November 2011 Real Estate News
What’s the Buzz? The latest Phoenix-area housing data indicate that things may be looking up.
Of course, these numbers don’t necessarily indicate a housing market rebound, but Phoenix's key housing indicators once again are headed in the right direction! Market Summary (from The Cromford Report) A big contrast exists between the market under $200,000 and the market above that figure:
The demand for homes between $50,000 and $150,000 continues to be particularly strong as investors, many from out of state, seize the profitable opportunity of becoming landlords. Demand from owner occupiers remains relatively weak due to the difficult financing climate. The supply from foreclosures continues to fall very fast and short sales are becoming a more important part of the picture. Lenders are receiving far fewer homes into REO inventory as a larger percentage of the trustee sales result in a sale to a third party. The market below $200,000 is now highly supply constrained. Homes over $400,000 are suffering from lower demand and the supply has started to creep back up. Demand for homes over $3,000,000 remains very weak especially compared with this spring. A clear and significant upward trend has developed in the price of homes below $200,000, particularly those sold by lenders. In contrast the pricing for homes over $400,000 is currently very stable but with the possibility of a bias to the downside. Because of the high sales volumes at the low end, price averages are very likely to push higher which may have a positive effect on sentiment. The period from the second half of August to the first half of September represents a low point which looks likely to be seen in hindsight as our second market bottom – the first having been April 2009. Giving Thanks It has been a tough couple of years for many of us, but let’s not forget the many blessings we enjoy, and for which we should be truly grateful. We live in the greatest country in the world, with little or no concern for our personal safety, where our next meal will come from, or where we’ll be sleeping tonight. Most of us are surrounded by family, friends, and other loved ones. And yet, not everyone is so blessed. Whether it is hunger, homelessness, sickness, or simply loneliness, many around us are in need. In light of this Thanksgiving season, let us remember to give when we have the means. Surely giving is the sign of true gratitude. Feeling grateful is good, but acting grateful is even better. Please keep us in mind with all your Real Estate needs. Referrals are the lifeblood of our business and we are always looking for new buyers and sellers, so if you know of anyone planning to buy or sell a home, we would appreciate you pointing them our way! In this edition:
Recent data on housing show things looking up "One month doesn't make a trend" is a favorite comment among economists and housing analysts. Let's hope that theory applies to August housing numbers for metro Phoenix. In August, foreclosures climbed and home prices slipped to their lowest level this year. But data for September show foreclosures fell significantly in the region, and the median home price ticked back up. Click here for complete article. Phoenix foreclosure rate dropped in August October 27, 2011 – CoreLogic reports that foreclosures dropped in the Phoenix metro area in August compared with the same month last year. The real estate research company said the foreclosure rate in August was 3.49 percent of outstanding loans, compared with 4.33 percent in August 2010. The number also represents a drop from 3.55 percent in July 2011. Click here for complete article. Phoenix-area home prices remain too cheap A Closer Look at the Phoenix Real Estate Market Greg Rand, CEO of OwnAmerica and host of “Rand on Real Estate” on 770 WABC, discusses the potential of real estate investments in Phoenix, AZ. Click here for complete article. 5 Real Estate Trends to Watch For If the housing market were human, it would look like it just wrestled a few alligators after running an obstacle course through a snake pit. The market is beaten and bruised, but still emerging from the recession, which is why Greg Rand, a real estate veteran and author of Crash Boom! from Career Press, wants people to know about five new trends that could help them beat the housing blues. “The market is made up of buyers and sellers,” Rand says. “It’s just people who are trying to figure out how to buy low and sell high. The secret to making sure your real estate doesn’t turn into a money pit is to watch the trends so you can predict where the prices will rise and where they won’t.” Click here for complete article. Arizona underwater homeowners to get refinance help More Arizona homeowners may soon be able to refinance to current low mortgage-interest rates, no matter how far underwater they are in their homes. The Obama administration on Monday announced long-awaited details of an expansion of a program that helps homeowners refinance to reduce their payments. Click here for complete article. Arizona construction jobs up from a year ago Arizona has gained 8,200 construction jobs during the past year — a 7.6 percent increase, according to a report released Friday by Associated General Contractors of America. Click here for complete article. Mortgage Rates U.S. averages as of November 1, 2011: 30 yr. fixed: 4.20% 15 yr. fixed: 3.45 % 30 yr. jumbo: 4.83% |
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