WASHINGTON (Reuters) - The pace of existing home sales plunged a record 8.6 percent in November and prices fell a record amount as layoffs and a stock market crash worsened an already grim housing market, a real estate trade group said Tuesday.

The median home price fell 13.2 percent on an annual basis, down for a fifth straight month to $181,300. It was the largest drop since the current data series began in 1968 and probably the largest since the Great Depression, Lawrence Yun, the chief economist for the National Association of Realtors, told reporters.

The pace of sales fell to a 4.49-million-unit annual rate.

Economists polled by Reuters were expecting home resales to set a 4.90-million pace. October's figure was revised downwards to 4.91 million, from 4.98 million.

"The quickly deteriorating conditions in the job market, stock market and consumer confidence in October and November have knocked down home sales to another level," Yun said.

"It is, therefore, imperative to provide incentives for homebuyers to get back into the market, Yun said.

Past experience shows when home resales slid after the 1987 and 2001 stock market crashes, they then rebounded after the third month to what had been the trend, he said.

"We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001," Yun said.

The inventory of existing homes for sales rose 0.1 percent to 4.203 million from 4.198 million in October. That translates into 11.2 months of supply, matching the record peak set in April, Yun said.

The housing malaise, which triggered a global financial crisis, has infected other sectors of the broader economy and sent unemployment rates higher.

Analysts says stability in the housing sector is key to any recovery in the U.S. economy, which has been in a recession since late last year.

 

I was talking to Brian at everyone's favorite wine bar Terroir Wine Pub today and they've expanded their appetizer menu full of all kinds of goodies to eat like ten different Bruchetta's, Pizza, Salads, Cheese trays and more so be sure and ask for the new menu and dig in when we all get together this Saturday night (and any other third Saturday night of each month from now on).

See You all there!

Terroir Wine Pub is located at the NE corner of Scottsdale Rd and Indian Bend in the Seville Shopping Center in Scottsdale.

People have been asking me about food at parties. A long time ago I wrote an article about how we expect more than chips and beer at parties these days. We've all become Foodies and our tastes reflect that, for my wife and I especially.

We don't shop at any one store for food anymore and are addicted to the Food Network and the cooking tips we can gleen there every night and our friends are just as bad as we are.

We've developed an, ever changing, partial list of places to shop for the ingredients to put a little WOW in your next party without breaking the bank:

For exotic produce, herbs, fresh seafood, meat, spices,duck & quail eggs and more go to LEE LEE Asian Superstores in Peoria or Chandler.

For Unique produce, seafood and cheese (since we don't have a decent cheese shop in the valley) try Whole Foods.

Aj's is nice for many of these things but tends to be pricey but they do excel in breads and baked goods and have a nice selection of caviar and wine.

For great selections of wine and alcohol at reasonable prices our favorite is BEVMO (they also carry caviar). Two other good choices for wine would be World of Wine in Arrowhead or any Cost Plus World Markets (where you can also pick up serving platters and other presentation items reasonably).

For basics we've found Trader Joe's to be great for things like chicken and vegetable stocks, pie fillings, sweet treats, pasta and other odd items.

For pre-made appetizers and tapas, cream and half&half you can't beat Sam's Club or Costco.

Romanelli's at 35th Ave & Dunlap is great for fresh and frozen pasta.

And if you need a utensil to cook anything go to Restaurant Depot at I-17 and Indian School (two blocks S of Indian School on the west frontage road) If they don't have it...you don't need it.

 

The Holiday Season is upon us and people with our lifestyle tend to make the most of it and expect a lot at the same time. Let's all step up to the plate and make 2008 memorable for all of the right reasons.

HOME BUYER GRANTS IN PEORIA

First-time buyers can get big-time help with their down payment if they buy a foreclosed home in Peoria.

The city's Down Payment Assistance Program awards qualified buyers a $10,000 grant, which increases to $15,000 for a foreclosure purchase.

"This is an incentive to buy a foreclosed home in Peoria," said William Patena, city neighborhood-services manager. "When you give an extra $5,000 for a down payment, it helps people who may not otherwise afford a home." The program's budget of $150,000 is funded by federal dollars. Fifteen new home-buyers received grants last year, Patena said.

A newly formed city task force charged with dealing with vacant, foreclosed homes that quickly become neighborhood eyesores recommended increasing the down-payment grants.

As of May, Peoria showed 1,397 homes in the foreclosure process, according to city officials.

Patena encouraged first-time buyers and those who have not owned a home in the past three years to apply for the grant.

"Even if they think they don't qualify, let us determine that," Patena said. "A lot of times, people simply say, 'We are not going to qualify.' They may not, but let us tell them if they will or won't."

Interested applicants can get more information by visiting www.peoriaaz.gov/Neighborhood/Neighborhood_Social_Services.asp and selecting "Home Ownership Programs" or by calling 623-773-7250.

 

...that will take care of your client throughout the transaction and beyond? Here's a site that tells you who's hot, who's not, and who's closing their doors.

 

http://ml-implode.com

I just came out of an Info-Meeting with ADOT and thought you might find this interesting.

Here's a new graph that shows where things are headed here in the valley:

I have copies of the current Residential and Commercial Foreclosure Lists

If you would like a copy drop me a note and I'll e-mail it to you.

Weekend Freeway Restrictions in Phoenix Area (April 11-14)

            Several improvement projects will require freeway restrictions in the Phoenix area this weekend (April 11-14). The Arizona Department of Transportation (ADOT) recommends drivers allow for extra travel time while the following restrictions are in place:

*       Both Loop 202 (Santan Freeway) ramps to westbound I-10 closed from 11 p.m. Friday to 5 a.m. Monday (April 14) for rubberized asphalt paving. DETOUR: Westbound Loop 202 drivers can avoid I-10 ramp closure by using northbound Loop 101 to westbound US 60. Or exit Loop 202 to northbound Kyrene Road and use westbound Chandler Boulevard to connect with I-10.

*       Northbound State Route 51 (Piestewa Freeway) narrowed to one lane between Bell Road and Loop 101 (Pima Freeway) from 11 p.m. Friday to 9 a.m. Saturday (April 12) for bridge work. DETOUR: Drivers are urged to slow down and merge safely approaching and in the work zone.

Southbound State Route 51 closed between Loop 101 and Bell Road from 11 p.m. Saturday to 9 a.m. Sunday (April 13) for bridge work. Southbound SR 51 on ramp at Union Hills Drive also closed. DETOUR: Drivers can use southbound Cave Creek Road or Tatum Boulevard to Bell Road to access southbound SR 51.

*       Westbound Interstate 10 off ramp at Broadway Road closed from 9 p.m. Sunday to 5 a.m. Monday (April 14) for placement of concrete barrier wall. Westbound US 60 right lane closed from Priest Drive through the ramp to westbound I-10 at the Broadway Curve. DETOUR: Drivers urged to use caution in the work zone.

*       Westbound Loop 202 (Red Mountain Freeway) ramp to southbound Loop 101 (Price Freeway) closed from 9 p.m. Saturday to 5 a.m. Sunday (April 13) for pavement repair. DETOUR: Traffic will be detoured along local streets.

*       Northbound Interstate 17 right lane closed at Cactus Road from 4:30 a.m. to 8:30 a.m. Sunday (April 13) for pavement repair. DETOUR: Drivers urged to use caution in the work zone.

*       Interstate 10 off ramps at Avondale Boulevard closed from 8 p.m. to midnight Saturday (April 12) due to NASCAR event at Phoenix International Raceway. DETOUR: Use exits at adjacent interchanges. Call 5-1-1 for event traffic information.

*       State Route 87 narrowed to one lane in each direction between McDowell Road and Shea Boulevard from 7 a.m. to 5:30 p.m. Saturday (April 12) for Ironman Triathlon. DETOUR: SR 87 (Country Club Drive) closed at Oak Street, Center Street, Mesa Drive and Canal Bank Road.

Loop 101 (Pima Freeway) on and off ramps at McKellips Road closed from 7 a.m. to 5:30 p.m. Saturday (April 12) for triathlon.

Loop 202 (Red Mountain Freeway) traffic exiting at Scottsdale Road will be detoured north from 6 a.m. to 6 p.m. Saturday (April 12) due to the triathlon course south of the freeway. Traffic will not be able to go south on Scottsdale Road/Rural Road.



For a complete listing of freeway and highway closures or restrictions across Arizona, visit ADOT's Travel Information site at http://www.az511.gov/ or call 5-1-1.