Archive for the 'Phoenix Foreclosures' Category
Phoenix Real Estate- Phoenix Market Statistics Sept 2008
October 6th, 2008 categories: Market Statistics, Phoenix Foreclosures, Real Estate News, phoenix real estate
Here is the latest in the Phoenix Real Estate Market. These numbers are for all housing types in Phoenix (homes, condos etc).
Currently there are 13,869 Phoenix homes for sale, up from Aug 2008.
The current absorption rate of Phoenix homes for sale is about 9.5 months-down slightly from Aug 2008.
For the month of August there were:
- New Listings: 3775
- Pending Sales: 1451
- Sold Homes: 1456
Listing Status Phoenix Real Estate Sept 2008
The average sales price of Phoenix homes continued in a negative direction, which was not unexpected with the number of Phoenix foreclosures. The average sales price fell 5.8% from Aug 2008.
Phoenix Real Estate-Foreclosures Sept 2008
The number of Phoenix homes for sale continue to see an increasing number of foreclosures. Currently there are 2849 bank owned/REO homes for sale in Phoenix, an increase of 6% from Aug 2008.
For more information on the Phoenix Market Conditions visit ASU Realty Studies
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FHA Repair Guidelines
October 2nd, 2008 categories: For Buyers, Phoenix Foreclosures, Real Estate News
If you are buying a home in Phoenix and plan to use FHA financing, there are some important things to consider regarding inspection findings.
FHA has shifted from the emphasis on repair of minor items and now only requires for conditions above and beyond minor cosmetic repairs or minor defects.
This is an important consideration, especially with the increasing number of Phoenix Foreclosures which are usually sold “As-is”. It is important that the buyer is aware of repairs that will be required by FHA, and if the seller refuses to make the repair, the cost may be passed on to the buyer, if they choose to proceed in purchasing the property.
Minor Property Repairs that will NOT require automatic repair:
- Missing handrails
- Cracked or damaged exit doors that are otherwise operable
- Cracked window glass
- Defective paint surfaces in homes constructed post 1978
- Minor plumbing leaks (leaky faucets)
- Defective floor finish or covering
- Evidence of previous (non-active) Wood Destroying Insects (Termites) where there is no evidence of structural damage
- Rotten or worn out counter tops
- Damaged plaster, sheetrock or other wall and ceiling materials in homes constructed post-1978
- Poor workmanship
- Trip hazards
- Crawl space with debris and trash
- Lack of an all weather driveway surface
Repairs that WILL require automatic repair for existing properties (list is not all inclusive):
- Inadequate access/egress from bedrooms to exterior of home
- Leaking or worn out roofs (if 3 or more layers of singles on leaking or worn out roof, all exsisting shingles must be removed before re-roofing)
- Evidence of structural problems (such as foundation damage caused by excessive settlement)
- Defective paint surfaces in homes constructed pre-1978
- Defective exterior paint surfaces in homes constructed post -1978 where the finish is otherwise unprotected
- Standing water against the foundation and/or excessively damp basements
- Hazardous materials on the site or within the improvements
- Faulty or defective mechanical systems (electrical, plumbing, or heating)
- Evidence of possible structural failure (e.g. settlement or bulging foundation wall)
Additionally, FHA no longer mandates inspections for the following items:
- Wood Destroying Insects (Termites)- in my opinion, all buyers should have this inspection.
- Well- however this inspection may be required per state or local jurisdiction
- Septic: again-may be required by state or local jurisdiction or if there is evidence of failure.
- Flat and or/unobservable roof.
For more information on FHA requirements visit www.hud.gov
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Help for Phoenix Home Owners Facing Foreclosure
September 10th, 2008 categories: For Buyers, Phoenix Foreclosures, Real Estate News
The Govener, Janet Napolitano, annouced today, a $13.6 million initiative designed to strengthen state efforts to meet the needs of Arizona families and communities hard hit by the economy
Housing Arizona, will expand services to homeowners and neighborhoods affected by mounting foreclosures, and for families and individuals facing homelessness. 
From the press release:
“Housing Arizona is supported with funds from the State Housing Trust Fund and includes $6.1 million to expand existing programs and $7.5 million in new resources to tackle the growing dilemma of homelessness and mortgage foreclosure. The Housing Trust Fund was created by the state legislature in 1988 to address the growing need for affordable housing across Arizona, and is the only source of flexible funding available for housing and community development, especially in rural Arizona.
The initiative funding, administered by the Arizona Department of Housing, will continue the eviction and foreclosure prevention programs across the state, match federal foreclosure counseling funds, support continued outreach to troubled homeowners, and provide state support to ensure the successful deployment of new federal dollars targeted to assisting neighborhoods severely impacted by foreclosures. “
Foreclosures in the Phoenix Real Estate market continue to rise, recent data suggests that more than 16,000 households faced foreclosure in the first six months of 2008.
If you are facing foreclosure, there is a state-funded foreclosure toll-free hotline (1-877-488-1211), where homeowners are matched with foreclosure counselors who guide them through the complexities of negotiating positive outcomes with lenders and servicers. These services are provided at no charge to the homeowner.
Help for Phoenix First Time Home Buyers
In addition to helping people facing foreclosure, the plan will also allocate $2 million for first-time homebuyers’ down payment assistance to help families take advantage of the affordable housing.
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Phoenix Real Estate- Market Statistics August 2008
September 2nd, 2008 categories: Market Statistics, Phoenix Foreclosures, Real Estate News
Here is the latest in the Phoenix Real Estate Market. These numbers are for all housing types in Phoenix (homes, condos etc) - since it is all about Phoenix Real Estate.
Currently there are 13,452 Phoenix homes for sale, down slightly from July 2008.
The current absorption rate of Phoenix homes for sale is about 9.9 months-down slightly from July 2008.
For the month of August there were:
- New Listings: 3598
- Pending Sales: 1400
- Sold Homes: 1354
Listing Status Phoenix Real Estate Aug 2008
The average sales price of Phoenix homes continued in a negative direction, which was not unexpected with the number of Phoenix foreclosures. The average sales price fell 4.5% from July 2008.
Phoenix Real Estate-Foreclosures August 2008
The number of Phoenix homes for sale continue to see an increasing number of foreclosures. Currently there are 2698 bank owned/REO homes for sale in Phoenix, an increase of 8% from July 2008.
For more information on the Phoenix Market Conditions visit ASU Realty Studies
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Phoenix Foreclosures-Deal or No Deal | Phoenix Real Estate
August 11th, 2008 categories: For Buyers, Phoenix Foreclosures, Real Estate News
Many home buyers in the Phoenix area are looking for a “good deal” as prices 
continue to decline and foreclosures soar. Many buyers, think that buying a Phoenix Foreclosure may be the way to get a “great deal” and they may or may not be right.
CNN posted an article “How to buy a foreclosed home“ that is worth reading if you are looking to buy a foreclosed home.
Here are some key points to remember if you are considering buying a foreclosure:
- “As-is” - you will in most cases be required to purchase the home in it’s current condition. The bank most likely will not make any repairs. **Note: if the house is very bad condition and you are seeking financing using an FHA loan- you can read more about FHA’s Repair Conditions
- Property Inspection: This is a must when purchasing a foreclosure by a qualified home inspector. At first view, the home may appear to be in acceptable condition, however a good inspector will be able to find any issues with electrical wiring, plumbing etc. Two of the most expensive items to repair/replace in Arizona, that most buyers always ask about- the roof and the air conditioner. While a home inspector looks at all system’s- if the inspector recommends further inspection by a qualified HVAC technician or Licensed Roofer- it is worth spending a few more dollars to ensure you are not faced with expensive repairs.
- Cost of Repairs- If several repairs are needed- make sure you investigate the cost of the repairs- Yes the home may seem to be a “deal”- but if you are faced with expensive repairs- your savings on the purchase price of the home may be eaten up with costly repairs.
- Title- ensure the the property has a clear title-free of tax liens, mechanic liens, HOA assessments, etc.
image courtesy of Downtown Blue
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Phoenix Real Estate-July 2008 Market Statistics
August 3rd, 2008 categories: Market Statistics, Phoenix Foreclosures, Real Estate News
July 2008 Phoenix Real Estate Market Statistics
Here is the latest and greatest in the Phoenix Real Estate Market. These numbers are for all housing types in Phoenix. Note-in prior months- I have based my charts and numbers on just single family homes. This month and in following months statistics will be based on all housing types (homes, condos etc) - since it is all about Phoenix Real Estate.
Currently there are 13,501 Phoenix homes for sale.
The current absorption rate of Phoenix homes for sale is about 10.3 months-no change from June 2008.
For the month of July there were:
- New Listings: 3580
- Pending Sales: 1746
- Sold Homes: 1305
Listing Status Phoenix Real Estate July 2008
The average sales price of Phoenix homes continued in a negative direction, which was not unexpected with the number of Phoenix foreclosures. The average sales price fell 9.0% from June 2008.
Phoenix Real Estate-Foreclosures July 2008
The number of Phoenix homes for sale continue to see an increasing number of foreclosures. Currently there are 2509 bank owned/REO homes for sale in Phoenix, an increase of 12% from April 2008.
For more information on the Phoenix Market Conditions visit ASU Realty Studies
| Discussion: 2 Comments »
Short Sale vs Foreclosure-Selling your home in Phoenix
June 29th, 2008 categories: Mortgage and Lending, Phoenix Foreclosures, Selling a Home
I get ask from potential Phoenix home sellers that have to sell their homes- which is worse- a short sale or a foreclosure. 
Both will impact your ability to purchase a home in the future. There are some very important changes coming as Fannie Mae has announced changes that will be in affect starting August 1st 2008.
You cannot purchase a home under the following guidelines and time frames using Fannie Mae Conventional financing:
- Chapter 7 bankruptcy; 4 years
- Chapter 13 dismissed; 4 years
- Chapter 13 discharged; 2 years
- More than one bankruptcy filing in the past 7 years; 5 years
- Pre-Forclosure (short sale of home); 2 years
- Deed in lieu of foreclosure; 4 years
People with foreclosures will have the following restrictions placed on them:
- 5 year time period from completion date to finance or refinance without taking cash out a primary residence with a minimum of 10% down and a credit score of 680.
- 7 year time period from completion to finance a second home or investment property.
- 7 year time period from completion to take cash out of a refinance on any property regardless of occupancy type.
| Discussion: 4 Comments »
Foreclosures in Phoenix-Phoenix Real Estate
June 23rd, 2008 categories: Market Statistics, Phoenix Foreclosures
I get a lot of inquires from buyers looking to purchase Phoenix REO/Foreclosed homes in the Phoenix Real Estate market. I thought it would be interesting to see what the percentage of available listings in the Phoenix Real Estate market that are foreclosures. Here are the numbers in each of the East Valley cities. The data is for single family homes.
| City | Active Listings | REO Listings | % of Market Share |
|---|---|---|---|
| Gilbert | 2281 | 189 | 8.2% |
| Chandler | 2016 | 176 | 8.7% |
| Tempe | 548 | 23 | 4.2% |
| Queen Creek | 1750 | 250 | 14.3% |
| Phoenix | 10608 | 1843 | 17.3% |
| Maricopa | 846 | 151 | 17.8% |
| Mesa | 3440 | 358 | 10.4% |
| Scottsdale | 4164 | 152 | 3.6% |
As you can see- the outer lying areas of Queen Creek and Maricopa have been the hardest hit, but the number of Phoenix foreclosed homes is about the same as Maricopa and Queen Creek. Scottsdale is showing the least amount of foreclosures as you might expect. If you would like more information on homes for sale in the Phoenix area, or Phoenix foreclosures please email me at jamie_geiger@cox.net or call me at 480-216-4849
| Discussion: 3 Comments »
Neighbors taking back their Neighborhoods-Phoenix Real Estate
June 19th, 2008 categories: Phoenix Foreclosures, Phoenix Neighborhoods
I am hearing and reading more stories about neighbors in subdivisions throughout the Phoenix area- banding together to try and combat the problems of the foreclosure crisis.
Homeowners in Queen Creek have formed a HOA Congress to try to combat problems such as overgrown weeds, green pools and vandalism. 
Another friend of mine who lives in Skyline Ranch have already worked out a plan to keep the yard manicured for a home that is most likely the result of a “Buy and Bail”
In my sisters neighborhood of Mesquite Grove Estates located in Gilbert- one resident and pool builder, is taking the initiative to drain abandoned pools that pose a health hazard for his family and neighbors.
I just received an email from a co-worker asking for information where to get the fish that eat mosquito larve- the residents are willing to place the fish themselves if needed. The City of Chandler is using a mosquito fish, not native to Arizona, that will eat up to 50 to 100 larve a day.
The City of Chandler is urging people that live near homes that have been abandoned or pools that aren’t being maintained to call code enforcement at 480-782-4320.
Here are some other resources if you need help with a home that is causing a potential health problem in your area.
Maricopa County Sherriff- Report Green Pools.
Pinal County Sheriff -520-855-6200
The Phoenix Real Estate foreclosure crisis is far from over, but it is nice to see neighbors helping each other to do what they can to minmized the long lasting effects.
| Discussion: 4 Comments »
You know when it is hot in Phoenix-When?
June 16th, 2008 categories: Phoenix Foreclosures
Your Border Collie, who loves to chase his ball, does not really care where it is.
You know it is hot in Phoenix, when your 5 hound dogs have those pretty pink tounges hanging low to the ground.
You know when it hot in Phoenix, when you go to show a vacant, Phoenix foreclosed home that has no electricity turned on, and you hope the buyer can look past their comfortablenesses and the sweat that is rolling down, everywhere.
You know it is hot in Phoenix, when you take your Phoenix home buyer to the back yard to see that pretty green pool .
If you are looking for a Phoenix area foreclosed home, be prepared to see some pretty horrific homes and pools, but there are some great deals and homes that are in great shape. If the Phoenix foreclosed homes are priced right and are in fair condition, be prepared for a multiple offer situation. You may need to offer more than the asking price and most likely your offer must be solid.
You know it is hot in Phoenix, when your dogs take on habits of a vampire.
If you would like a list of foreclosures in the Phoenix Real Estate Market, feel free to email me at jamie_geiger@cox.net or call me at 480-216-4849
| Discussion: 5 Comments »
