Phoenix Real Estate, Phoenix Homes for sale
Jamie Geiger
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Phone: 480-216-4849
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Gilbert, Arizona 85234

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Archive for the 'Phoenix Foreclosures' Category

Phoenix Real Estate- Phoenix Market Statistics Sept 2008

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:

 

Listing Status Phoenix Real Estate Sept 2008

 

 Phoenix Real Estate Market Statistics 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 Average Sales Price Sept 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.

Phoenix Foreclosures for Sale- Sept 2008

 

For more information on the Phoenix Market Conditions visit ASU Realty Studies

Search all Phoenix Homes for Sale

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FHA Repair Guidelines

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:

Repairs that WILL require automatic repair for existing properties (list is not all inclusive):

Additionally, FHA no longer mandates inspections for the following items:

For more information on FHA requirements visit www.hud.gov

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Help for Phoenix Home Owners Facing Foreclosure

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.  Phoenix Foreclosures

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

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:

 

Listing Status Phoenix Real Estate Aug 2008

Phoenix Real Estate-Listing Status 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 Average Sales Price August 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.

Phoenix Real Estate Foreclosures Aug 2008

 

For more information on the Phoenix Market Conditions visit ASU Realty Studies

Search all Phoenix Homes for Sale

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Phoenix Foreclosures-Deal or No Deal | Phoenix Real Estate

Many home buyers in the Phoenix area are looking for a “good deal” as prices Phoenix Foreclosres-Deal?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:

image courtesy of Downtown Blue

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Phoenix Real Estate-July 2008 Market Statistics

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:

 

Listing Status Phoenix Real Estate July 2008

Phoenix Real Estate-Listings 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-Average Sales Price July 208

 

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.

Phoenix Foreclosures

 

For more information on the Phoenix Market Conditions visit ASU Realty Studies

Search all Phoenix Homes for Sale

 

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Short Sale vs Foreclosure-Selling your home in Phoenix

I get ask from potential Phoenix home sellers that have to sell their homes- which is worse- a short sale or a foreclosure. Forclosure or Short Sale-Phoenix Real Estate 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:

People with foreclosures will have the following restrictions placed on them:


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Foreclosures in Phoenix-Phoenix Real Estate

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

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Neighbors taking back their Neighborhoods-Phoenix Real Estate

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. Phoeinx Real Estate-Green PoolsAnother 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.

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You know when it is hot in Phoenix-When?

apollo the border collieYour 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 homesPhoeinx Real Estate-Green Pools 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

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