(lots of family and friends, and way too much food!).
So... What's the buzz? Well, as usual... seems like everybody has a different opinion about the market we're in. As I sift through several real estate articles every day, I find that opinions vary wildly as to what we should expect next. And when I say "wildly", I mean they range from very positive and rosy outlooks to "doom & gloom". On one hand we hear how "Housing Affordability Hovers Near Record-High Levels", there has been "Another Big Gain for Existing-Home Sales", and that "Housing and the Economy are Headed for a Sustainable Recovery". On the other hand we read that "1 in 4 mortgages are 'underwater'", the "Forecast is still gloomy for our Valley housing market", and that the "Commercial Real Estate Outlook [is very] Dark". Choose a source, pick your "mood", and flip a coin. That may well be as accurate as any other "expert" opinion. I, for one, believe we do still have some rough times ahead. But I also believe we are pointed in the right direction. What I know is that housing prices are lower than they have been for years, interest rates are hovering at record lows, and that nationally single-family home sales rose some 10% in October alone! Unfortunately (for sellers), nearly half of all home sales here in Maricopa county are now "distressed" (short sales or bank-owned). As always, please keep us in mind with all your Real Estate needs (don’t forget to refer your friends to us). We are always looking for new buyers and sellers, so if you know of anyone planning to buy or sell a home, please point them our way!
Quotables...
“No people on earth have more cause to be thankful than ours, and this is said reverently, in no spirit of boastfulness in our own strength, but with the gratitude to the Giver of good who has blessed us."
Theodore Roosevelt In this edition:
Affordable Prices Draw Investors to Real Estate LOS ANGELES, Nov. 11 /PRNewswire/ -- Affordable prices and foreclosures are attracting investors to the housing markets today, and the number of consumers interested in investing in real estate has doubled since March 2009, according to the new Move.com Homeownership Survey released today. Low prices and foreclosure bargains have also become the most important reasons motivating buyers today to purchase a home. Click here for complete article.
RISMEDIA, November 13, 2009—Christine Van Tuyl and Margaret La Grange, an award-winning mother-daughter team with Prudential California Realty in Coronado, have compiled their latest list, the “Top Twelve Tips for Buying an Investment Property.” “Real estate investors aren’t necessarily all-cash buyers with millions in the bank,” said Van Tuyl, Prudential agent. “Normal folks with $50,000 to put down can make solid investments and get positive cash flow.” Click here for complete article.
Short Sale Incentives Coming in 2010 As HousingWire first reported, the US Treasury Department will launch the Home Affordable Foreclosure Alternatives Program (HAFA) in 2010. December 1, 2009 -- HAFA will complement the Home Affordable Modification Program (HAMP) by providing financial incentives to servicers, borrowers and investors to go forward with short sales or a deed-in-lieu, according to a Treasury announcement late Monday. Click here for complete article.
1 in 4 mortgages 'underwater' Report shows 10.7 million borrowers are stuck with homes that are worth less than the mortgages they owe. NEW YORK (CNNMoney.com) -- In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday. Almost 10.7 million U.S. mortgages were "underwater" as of September, said research firm First American CoreLogic. Click here for complete article.
Commercial Real Estate Outlook Darkens 11/15/09 -- Even as the residential real estate market begins to stabilize, albeit at prices far below peal levels and with crucial help from a homebuyers tax credit, economists and bankers are bracing for the fall-out from a dramatic bust in the commercial real estate sector. In the Mountain West, the pain is being felt in the resort market and in some over-built urban areas, such as Idaho’s Treasure Valley, though Denver and many of the fast-growing small cities in the region may avoid the worst. Click here for complete article.
Economists: Arizona recovery years out
December 2, 2009 -- Arizona’s housing, commercial real estate and job markets are in dire straits with projections for recovery years in the offing. Economists at a forecast sponsored by ASU’s W.P. Carey School of Business and JP Morgan Chase & Co. Tuesday said consumers, homeowners, businesses, job seekers and landlords can expect continued troubles. Click here for complete article.
December 2009 Mortgage Rates (from BankRate.com)
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Hope your Thanksgiving was as good as ours... 
Affordable Prices Draw Investors to Real Estate
