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| 10/29/2009 | Homebuyer Credit Gets New Life Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.
Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.
Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)
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| 09/24/2009 | How is the Market? The Million Dollar QuestionI am asked this question everyday by just about everyone that I come into contact with. My experience and take on the market it’s on fire. I find it difficult to find homes for our current list of buyers; as soon as a house goes on the market we are seeing multiple offers. I used to only make this comment about homes under $150,000 but now we are seeing it in good neighborhoods with all price areas. If you are thinking about buying now if the time, please feel free to call us at 602-332-5564 or email bruce@brucethemooserealty.com |
| 09/04/2009 | Get Your $8,000!!! First Time Homebuyers Credit Is Ending SoonMany of our Real Estate Business Annalist says it’s not too late to purchase and take advantage of the credit. As a professional REALTOR I would agree, we must act within the next few weeks to get it done. We may be able to find some local lenders that we can push the envelope with and secure a contract by the last week of October. I am not sure I would wait that long, but let’s not pass this great opportunity up. Please feel free to call (602)332-5564 anytime and let’s get you started. Your $8,000 will vary depending on purchase price and how long its been since you owned your last home. |
| 08/21/2009 | Study: Valley home price skid near the end of the linePhoenix Business Journal - by Jan Buchholz
A new housing study released by Arizona State University concludes that the worst of the housing price declines in the Phoenix market are over for now.
The Arizona State University-Repeat Sales Index still notes that price declines are taking place, but at a much less drastic rate than earlier in the year.
“It is now clear that the worst has passed in terms of the rate of decline in house prices and that prices were falling most rapidly back in February and March,” said Karl Guntermann, the Fred E. Taylor professor of real estate at the W.P. Carey School of Business, who conducted the study.
Guntermann has been doing the Repeat Sales Index since October of 2007. The survey is different from many other housing reports in that it tracks sales activity of a particular property over the course of time. Though that rules out a lot of data, Guntermann said the sampling is still significant.
“We had 3,750 sales pairs in May, so it’s big,” Guntermann said.
Within that May sampling, Guntermann determined that housing prices for May 2009, as compared with May 2008, declined by 33 percent, a significant drop, but less of a drop than what was experienced in February, March and April.
Housing prices in February and March 2009 were down 37 percent from those months last year. In April 2009, housing prices were down 35 percent from the previous year, a slight improvement.
Now with another month of improvement, Guntermann believes a positive trend is being established.
Median home prices, for example, were at their lowest in April at $117,500, but increased to $119,000 in May. Guntermann expects the median price to jump modestly in May to $120,000 when more data is tabulated.
Still the housing picture is sobering.
“The current slide in home prices is the longest in Valley history at 27 months,” the report noted.
Some interesting details emerged in the report, including the observation that the worst price slides from May 2008 to May 2009 occurred in the Glendale submarket with a 39 percent drop in prices. But not far away, in Sun City and Sun City West, housing prices dropped the least during the same time frame: 16.5 percent.
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| 08/14/2009 | Mortgage Rates Move LowerSome great info out today on rates.
Tame inflation data, strong demand for the Treasury auctions, and a lack of surprises from the Fed were all positive for mortgage markets, and mortgage rates ended the week lower.
As expected, the Fed held the fed funds rate steady on Wednesday, and its statement contained few changes. The Fed suggested that economic activity is "leveling out", rather than continuing to decline, and the Fed expects that inflation will remain subdued due to unused capacity in the economy. Of note, the Fed decided not to increase its $300 billion Treasury purchase program, which will end in October. No changes were announced for the $1.25 billion mortgage-backed securities (MBS) purchase program, which is set to conclude at the end of the year. Mortgage rates are largely determined by MBS prices, and the added Fed demand for MBS has helped keep mortgage rates low. Investors will soon need to hear what the Fed plans to do with the MBS purchase program. The direction the Fed chooses could have a significant impact on mortgage rates later in the year.
The economic data released during the week was favorable for mortgage rates. The July Consumer Price Index (CPI) inflation data was unchanged from June, and Core CPI, which excludes food and energy, rose at a tame 1.5% annual rate. Current inflation levels are not a cause of concern for investors. July Retail Sales dropped slightly from June. Excluding autos, the results fell well short of expectations.
By Mortgage Time week of 8/14/09
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| 08/03/2009 | http://www.federalreserve.gov/pubs/mortgagetips/mortgagetips.pdf |
| 08/03/2009 | http://www.federalreserve.gov/pubs/mortgagetips/mortgagetips.pdf |
| 08/03/2009 | 5 Tips for Shopping for a Mortgage On July 29, 2009, the Federal Reserve Board issued a new publication, "5 Tips for Shopping for a Mortgage," to help consumers find the mortgage that is best for them. The 5 tips, including advice and helpful links, are:
1. Know what you can afford.
2. Shop around—compare loans from lenders and brokers.
3. Understand loan prices and fees.
4. Know the risks and benefits of loan options.
5. Get advice from trusted sources.
"5 Tips for Shopping for a Mortgage"
As always please let us know how we can help.
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| 07/15/2009 | Great Facts!!!-Single Family Home Prices Rise in May
-Loan Applications Rise and Interest Rates Fall
-First Time Home Buyers out for the final months to get the $8000 Credit
Please feel free to call or email to see how we may help you in this fast and changing market.
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| 06/19/2009 | Market ConditionThe market is changing everyday at a faster rate then ever before. Last year we were looking at total inventory of around 57,000 homes for sale in the Greater Phoenix Market. This year we are now around 52,023 homes for sale 33,000 homes represent homes that are active for sale, 13,585 pending and 5419 pending with some form of contingency (usually means short sale). What does that really mean? The market is returning to normal levels, if you were to exclude the short sales with no offers at this time which account for around 6,909 homes of the 33,000 we just about at normal levels. Some would say we are now at normal levels. What does all of this really mean to the average seller and buyer? To the seller price your home correct and it should sell with in 80 days and if you are a buyer you must present your best offers. As a buyer you should be fully qualified before you start looking. Please feel free to call if you would like to discuss the market in greater detail. |
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