Archive for July, 2008
On the move
July 30th, 2008 categories: Blogging, General Information
After 4 wonderful years at Keller Williams Realty East Valley, I have moved to a local real estate company-Thompson’s Realty. Jay Thompson, the designated broker-known to many as “The Phoenix Real Estate Guy“ is nationally known and respected blogger and Realtor. 
Jay and his wife Francy, are dedicated to providing outstanding customer service and use the latest technology in their business-the values that are so important to me in my real estate business. Read more about Thompson’s Customer Service Philosophy
Needless to say I am thrilled to be apart of such a great company and will continue to provide great service to my clients-using technology to ensure a great home buying or selling experience.
I thank Keller Williams for all of the training, teaching and support that they gave me when I first started in real estate and will miss all my friends, but change brings growth and I look forward to my new adventure.
| Discussion: 7 Comments »
Thank you Agent Genius
July 27th, 2008 categories: Blogging
Last week, I was invited to be a contributing agent to the national real estate magazine-Agent Genius:
“Agent Genius is the first multi-author real estate blog designed by and for real estate agents nation wide. Unlike other real estate blogs that blog at the consumer, we blog beside the consumer. We talk about whats hot in technology, new and inventive real estate business models, the nature of the real estate industry, hot topics that impact consumers and so much more… “
I have to say it is an honor to be associated with some of the best and brightest agents across the country.
If that is not enough, Agent Genius won Inman’s Most Innovative Blog, this past week at Inman Connect SF 2008.
Congratulations Benn and Lani- AG’s founders on a well deserved award and thank you for letting me be apart of such a wonderful group of people.
| Discussion: 5 Comments »
More Changes for Phoenix Home Buyers
July 25th, 2008 categories: Mortgage and Lending, Real Estate News
As I wrote in my last post, with the Senate passing a new housing bill and the anticipation that the President will sign the bill, here are some of the ramifications of this new bill and the impact on home buyers in Phoenix as well as buyers across the country.
Included in the bill is the elimination of seller funded down payment assistance programs such as Ameridream, Nehemiah & Partners in Charity. FHA statistics show 
that Borrowers who take part in these arrangements go to foreclosure at nearly three times the rate of borrowers who put their own money down. If you are thinking of buying a home in Phoenix with a DPA program, act fast, buy now your time is limited.
FHA Loans-Up-front & Monthly MIP (Mortgage Insurance Premium)
All FHA loans used to be standardized with a 1.5% upfront MIP and a .50% factor for monthly mortgage insurance. Things are changing, now both upfront MIP and monthly rates are on a tier system based on down payment, loan term (15 or 30 years), credit score and use of traditional or non-traditional credit. Upfront MIP now ranges from 1.25% to 2%. The monthly factor now ranges from .25 - .55%. Remember, up-front MIP can be financed into the loan or paid in cash up front by buyer or seller. Monthly mortgage insurance is required on all FHA loans, regardless of down payment amount.
| Discussion: 2 Comments »
Ameridream, Nehemiah DPA Programs-Going Away?
July 24th, 2008 categories: Mortgage and Lending, Real Estate News
The House on Wednesday voted 272-152 to pass legislation that will offer up to $300 billion in assistance to troubled homeowners and give support to Fannie Mae and Freddie Ma.
The new Federal housing bill is expected to be signed into law very quickly in order to grant the Feds authority and the means to take over Fannie and Freddie. The President has already rescinded his earlier threat to veto and has now promised to sign.
In the new bill there is a provision to eliminate the FHA Seller Assisted Dowpayment Programs (ADP) through Nehemiah and AmeriDream. The bill gives a stop date for the programs of October 1, 2008, however, lenders will be permitted to discontinue the ADP at their discretion anytime before October 1!
There is opposition to the elimination of this program, but if you are thinking about buying a home in Phoenix with one of these programs, it might be time to get off the fence-time is not on your side.
If you are currently under contract with such a loan program, you should be ok, unless it is a short-sale transaction-which could take 2-3 months to close, in which you may be at risk of losing your financing, check with your lender for more detailed information.
| Discussion: 3 Comments »
Good News for East Valley Commuters!
July 21st, 2008 categories: General Information, Real Estate News
The last and final leg of the Loop 202 opened this morning, hopefully bringing releif to commuters in the East Valley.
The biggest benefit will be for all the people from east Mesa or Apache Junction who’ll no longer have to use U.S. 60 to Loop 101 on their commute to north Phoenix.
This final addition may have even more positive ramifications for the city of Mesa.
“Mesa is also working to build an internationally known destination with high-rise corporate office buildings, world-class resorts and an efficient mix of transportation and housing around Gateway Airport near Power and Williams Field roads.”
This is also great news for residents of Las Sendas and the new community of Mountain Bridge, located just minutes from the newly opened section.
“It will also ease the drive to Arizona State University Polytechnic, at Gateway Airport, the school’s fastest-growing campus with 9,000 students.”
With gas prices still at $4.00 plus a gallon, this is certainly a welcome addtion for East Valley commuters.
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Just a Reminder
July 20th, 2008 categories: General
Another tragic story:
2-Year old pulled from backyard pool dies!
As reported from the Arizona Republic:
A 2-year-old boy who was pulled out of a backyard pool …Read More….
We live in the Valley of the Sun and many of us have pools- please watch you kids around the pool.
I have two boys, 15 and 17, and they are not allowed to swim in our pool unless I am at home- it does not matter what age they are- Watch you kids around water!!
| Discussion: 2 Comments »
Where’s Waylon-July 18, 2008
July 18th, 2008 categories: Where is Waylon
Well, he has been playing
with his buddy Jesse, 
and now taking a rest in my office, and today when I got home from showing homes, I got the traditional wiggle and smile- aka his nickname- Mr Wiggles- need to get pics of that- oh he brings such joy to me!!
Remember to please spay or neuter you pet!
If you are interested in adopting a forever friend of the Basset or Bloodhound variety, please visit the AZ Basset Hound Rescue .
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Tempe Real Estate Market Statistics June 2008
July 14th, 2008 categories: Market Statistics
Here are the numbers for single family homes in Tempe Real Estate for the month of June 2008.
Active Listings: 554
New Listings: 185
Pending Sales: 91
Sold Homes: 80
The average sales price showed an increase of 5% from May 2008. The average sales price for Tempe homes was $283,226 for the month of June.
There was an increase in listings and the sales and pending Tempe homes for sale declined leading to an increase in inventory and an increased absorbtion rate. The current inventory of homes for sale in Tempe increase to 6.9 months compared to last months inventory of 4.4 months.
| Discussion: 1 Comment »
Licensing of loan workers-Napolitano signs bill
July 10th, 2008 categories: Mortgage and Lending, Real Estate News
As we might expect with the current mortgage meltdown and foreclosure crisis in Phoenix and with the arrests of many involved in the mortgage industry the demand for some sense of regulation should be expected. Today the govenor of Arizona signed into law a bill requiring state licensing of mortgage loan workers.
The Associated Press
Arizona Gov. Janet Napolitano on Monday signed into law a bill requiring state licensing of mortgage loan workers. While the state already regulates mortgage brokers and mortgage bankers, the law will require licensing of an estimated 10,000 loan originators and front-line employees of mortgage brokers and other lenders who typically interview loan applicants and act as middlemen between lenders and consumers. Supporters say it will help weed out fraud, prevent abuses and protect consumers. Opponents questioned whether it would burden business and said it won’t prevent buyers from lying about their income. The issue came before the Legislature while the mortgage industry faced scrutiny because of foreclosures and other problems associated with the subprime loan crisis. The law goes into effect Jan. 1, 2010.
From an email I received today from Amy Swaney of Artisan Mortgage:
There has been no rulemaking process so there are not many details. Here are excepts from the bill as submitted to the Governor, so far this is some of what is known but this list is not inclusive…
1. Requires an applicant for a license to do all of the following:
a) complete a loan originator course approved by the Superintendent during the year preceding the time of application or have at least three years of loan origination experience immediately preceding the time of application.
b) pass a loan originator examination approved by DFI within the year preceding the granting of the license.
c) submit an application in writing as prescribed by DFI with any additional information as requested.
d) submit a nonrefundable application fee, as determined by the Superintendent.
2. Requires the mortgage broker or banker who hires a loan originator to:
a) submit a written notice from an officer or other authorized person to the Superintendent.
b) provide the written notice before the originator begins employment.
c) date, sign and notarize a written request for the originator’s license.
Exemptions
Provides a licensing exemption for the following groups:a) a person employed by a person who does business under any other law of Arizona or another state relating to banks, savings banks, trust companies, savings and loan associations, profit sharing and pension trusts, credit unions, insurance companies or consumer lenders or receiverships.
b) a person who is licensed as a mortgage broker, mortgage banker or commercial mortgage banker.
c) a person who is a resident of this state, is in an active management position over the activities of a mortgage broker, mortgage banker or commercial mortgage banker and who does not act as a loan originator.
d) an employee of a commercial mortgage banker.
e) an employee of a person who is licensed and who affirms in writing that the person will not make or negotiate a mortgage loan for a residential dwelling of one to four units.
f) a person who, as seller of real property, receives one or more mortgages or deeds of trust as security for a purchase money obligation.
g) any entity subject to regulation and supervision by a federal banking agency, and any operating subsidiary or affiliate of the entity.
Prohibited Acts
1. Prohibits, beginning January 1, 2010, a loan originator from:a) acting on the originator’s own behalf, accepting any monies or documents in connection with an application for a mortgage loan.
b) receiving compensation in connection with negotiating or arranging a mortgage loan if the person is not licensed.
c) contracting with an unlicensed independent party who acts as a loan originator.
d) being employed by more than one mortgage broker or banker at any one time.
e) collecting compensation as a real estate broker or salesman unless the originator is licensed as such, and the originator discloses to the consumer that the originator will receive compensation for both the origination and real estate services.
f) making a false promise or misrepresentation or concealing an essential or material fact in the course of business.
g) failing to truthfully account for the monies belonging to the party to a mortgage loan transaction or failing to disburse monies in accordance with an agreement.
h) engaging in illegal or improper business practices.
i) advertising or soliciting mortgage business in any manner without using the name and license number of the employing mortgage broker or banker.
Licensure Renewal
Renewal will require a loan originator application for license renewal to be submitted with certificates evidencing the successful completion of six continuing education units during the preceding year.Examination
1. Requires DFI to approve and supervise the issuance of the examination.2. Requires DFI to administer a loan originator examination at least once every six months.
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Chandler Real Estate Market Statistics June 2008
July 8th, 2008 categories: Real Estate News
These Chandler Real Estate Market Statistics are for single family homes. Currently there are 1947 Chandler homes for sale. Inventory is down- compared to May 2008 where there were 2012 active listings at the time the post was written.
The number of sold homes and pending sales declined as did the number of new listings. The current absorption rate of Chandler homes for sale is about 6.3 months approaching a balanced market.
For the month of June there were:
- New Listings: 436
- Pending Sales: 317
- Sold Homes: 309
Listing Status Chandler Real Esate June 2008
The average sales price incresed 6%- it will be interesting to see if this will continue in the coming months. You can see from the graph, prices seem to be holding steady- maybe an indication that the market has hit bottom.
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