New Changes for Home Appraisals- Phoenix Real Estate

April 7, 2009

FNMA/ FHLMC Appraisal Addendum Is Required with Appraisals after April 1, 2009
 
As a result of the crash of the housing market, here are the resulting changes required for home appraisals required by Fannie Mae and Freddie Mac. 
Listing Agents- take note- the quality of your listings and descriptions may impact appraisals.
This information was provided [...]

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Notices of trustee sale issued increases in March-Phoenix Real Estate

April 2, 2009

10,635 notices of trustee sale or foreclosure notices were issued in March, representing a 25% increase from February.
“Reasons for the pre-foreclosure spike could include the lifting of a moratorium imposed by some banks in February while they were waiting to learn more about a new government loan-modification program, Ion Data analyst Zach Bowers said [...]

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Maricopa County Market Statistics-March 2009

April 1, 2009

Residential resale inventory continues to decline in March 2009.  In Mar 2009 there were 56,753 active listings and as of today there are 42,382 residential homes for sale (single family homes, condos etc)

Phoenix Home Prices Still Declining
Prices continue to decline, if inventory continues to decline, we may see prices start to stabilize in [...]

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Why I am a Foster Mom to the Hounds

March 29, 2009

“I Am An Animal Rescuer.”
My job is to assist God’s creatures
I was born with the need to fulfill their needs
I take in new family members without plan, thought or selection
I have bought dog food with my last dime
I have patted a mangy head with a bare hand
I have hugged someone [...]

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How Walkable is your Phoenix Home

March 26, 2009

I just discovered a very cool website: Walk Score.com- it helps you find a Walkable Place to live. I typed in my address, and it gives the distance to local attractions- grocery stores, schools etc. and then rates your neighborhood in terms of walkability.  I live in the "boondocks" so needless to say, my [...]

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Buying a Maricopa Foreclosure- What you need to know-Maricopa Real Estate

March 20, 2009

If you are interested in purchasing a home in Maricopa, especially a Maricopa Foreclosure here are some important things you need to know.
1) You will NOT pay list price, if it is move in ready and in good condition.  Why?  Because you will be competing with 5-10 other buyers.  The listing agents standard phrase: " [...]

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Short Sales, Lenders, and Appraisals-Oh My

March 14, 2009

Short Sale offer submitted-9/1/2008- fast forward to Dec,12, 2008:
  "Yes we should have approval this week and they usually allow up to 30 days to close." 
Really?  Fast Forward to 1/15/2009:-Note- more than 30 days later…..
"received a call yesterday late from our negotiator saying she had heard from the homeowner inquiry about loan modification"
Really? Fast [...]

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Maricopa County Market Statistics and Trends-Phoenix Real Estate

March 11, 2009

There was a significant drop in residential resale inventory in March 2009.  In Feb 2009 there were 57,435 active listings and in Mar 2009 there were 48.836.  As of today there are 44,380 residential homes for sale (single family homes, condos etc)
 

 
Phoenix Home Prices Still Declining
I get asked a lot- are we at the [...]

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Chandler Real Estate- Market Statistics Feb 2009

March 6, 2009

Currently there are 2063 active listings in the Chandler AZ Real Estate Market. New listings in Chandler are down, with pending sales up and sold homes up from Jan 2009.
New Listings: 511
Pending Sales: 283
Sold Homes: 195

The current absorption rate or supply of homes is 10.5 months down slightly from Jan 2009.
The average sales [...]

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FHA “Good Neighbor Next Door” and “Ease In Loan” Programs

March 4, 2009

I received this information from one of my lenders-The Mortgage Advantage today.
The “FHA Good Neighbor Next Door” program utilizes a “silent second” for 50% of the home value. The second does not have to be paid back as long as the home buyer resides in the home for at least 3 years. There would only [...]

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