they sell their homes in a short sale and avoid ending up in foreclosure.

Under the plan, Bank of America (BAC, Fortune 500) will offer homeowners so-called relocation payments of between $2,500 and $30,000 if they sell their home in a short sale. In short sale deals, the sale price of the home is less than what the seller owes the bank.

The bank first tested the payments in a pilot program in Florida last fall. Under that initiative, Bank of America paid up to $20,000 to borrowers who sold their homes in short sales.

“This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home,” said Bob Hora, an executive for the bank.

Short sale make up 1-in-4 homes sold

Chase (JPM, Fortune 500) started a similar initiative in late 2010 that pays as much as $35,000 to short sellers. Wells Fargo (WFC,Fortune 500) has also paid five-figure incentives to short sellers or to owners who turned over their deeds to the bank.

BofA said it has completed 200,000 short sales over the past two years. These sales are generally more cost effective for banks than foreclosures. By avoiding foreclosure, the lenders get distressed properties back from delinquent borrowers more quickly, which helps them to avoid property tax payments, maintenance expenses and legal fees that can build up for months, even years, as foreclosures work through the system.

http://money.cnn.com/.element/ssi/video/5.1/players/story.player.html?p=0&d=58038096

In addition, the incentives help guarantee the homes will return to the lenders in better condition. Foreclosed properties are often poorly maintained, even sometimes sabotaged, by angry former owners, making them worth far less to the banks.

During the last three months of 2011, foreclosures sold for an average of about $150,000, according to RealtyTrac. Meanwhile, short sales sold for an average of about $185,000.

Banks pay delinquent borrowers up sell their homes

To qualify for Bank of America’s relocation payments, borrowers must obtain pre-approval on sale prices for their homes. The sale must begin by the end of 2012 and close by September 26, 2013.

The exact compensation is determined case-by-case based on a calculation that involves the home’s value, mortgage balance and other factors.

Borrowers can call 877-459-2852 to find out if they may be eligible for the program. 

Housing Affordability Reaches Records

GOOD NEWS!! SeE below!!!DAILY REAL ESTATE NEWS | TUESDAY, MAY 15, 2012

Housing affordability conditions for all buyers reached a milestone in the first quarter, according to the National Association of REALTORS®.

NAR’s composite quarterly Housing Affordability Index rose to a record high of 205.9 in first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark; recordkeeping began in 1970.

NAR President Moe Veissi said market conditions are optimal for home buyers. “For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present,” he said. “Although home prices are stabilizing and sales are rising, some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means. This is especially true for self-employed buyers.”

Veissi noted home sales would be much higher if lending standards would return to normal.

The index shows the median-income family, earning just under $61,000, could afford a home costing $325,500 in the first quarter, which is more than double the national median existing single-family home price of $158,100. The median monthly mortgage principal and interest payment for a median-priced home would take only 13.5 percent of gross income.

A companion index measuring the ability of first-time buyers to purchase a home also set a record, with the first-time buyer index reaching 135.8 in the first quarter.

Assumptions for the first-time buyer index include a lower income, at 65 percent of median family income, a starter home costing 85 percent of the median price, and a down payment of 10 percent. This index means the typical entry-level buyer could afford a home costing $182,500, which is well above the overall median price.

“It’s never been easy to buy a first home because of the cash required for downpayment and closing costs, but conditions for first-time buyers who are able to get a mortgage have never been better,” Veissi explained.

Most first-time buyers choose a loan with a lower down payment, often an FHA-insured loan with 3.5 percent down, and some use the VA program with no down payment.

Both home prices and mortgage interest rates are expected to edge up modestly as the year progresses, but housing affordability will remain very favorable with the median-income household well positioned to afford a median-priced home. For all of 2012 the index is projected to set an annual record, averaging 191 for the year.

Top 10 Turnaround Housing Markets

I know if you are an agent in the Phoenix/Mesa area this information is not news, it has been reality. I know out here in Queen Creek  and San Tan Valley  market has turned crazy and we are busy helping buyers find the right home and helping sellers get the best possible dollar for their homes! The numbers are in and it is official!! We are on the move UP! See below!

DAILY REAL ESTATE NEWS | THURSDAY, MAY 10, 2012

Cities hardest hit by the foreclosure crisis are among some of the cities leading a housing recovery, Move Inc. reports in its Top Turnaround Town Report for May.

Move Inc. compiled a list of Top Turnaround Towns for this month, using year-over-year housing data from the first quarters of 2012 and 2011. Many of the cities in the top 25 that have seen the biggest boosts in price appreciation are also seeing a big drop to inventories of homes for-sale. Some of the states that suffered the worst of the foreclosure crisis — such as Florida, Arizona, and California — have cities represented on the list, and are showing some of the biggest signs of recovery.

The following are the top 10 turnaround markets, according to Move Inc.’s report from May (including the year-over-year median list price increases).

1. Phoenix-Mesa, Ariz.
Median list price increase from Q1 2011 to Q1 2012: +26.94%
2. Miami
Median list price increase from Q1 2011 to Q1 2012: +24.32%
3. Orlando
Median list price increase from Q1 2011 to Q1 2012: +11.54%
4. Boise City, Idaho
Median list price increase from Q1 2011 to Q1 2012: +17.53%
5. Naples, Fla. 
Median list price increase from Q1 2011 to Q1 2012: +14.34%
6. Oakland, Calif. 
Median list price increase from Q1 2011 to Q1 2012: +7.07%
7. Fort Myers-Cape Coral, Fla. 
Median list price increase from Q1 2011 to Q1 2012: +18.27%
8. Lakeland-Winter Haven, Fla.
Median list price increase from Q1 2011 to Q1 2012: +12.95%
9. Sarasota-Bradenton, Fla. 
Median list price increase from Q1 2011 to Q1 2012: +12.56%
10. Tampa-St. Petersburg-Clearwater, Fla.
Median list price increase from Q1 2011 to Q1 2012: +11.92%

“We continue to see signs of stabilization and recovery on the local level throughout the country,” says Steve Berkowitz, CEO of Realtor.com operator, Move Inc.  “By all indications, the 2012 housing market is unfolding as we expected, and we’re encouraged with the progress local markets are making. However, much will depend on the continued health of our economy, specifically job rates, and how lenders will release their foreclosure inventories.”

Source: Realtor.com
www.sellingazwithrebecca.com

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Home Buying Gets Another Boost in Affordability

DAILY REAL ESTATE NEWS | FRIDAY, MAY 04, 2012

For home buyers or refinancers, borrowing costs for home ownership just got a little cheaper as mortgage rates took another dip to new all-time record lows this week, Freddie Mac reports in its weekly mortgage market survey.
"Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week,” says Frank Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at average rates for the week ending May 3:

• 30-year fixed-rate mortgages: averaged 3.84 percent, with an average 0.8 point, reaching a new historical low. The previous record for 30-year rates was 3.87 percent, which was set on Feb. 9 of this year. A year ago at this time, rates averaged 4.71 percent. 
• 15-year fixed-rate mortgages: averaged 3.07 percent, with an average 0.7 point, another historical low. The previous record for 15-year rates was 3.11 percent set on April 12 this year. A year ago at this time, 15-year rates had averaged 3.89 percent. 
• 5-year adjustable-rate mortgages: averaged 2.85 percent, with an average 0.7 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 3.47 percent. 
• 1-year ARMs: averaged 2.70 percent this week, with an average 0.6 point, also registering at a new all-time low. Last year at this time, 1-year ARMs averaged 3.14 percent. 

Source: Freddie Mac
Homes here in the San Tan Valley and Queen Creek area are still low, we do have a shortage of homes, but the prices are still fair. You can buy a home for LESS then rent..call me today to see what I can do for you!!!
480-275-9566 text or call
rebeccakallhoff@gmail.com
www.sellingazwithrebecca.com

REOs Get Pricier, Report Shows

I know here in  San Tan Valley and the Queen Creek area this is true. REO's or foreclosures are no longer the "cheap" homes on the market. We have so few REO's on the market that the bidding wars are raising the prices even more then the asking price.  See the article below. 

DAILY REAL ESTATE NEWS | TUESDAY, MAY 01, 2012

REO prices have risen 5.5 percent over the last year, whereas market sales prices have fallen 2.9 percent, Clear Capital reports in its April housing data index. 

Investors are snatching up REOs, fueling price gains for distressed properties. Clear Capital, which measures median price per square foot, finds that REO prices are rising at a much quicker pace than prices for non-REO sales. 

“Should investor interest continue to drive the expansion of REO-to-rental programs over the next several months, there could be a significant impact on the market overall in terms of providing a rising floor to home values,” says Alex Villacorta, Clear Capital’s director of research and analytics. 

Source: “Bucking Trend, REOs Show Price Gains: Clear Capital,” HousingWire (April 30, 2012)

For more information at www.sellingazwithrebecca.com

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Survey: Moves for Job Relocations on the Rise

Good news for people who are needing to sell their homes! We have people moving in! See this great article below. Also, I know here in San Tan Valley/Queen Creek area we going to see a growth in the next few years do to the new industry that is coming in around the area!! 

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 02, 2012

After a slowdown in corporate moves the past few years, more companies are planning to get their employees moving, according to a new survey.
Twenty-six percent of companies plan to relocate more workers this year than last year, according to the 2012 Corporate Relocation Survey, conducted by Atlas Van Lines.
The top places for corporate moves is the Northeast (42 percent), followed by the Midwest (37 percent), South (31 percent), and the West (26 percent).
The Atlas Van Lines survey also found that:

• 86% of companies plan to spend as much or more on relocation in 2012 than in 2011. 
• More companies are also now offering relocating employees full reimbursement, not just lump sum or partial reimbursement.
• 52% of all relocations last year were for new hires.
• The most frequently moved employee in 2011 are employees aged 36-40. 

Some Employees Decline to Move
In 2011, 57 percent of companies say that employees declined a relocation. The top reasons that employees said they did not want to relocate:

• Housing and mortgage concerns: 71%
• Family issues/ties: 64%
• Personal reasons: 42%

Source: Atlas Van Lines, 2012 Corporate Relocation Trends
www.sellingazwithrebecca.com

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It is HOT lets make a Splash!

Hi friends. Not going to talk real estate!!! I know crazy! I am tired of it today!! :) But I do want to talk serious about pools. They are awesome to have, especially if you live here in Arizona. We are able to use them and enjoy them for nearly six months out of the year. I personally have one that we all enjoy on these warm AZ days, but they are not all fun. Every year we hear of children drowning in a pool. We hear it all too often and it is so tragic when it can be prevented. So I wanted to just remind everyone some pool safety tips.

Drowning Prevention Fact Sheet

Key Facts

• Since 1999, an average of more than 815 children ages 14 and under have died as a result of unintentional drowning each year.

• In 2008, 745 children ages 14 and under died from unintentional drowning.

• Since 2001, an average of more than 3,700 children sustained nonfatal near drowning-related injuries each year.

• In 2009, more than 5,000 children sustained nonfatal near drowning-related injuries.

• Drowning is the third leading cause of unintentional injury-related death among children ages 14 and under.

• From 2006 to 2008, each year there have been approximately 5,100 pool- or spa-related submersion injuries treated at emergency departments and 383 pool- or spa-related deaths among children ages 14 and under.

• Children under 5 years of age represent a majority (76 percent) of reported fatalities and almost 80 percent of emergency department-treated submersion injuries.

Where, When and How

• Swimming pools are the most common site for a drowning to occur among children between the ages 1 and 4 years.

• Approximately 72 percent of pool submersion deaths and 55 percent of pool submersion injuries occur at a home.

• Eighty-four percent of drowning deaths among children ages 5 and under occur at a home, while 45 percent of fatalities among children ages 5 to 14 occur at a public pool.

• From 1990 to 2005, there were approximately 100 reported cases of body entrapment by a pool or spa drain. From 1990 to 2004, there were 43 incidents of hair entanglement in the drains.

• From 2004 to 2006, 47 children died in inflatable pools. From 2001 to 2009, 244 portable pool submersion cases were reported involving children ages 11 and under.

• According to a national study of drowning-related incidents involving children, a parent or caregiver claimed to be supervising the child in nearly nine out of 10 child drowning-related deaths.

• Two-thirds of drowning deaths occur in the summer, between May and August, and most commonly on the weekends.

• The majority of infant (less than 1 year old) drowning deaths happen in bathtubs or large buckets.

• Recreational boating accidents caused 9 drowning deaths among children ages 12 and under in 2010; more than half of the children were not wearing personal flotation devices (PFDs) or life jackets.

Who

• In 2008, children ages 4 and under had the highest drowning death rate (about two times greater than other agegroups) and accounted for 65 percent of drownings.

• Male children have a drowning rate twice that of female children.

• Black children ages 5 to 14 have a drowning rate three times that of their white counterparts.

• Low-income children are at greater risk from non-swimming pool drownings.

Proven Interventions

• Four-sided isolation fencing around home pools could prevent 50 to 90 percent of childhood drownings and near-drownings. When used properly, door alarms, pool alarms and automatic pool covers add an extra layer of protection.

• The use of specially-made drain covers, safety vacuum-release systems, multiple filter pumps and other pressure-venting pool filter mechanisms can reduce the risk of entrapment.

• It is estimated that half of all drowning events among recreational boaters from 2000 to 2006 could have been prevented if personal flotation devices were worn. In 2003, 62 percent of children ages 14 and under who drowned in reported recreational boating accidents were not wearing PFDs or life jackets.

• Educational efforts focused on PFDs and safe boating practices are effective in increasing PFD usage.

Costs

• In 2000, fatal drowning or submersion-related injuries cost a total of $5 billion in the United States.

• In the United States, the total annual cost of drowning-related deaths among children ages 14 and under is over $800 million.

Laws and Regulations

• The U.S. Consumer Product Safety Commission has developed guidelines, including education and labeling, to address the hazard of infants drowning in five-gallon buckets.

• Ten states and many communities have safety laws requiring some type of fencing around residential swimming pools.

• Congress passed the Virginia Graeme Baker Pool and Spa Safety Act in 2007, which requires that all public pools and spas use anti-entrapment devices, such as drain covers, unblockable drains and safety vacuum release systems.

• The U.S. Coast Guard requires that all children under age 13 wear a personal flotation device while on a recreational vessel. Forty-eight states, as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands, have some form of legislation that requires children to wear PFDs.

• Recreational boats must carry one properly-sized, U.S. Coast Guard-approved PFD (accessible and in good condition) for each person on board.

 http://www.safekids.org/our-work/research/fact-sheets/drowning-prevention-fact-sheet.html

www.sellingazwithrebecca.com