Happy 4th of July, AMERICA!

This day is a fun day filled with family BBQ’s, fireworks, Pool time, lake time, or just plain time to R and R. No matter how you celebrate the day, Have a great day!! 

I want Americans to reflect on what this day stands for. It stands for freedoms, rights, and protection from democracy. Without being political please reflect if we are getting everything from our govenment that we have the rights and freedoms to have.

Happy 4th of July AMERICA!!! Freedom is not free, and we STILL have the right to protect ourselves from our government! 

How's the MARKET? How's the numbers?

Thanks for the information!! HERE Are the numbers....It is real, we are low on inventory!
From: Fletcher Wilcox and Corrie Johnson
June 7, 2012

Report: Shadow inventory dwindled for single family properties in Greater Phoenix 

  For a You Tube video on shadow inventory in Greater Phoenix go to http://mytitleguy.com/2012/06/shadow-inventory-phoenix/

 1. Shadow inventory defined as the number of properties foreclosed on that are now being held by the lender (lender-owned) but not on the market.

 The number of lender-owned single family properties that are not listed or pending dropped twenty-seven percent from May 1, 2010 to June 1, 2012  for a total of 3,562.  So, there is not a dark shadow of properties lenders are holding and waiting to dump on the market.     

                   Single family properties held by lenders but not on market

	May 1	June 1	Difference
Total	4,872	3,562	-1,310 or 27%

 2. Shadow inventory defined as the number of properties in the foreclosure process.  A Notice of Trustee's Sale was recorded against these properties in the foreclosure process.  These properties have yet to go to auction completing the foreclosure process.  Some of these properties will never go to auction because they will end up as short sales.    

There was a very slight increase in the number of single family properties in the foreclosure process.   From May 1, 2012 to June 1, 2012 the increase was twenty-eight properties bringing the total number to 16,903.  

 You might say that 16,903 properties is a lot of properties in the foreclosure process.   Yes, it is, but low compared to the days when there were over 30,000.  But what would happen to property values if all 16,903 single family properties in foreclosure were foreclosed on at auction and released into the market all about the same time?   It is doubtful this would happen.  In May 2012, 2,683 or sixteen percent of the 16,875 homes in the foreclosure process were foreclosed on.   

	May 1	June 1	Difference
Total single family properties in foreclosure process	16,875	16,903	+28 or less than one percent

For the first five months of 2012, there were 11,549 completed foreclosures compared to 23,410 for the same time period last year for a decrease of fifty-one percent.

	January thru May 2011	January thru May 2012	Difference
Completed foreclosures	23,410	11,549	- 11,861 or 51%

3.  The number of foreclosure starts is down for the first five months this year averaging 3,607 per month compared to 7,714 per month for the same time period in 2009.  I define a foreclosure start as the day the Notice of Trustee's Sale is recorded on a property.   

 Even though overall foreclosure starts are down there may be mortgage products that increase in foreclosure starts.  Housing Wire.com on May 31 reported that a study by Lender Processing Services said in April, 63,129 FHA insured loans nationwide went into the foreclosure process, while HUD said the number is 19,000.  Let's take the worst of these two numbers, 63,129.  If we divide by fifty states each state has 1,263 more FHA insured properties in the foreclosure process (of course some states will have more and others less than 1,261).  This is not a big number.  http://www.housingwire.com/news/fha-foreclosures-spike-73-april 

	2009	2010	2011	2012
Foreclosure starts for January thru May	38,572	29,238	21,799	18,034

                                                       Monthly Foreclosure Starts

 Conclusion

 The Greater Phoenix residential market had some of the highest appreciation during the boom and then was one of the first areas to collapse.  Because most foreclosures in Greater Phoenix go through a foreclosure process called a trustee's sale, which is much quicker and less expensive than a judicial foreclosure our market disposed of foreclosure properties much sooner than most other areas of the country, especially those that rely on judicial foreclosures.   

  The decline in foreclosures leading to a decline in listing inventory has led to an increase in sold prices.  The question now is where will listing inventory come from?                                                    

                                                      Declining Listing Inventory

Single family activelistings under $200,000in Greater Phoenix	March 13	April 12	May 13	June 7	March 13 to June 7
	3,194	2,738	2,430	2,305	-889 or 28%

 The information for this report is from NetValueCentral.com and the Arizona Regional Multiple Listing Service, Inc.

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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