So... What's the buzz? Housing Market Home resales rose far more than expected last month to the highest level in more than two years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires. This was the seventh straight month in which resales have increased. $8,000 Tax Credit The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time homebuyers, a boost the housing industry believes will help it pull out of its two-year-old downturn. While its passage remains uncertain (it still has to go through the House), the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners.
Foreclosure notices were reported on nearly 1-million U.S. residential properties in the third quarter, marking a five percent increase from the second quarter, according to RealtyTrac. However, notices dropped four percent in September from numbers in August. Ten million foreclosures are forecast through 2012 by Housing Predictor, and as many as 25-million foreclosures are possible as more homeowners walk away from their properties. Arizona posted the country's second highest foreclosure figure for the quarter with one in every 53 homes receiving notices. And here's something special I hope you enjoy... Perhaps the Best Real Estate Ad Ever http://www.futureofrealestatemarketing.com/best-real-estate-ad-ever 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... An adventure is only an inconvenience rightly considered. An inconvenience is an adventure wrongly considered. ~G. K. Chesterton Good judgment comes from experience, and experience comes from bad judgment. ~Barry LePatner
In this edition:
Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum RISMEDIA, October 26, 2009—Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales–including single-family, townhomes, condominiums and co-ops–jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007. Click here for complete article.
September home sales up 9.4 percent Beating expectations as tax credit spurs sales After jumping 9.4 percent in September, home resales are up nearly 24 percent from the bottom in January, the National Association of Realtors said Friday. But the housing market's momentum could easily peter out if Congress doesn't extend the credit of up to $8,000 for first-time buyers beyond its current Nov. 30 deadline. Click here for complete article.
The Outlook For Arizona Real Estate October 22, 2009 - While Arizona real estate is seeing pockets of recovery, the climb will be a steep one for hard hit areas like Phoenix, who are facing new waves of foreclosures. Phoenix was once a booming market — subsequently also a hotbed for subprime loans — and now faces yearly deflation projections of over 20%. In contrast, carefree Sedona is living up to that reputation, earning a positive housing price projection to end the year, boosted by a strong second home market. For more on this, see the following article from Housing Predictor.
Stars Are Aligned for Buyers – and Time Is of the Essence RISMEDIA, October 28, 2009—Potential home buyers are seeing a fortuitous combination of low mortgage rates, affordable home prices and the first-time home buyer tax credit. And many who thought homeownership wasn’t an option right now appear to be finding ways to make it work. A National Association of Realtors survey shows that first-time home buyer purchases made up 30% of July existing home sales, which were up 7% from June and represented the fourth consecutive monthly increase. It’s not often that so many moving parts work in harmony to create the most buyer-friendly real estate market I can remember. But as the buzz surrounding the first-time home buyer tax credit’s Nov. 30 deadline mixes with the chirr of extending and expanding the program, the resounding truth is that the whole scenario is temporary. Click here for complete article.
Beware of real estate scammers
November 2009 Mortgage Rates (from BankRate.com)
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Foreclosures
There seems to be something about our troubled economic times that's bringing out the schemers, the scammers and the less-than-straightforward, many of whom have zeroed in on housing. With the word "foreclosure" on so many lips, it's probably not surprising that con artists have found ways to prey on others' misery by promising to "fix" loans that have gone bad. But renters need to tread carefully these days, too, according to consumer advocates and law-enforcement representatives. 