By Amy Hoak
From Marketwatch
Residential real estate, a shining star of the national economy that seemed unflappable over the past couple of years, has hit a speed bump.
Nationally, home price appreciation is slowing down from the rapid pace experienced by many markets over the past few years. Mortgage interest rates are on their way up. Is this any time to be thinking about investing in a home? Of course it is -- if you're buying it for a place to live, not as a speculative investment, and can afford to take the leap.
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Monday, July 31, 2006
Unfinished houses put people in limbo
Carl Holcombe
The Arizona Republic
Jul. 31, 2006 12:00 AM
State and local officials are investigating a months-long work stoppage that has left about 200 unfinished houses in Casa Grande and Maricopa withering in Arizona's summer as home buyers wonder whether they'll ever be able to move in.
Buyers like Laquita Jackson and Cedric Moore, who signed a Turner-Dunn Construction Inc. sales contract more than a year ago, have been stranded in rentals instead of living in their dream home. They fear thousands of dollars in earnest money has evaporated. They haven't been able to contact anyone from Turner-Dunn in weeks.
Read more >>
The Arizona Republic
Jul. 31, 2006 12:00 AM
State and local officials are investigating a months-long work stoppage that has left about 200 unfinished houses in Casa Grande and Maricopa withering in Arizona's summer as home buyers wonder whether they'll ever be able to move in.
Buyers like Laquita Jackson and Cedric Moore, who signed a Turner-Dunn Construction Inc. sales contract more than a year ago, have been stranded in rentals instead of living in their dream home. They fear thousands of dollars in earnest money has evaporated. They haven't been able to contact anyone from Turner-Dunn in weeks.
Read more >>
Rules for a Slowdown: It's a new housing market. Here's how to deal with it
By Alex Markels
Posted Sunday, July 30, 2006
Chevy Chase is one of those Washington, D.C., neighborhoods where lots of folks want to live. Its tree-lined streets boast a patchwork of neatly kept colonials, Tudors, and bungalows. There's a top-rated elementary school, a big park, and gardens lovingly tended by the neighbors. Groceries and restaurants are just blocks away, and best of all in a region known for horrendous traffic jams, it's an easy commute downtown.
Read more >>
Posted Sunday, July 30, 2006
Chevy Chase is one of those Washington, D.C., neighborhoods where lots of folks want to live. Its tree-lined streets boast a patchwork of neatly kept colonials, Tudors, and bungalows. There's a top-rated elementary school, a big park, and gardens lovingly tended by the neighbors. Groceries and restaurants are just blocks away, and best of all in a region known for horrendous traffic jams, it's an easy commute downtown.
Read more >>
A Reckoning With Risk: Will adjustable-rate loans lead to record foreclosures?
By Alex Markels
Posted Sunday, July 30, 2006
Call it the worst worst-case scenario.
The interest rate on your adjustable-rate mortgage jumps just as the housing market enters a prolonged slump. Then something really bad happens: You lose your job. There's a medical emergency. You get divorced. You fall behind on your mortgage payments, and the bank forecloses on your home.
Read more >>
Posted Sunday, July 30, 2006
Call it the worst worst-case scenario.
The interest rate on your adjustable-rate mortgage jumps just as the housing market enters a prolonged slump. Then something really bad happens: You lose your job. There's a medical emergency. You get divorced. You fall behind on your mortgage payments, and the bank forecloses on your home.
Read more >>
Sunday, July 30, 2006
As Valley home market cools, emotions heat up
Glen Creno
The Arizona Republic
Jul. 30, 2006 12:00 AM
Real estate agent Neil Brooks was getting the feeling that his client was about to completely lose it. He'd seen it before.He had just broken some bad news about her house deal, and she wasn't taking it well. She was pacing, yelling and swearing at him, tossing a cellphone from hand to hand.
Read more >>
The Arizona Republic
Jul. 30, 2006 12:00 AM
Real estate agent Neil Brooks was getting the feeling that his client was about to completely lose it. He'd seen it before.He had just broken some bad news about her house deal, and she wasn't taking it well. She was pacing, yelling and swearing at him, tossing a cellphone from hand to hand.
Read more >>
Saturday, July 29, 2006
June 2006 Home Sales Report
Single-family Home Sale Report
Arizona Multiple Listing Service
Links to ARMLS Data:
ARMLS Home Sales Report 2005
ARMLS Home Sales Report 2006
(scroll way down to view a summary of the stats)
Arizona Multiple Listing Service
Links to ARMLS Data:
ARMLS Home Sales Report 2005
ARMLS Home Sales Report 2006
(scroll way down to view a summary of the stats)
| June 2006 | June 2005 | % Change | |
|---|---|---|---|
| Sales Volume | 6,636 | 9,491 | -30% |
| Average Price | $343,867 | $308,600 | +11% |
| Median Price | $254,900 | $236,500 | +8% |
| Listed | 43,172 | 11,134 | +288% |
Thursday, July 27, 2006
Wells Fargo to offer 40-year mortgages
San Francisco Business Times - 2:54 PM PDT 7-25-2006
Wells Fargo Home Mortgage said Tuesday that it will offer 40-year mortgages, adding to the bevy of creative loan products on the market to help home buyers secure financing.
"The primary advantage of a 40-year mortgage is a smaller monthly payment without the risks associated with interest-only loans or Option ARMs," said Joe Rogers, an executive vice president at Wells Fargo Home Mortgage. "A 40-year term reduces monthly payments, making home ownership more affordable."
Read more >>
Wells Fargo Home Mortgage said Tuesday that it will offer 40-year mortgages, adding to the bevy of creative loan products on the market to help home buyers secure financing.
"The primary advantage of a 40-year mortgage is a smaller monthly payment without the risks associated with interest-only loans or Option ARMs," said Joe Rogers, an executive vice president at Wells Fargo Home Mortgage. "A 40-year term reduces monthly payments, making home ownership more affordable."
Read more >>
Monday, July 24, 2006
Tips for Selling in a Changing Market
Tips for Selling in a Changing Market
Chris Palmeri
No doubt the temperature of the housing market has cooled. Bidding wars, multiple offers over asking, forget about it. If you're thinking it's time to sell, Mark Nash, author of "1001 Tips for Buying and Selling a Home" and a working real estate broker in Chicago, has these words of advice.
-Make sure your properties are listed with a large national brokerage. You need all the Internet and print exposure you can get, locally, regionally, and nationally.
-Don't list with a company that demands you pay a commission, even if you don't sell. Apparently some listing agreements do require you to pay a commission either way. So read the contract carefully.
-Don't list your property with a broker for longer than 120 days. Give them four months. "If they can't do it in 120 days, chances are they can't do it in 180 days," Nash says.
-Demand that your broker does a virtual tour and a minimum of eight still photos on their Web site and on Realtor.com. "This is not negotiable," Nash says. "The buyer of your property might be out-of-town, state or the country, think global."
- When pricing your property, look at comparable sales from the last six months. "That's exactly what the buyer's mortgage lender will use," Nash says.
-If you have multiple properties, sell those in the least desirable locations and models first.
-Pay attention to the absorption rate in your market. This is the number of homes for sale divided by the average number of sales in the most recent month. "Three months is fine, six months is okay, nine months is troublesome and twelve-plus, will not be pretty," Nash says.
Chris Palmeri
No doubt the temperature of the housing market has cooled. Bidding wars, multiple offers over asking, forget about it. If you're thinking it's time to sell, Mark Nash, author of "1001 Tips for Buying and Selling a Home" and a working real estate broker in Chicago, has these words of advice.
-Make sure your properties are listed with a large national brokerage. You need all the Internet and print exposure you can get, locally, regionally, and nationally.
-Don't list with a company that demands you pay a commission, even if you don't sell. Apparently some listing agreements do require you to pay a commission either way. So read the contract carefully.
-Don't list your property with a broker for longer than 120 days. Give them four months. "If they can't do it in 120 days, chances are they can't do it in 180 days," Nash says.
-Demand that your broker does a virtual tour and a minimum of eight still photos on their Web site and on Realtor.com. "This is not negotiable," Nash says. "The buyer of your property might be out-of-town, state or the country, think global."
- When pricing your property, look at comparable sales from the last six months. "That's exactly what the buyer's mortgage lender will use," Nash says.
-If you have multiple properties, sell those in the least desirable locations and models first.
-Pay attention to the absorption rate in your market. This is the number of homes for sale divided by the average number of sales in the most recent month. "Three months is fine, six months is okay, nine months is troublesome and twelve-plus, will not be pretty," Nash says.
Sunday, July 23, 2006
Cities, much like people, need to plan as they age
Valley's booming areas in different stages of life
Lynh Bui The Arizona Republic Jul. 23, 2006 12:00 AM
Cities grow up like people. They start life small, bright and full of potential. In youth, they take chances and make plans for the future. When they hit maturity, they worry about health and stability.
Cities across the Valley are riding a tidal wave of growth. Phoenix tops the country in population gain. Maricopa County is the third-largest county in the nation, adding more than 628,000 residents since 2005. And by 2025, Pinal County is expected to have more than 10 times the residents it did in 2000.
Read more >>
Lynh Bui The Arizona Republic Jul. 23, 2006 12:00 AM
Cities grow up like people. They start life small, bright and full of potential. In youth, they take chances and make plans for the future. When they hit maturity, they worry about health and stability.
Cities across the Valley are riding a tidal wave of growth. Phoenix tops the country in population gain. Maricopa County is the third-largest county in the nation, adding more than 628,000 residents since 2005. And by 2025, Pinal County is expected to have more than 10 times the residents it did in 2000.
Read more >>
Wednesday, July 19, 2006
Realty economist: No good time to hold off
Pacific Business News (Honolulu) - 9:44 AM HAST Monday
The chief economist of the Honolulu Board of Realtors says rises in interest rates and home prices don't make it a good time to delay buying a home.
"It's never good to wait in the real estate market," Harvey Shapiro told Pacific Business News. "If I told you to wait last year, you'd be mad at me, or the year before."
Read more >>
The chief economist of the Honolulu Board of Realtors says rises in interest rates and home prices don't make it a good time to delay buying a home.
"It's never good to wait in the real estate market," Harvey Shapiro told Pacific Business News. "If I told you to wait last year, you'd be mad at me, or the year before."
Read more >>
Saturday, July 15, 2006
Existing homes caught in market correction
David van den Berg
The Arizona Republic
Jul. 15, 2006 12:00 AM
Sure, fewer Gilbert houses are being sold for more money. And, properties are sitting on the market longer. But don't fret, real estate agents say. "It's back to a normal market," said Duane Washkowiak, a real estate agent with Century 21 Metro Alliance. "I don't see gloom and doom on the horizon at all."
Read more >>
The Arizona Republic
Jul. 15, 2006 12:00 AM
Sure, fewer Gilbert houses are being sold for more money. And, properties are sitting on the market longer. But don't fret, real estate agents say. "It's back to a normal market," said Duane Washkowiak, a real estate agent with Century 21 Metro Alliance. "I don't see gloom and doom on the horizon at all."
Read more >>
Thursday, July 13, 2006
June resale home sales fall to near 2000 levels
The Business Journal of Phoenix - 1:32 PM MST Wednesday
by The Business Journal
The Arizona Real Estate Center reported Wednesday 5,460 recorded sales for June. This is the weakest amount since June 2000, when 5,020 sales were recorded.
June's activity is down from the 6,870 sales recorded in May.
So far this year, there have been a total of 36,290 sales, while year-to-date sales stood at 58,030 at the same point in 2005.
Read more >>
by The Business Journal
The Arizona Real Estate Center reported Wednesday 5,460 recorded sales for June. This is the weakest amount since June 2000, when 5,020 sales were recorded.
June's activity is down from the 6,870 sales recorded in May.
So far this year, there have been a total of 36,290 sales, while year-to-date sales stood at 58,030 at the same point in 2005.
Read more >>
Friday, July 07, 2006
Inspection critical step in purchasing a home
Jul. 7, 2006 12:00 AM
AZCentral.com
An attic without insulation, plumbing leaks and a rat's nest in an electrical panel are some of the things Southeast Valley home inspectors have come across in examining existing homes for sale.They have also found problems in new homes as well, such as walls that didn't line up square or that weren't attached properly to roofs.Home inspections may cost several hundred dollars and don't guarantee that something won't go wrong. Inspectors don't probe behind walls, take air-conditioners apart and probably won't even climb up on a roof. They can't guarantee how long something will last.
Read more >>
AZCentral.com
An attic without insulation, plumbing leaks and a rat's nest in an electrical panel are some of the things Southeast Valley home inspectors have come across in examining existing homes for sale.They have also found problems in new homes as well, such as walls that didn't line up square or that weren't attached properly to roofs.Home inspections may cost several hundred dollars and don't guarantee that something won't go wrong. Inspectors don't probe behind walls, take air-conditioners apart and probably won't even climb up on a roof. They can't guarantee how long something will last.
Read more >>
Thursday, July 06, 2006
Mortgage rates edge up for 4th weekly increase
Associated Press
Jul. 6, 2006 11:22 AM
WASHINGTON - Rates on 30-year mortgages edged up slightly last week as fears about the Federal Reserve's next rate moves lessened a bit.Freddie Mac, the mortgage company, reported Thursday that rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.79 percent this week, up from 6.78 percent last week.
Read more >>
Jul. 6, 2006 11:22 AM
WASHINGTON - Rates on 30-year mortgages edged up slightly last week as fears about the Federal Reserve's next rate moves lessened a bit.Freddie Mac, the mortgage company, reported Thursday that rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.79 percent this week, up from 6.78 percent last week.
Read more >>
Investing for Homebuying
By Motley Fool Staff July 6, 2006
A Fool reader asked, "If I'm saving money to buy my first home within three years, how should I invest my money so that I get decent returns on my investments?" Here's the answer:
Read more >>
A Fool reader asked, "If I'm saving money to buy my first home within three years, how should I invest my money so that I get decent returns on my investments?" Here's the answer:
Read more >>
State trust reform measures headed to ballot
The Business Journal of Phoenix - June 30, 2006
by Cathy Luebke
The Business Journal
More than 301,000 signatures were turned in at the Arizona Secretary of State's office Friday in support of an initiative to preserve 694,000 acres of state trust land.
State trust land is auctioned off from time to time to help fund K-12 education in the state.
Read more >>
by Cathy Luebke
The Business Journal
More than 301,000 signatures were turned in at the Arizona Secretary of State's office Friday in support of an initiative to preserve 694,000 acres of state trust land.
State trust land is auctioned off from time to time to help fund K-12 education in the state.
Read more >>
Tuesday, July 04, 2006
The Valley's priciest home sales.
Jul. 5, 2006 12:00 AM
A professional golfer and a doctor from Hawaii are among the buyers and sellers on the latest list of the Valley's priciest home sales.
$4,500,000
A Nevada limited-liability company, M.I.C. Investments, sold a house in the Estancia community of Scottsdale to Eric and Dawn Wnuck. The house covers 5,400 square feet and has a six-car garage, Maricopa County records show.
$3,200,000
Read more >>
A professional golfer and a doctor from Hawaii are among the buyers and sellers on the latest list of the Valley's priciest home sales.
$4,500,000
A Nevada limited-liability company, M.I.C. Investments, sold a house in the Estancia community of Scottsdale to Eric and Dawn Wnuck. The house covers 5,400 square feet and has a six-car garage, Maricopa County records show.
$3,200,000
Read more >>
Tempe vote could signal a shift
By Garin Groff, Tribune
July 4, 2006
For years, savvy Tempeans knew the way to get and keep power was to bow to a few sacred cows: Praise Tempe Town Lake. Hail downtown redevelopment, even if that meant condemning land or giving massive subsidies to private businesses. Endorse transit projects like light rail.
Read more >>
July 4, 2006
For years, savvy Tempeans knew the way to get and keep power was to bow to a few sacred cows: Praise Tempe Town Lake. Hail downtown redevelopment, even if that meant condemning land or giving massive subsidies to private businesses. Endorse transit projects like light rail.
Read more >>
Sunday, July 02, 2006
What they're buying: Real estate, international funds
Stock volatility is likely to continue. But diversification may help smooth out bumps and risk.
Read more >>
Read more >>
Tempe's "Balboa Park" not farfetched
Jun. 30, 2006 12:00 AM
I'm back from a recent week at Mission Bay, tanned, relaxed and thinking about something.
Local leaders have talked at times about trying to turn Papago Park into a local version of Balboa Park. That's about as likely as turning Town Lake into the Pacific.
But there is a good thought buried in there somewhere. When we weren't at the beach house or on the beach that week, we were usually at Balboa Park. It's a magnet for many reasons.
Read more >>
I'm back from a recent week at Mission Bay, tanned, relaxed and thinking about something.
Local leaders have talked at times about trying to turn Papago Park into a local version of Balboa Park. That's about as likely as turning Town Lake into the Pacific.
But there is a good thought buried in there somewhere. When we weren't at the beach house or on the beach that week, we were usually at Balboa Park. It's a magnet for many reasons.
Read more >>
Saturday, July 01, 2006
Survey: 30-year mortgage rate nears 7 percent
By Holden Lewis • Bankrate.com
Money costs a lot more today than it did just three months ago. The average rate on a 30-year, fixed-rate mortgage is flirting with 7 percent and is almost half of a percentage point higher than it was at the end of March.
Read more >>
Money costs a lot more today than it did just three months ago. The average rate on a 30-year, fixed-rate mortgage is flirting with 7 percent and is almost half of a percentage point higher than it was at the end of March.
Read more >>
Developers compete over parcel beautification
Katie Nelson
The Arizona Republic
Jul. 1, 2006 12:00 AM
There were no bathing suits or makeup-caked tears Thursday night, but there was lots of spouting off about dreams and aspirations at a rare beauty contest of sorts held by the Tempe City Council.
Five developers made 15-minute pitches about why they should be chosen to buy and pretty up a key piece of property at Fifth Street and Farmer Avenue.
The council hasn't had such a show in the last five years. And despite most of the developers touting all sorts of bells and whistles, there was no clear-cut winner.
Read more >>
The Arizona Republic
Jul. 1, 2006 12:00 AM
There were no bathing suits or makeup-caked tears Thursday night, but there was lots of spouting off about dreams and aspirations at a rare beauty contest of sorts held by the Tempe City Council.
Five developers made 15-minute pitches about why they should be chosen to buy and pretty up a key piece of property at Fifth Street and Farmer Avenue.
The council hasn't had such a show in the last five years. And despite most of the developers touting all sorts of bells and whistles, there was no clear-cut winner.
Read more >>
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