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| Volume 15, Number 43 |
Economic Highlights for the Week Ending November 13, 2009 |
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| MONDAY, November 9th |
 The Federal Reserve's senior loan officer survey, which provides information on credit availability and demand at the nation's largest banks, showed still tight credit standards at most institutions; however tightening was not becoming worse. Tight credit standards continued to apply to businesses and consumers alike. Because of this, demand for loans continues to fall off but at a slower rate in the current quarter. Demand for prime, residential mortgages increased as demand for non-traditional mortgages declined. |
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| TUESDAY, November 10th |
| The National Association of Realtors reported that the median price for an existing home was up 6.4% in the third quarter from the previous quarter but that prices remained 11.2% lower on a year ago basis. This was the first quarterly gain since early 2007 indicating some stabilization in pricing is occurring. Sales volumes have also improved. Sales price gains could be short-lived though depending on the number of distressed homes that hit the market in coming months. |
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| WEDNESDAY, November 11th |
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VETERANS DAY
Equity and Futures Markets Open
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| THURSDAY, November 12th |
| The MBA mortgage applications index increased 3.2% to 627.5% for the week ending November 6. The purchase index tumbled 11.7% last week and remains 22.3% lower than its year ago level. The refinancing index gained 11.3% on the week and is up 140.2% over last year. Low mortgage interest rates continue to provide refinancing opportunities for homeowners wanting to move into more stable, lower cost and long term home financing terms. |
 Jobless claims fell 14k to 502k for the week ending November 7. Claims have moved into a new lower range however, at just over 500k, initial claims are still elevated indicating a very weak pace of hiring. Improvement is happening in labor market conditions but very slowly. |
 Long term mortgage rates fell to their lowest level in 5 weeks this week amid strong demand for Treasuries that raised prices and lowered yields in the bond market. The 30-year fixed rate mortgage averaged 4.91% this week down from 4.98% last week according to Freddie Mac's mortgage market survey. |
 The government ran a $176.4 billion deficit in October compared to a $155.5 billion budget shortfall in October one year ago. Last month's shortfall was the biggest on record for any October. Rapidly rising outlays due to various stimulus programs and significantly lowered revenues as a result of a weakened economy have the Treasury budget on track for another monster deficit for FY2010. |
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| FRIDAY, November 13th |
| The international trade deficit widened to $36.5 billion in September from a trade gap of $30.8 billion in August. Both imports and exports rose during the month but imports rose almost twice as fast and account for the larger share of trade activity. Higher oil prices and volumes in September pumped up overall import figures. Trade volumes were up across the board as well, suggesting both domestic and global economies are starting to recover. |
| Import prices increased 0.7% in October less than an expected gain of 1.0%. Higher petroleum prices have pushed overall import prices up in recent months. Over the past year, import prices have fallen 5.7% but in the last six months they are up 13.3%. Petroleum prices were down 12.2% on the year but have surged 87.0% over the past six months. |
| Consumer sentiment fell to 66.0 in early November from a reading of 70.6 in October. Sentiment levels remain mired in recessionary territory as consumers wait for relief from job losses, unemployment, higher energy prices and tight credit conditions. Struggling consumers are likely to continue their spending pullback which will impact the economically important holiday shopping season this year. |
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| Stock Market Close for the Week |
| Index |
Latest |
A Week Ago |
Change |
| DJIA |
10270.47 |
10023.42 |
+247.05 or +2.46% |
| NASDAQ |
2167.88 |
2112.44 |
+55.44 or +2.62% |
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| WEEK IN ADVANCE |
| Hopes are that a full economic calendar in the coming week will continue to support the view that the recovery remains on track going into the fourth quarter. Inflation reports, retail sales, housing starts and regional manufacturing surveys highlight. |
| Key Interest Rates |
Latest |
6 Mos Ago |
1 Yr Ago |
| Prime Rate |
3.25 |
3.25 |
4.00 |
| Fed Discount |
0.50 |
0.50 |
1.25 |
| Fed Funds |
0.10 |
0.17 |
0.28 |
| 11th District COF |
1.272 |
1.627 |
2.679 |
| 10-Year Note |
3.42 |
3.14 |
3.78 |
| 30-Year Treasury Bond |
4.36 |
4.12 |
4.24 |
| 30-Yr Fixed (FHLMC) |
4.91 |
4.86 |
6.14 |
| 15-Yr Fixed (FHLMC) |
4.36 |
4.52 |
5.81 |
| 1-Yr Adj (FHLMC) |
4.46 |
4.71 |
5.33 |
| 6-Mo Libor (FNMA) |
0.56438 |
1.56500 |
3.12125 |
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Sources: IBC' s Money Fund Report; Bank Rate Monitor; Federal Home Loan Bank of San Francisco
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Upward pressure on interest rates
Downward pressure on interest rates
No pressure to change interest rates
News worthy
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This Economic Report was sent to: tishtischer@hotmail.com
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Remax Excalibur offers Unigue 24/7 Method for Buyers, Lookers, Sellers, to get Price, and details on ANY house listing with a sign out front! Two ways to use this service for Free!
Sign up at www.ParadiseValleyAzhomeforsale.com or Call Tish at 480-231-0782. I will need your email address and the best number to reach you.
If you do not want to be contacted at this point, you can just CALL 480-374-1710 for information on any listing in the North Scottsdale, Carefree, Cave Creek, Paradise Valley, Phoenix, Tempe, Mesa, Chandler, Gilbert areas.
Foreclosures, Bank Owned, Short Sales, REO properties all are available for each specific subdivision, and or general area. Neighborhoods too can be provided to you for specific types of properties.
If you are looking for lots for build out -- we have lots available in many price points and communities throughout Arizona and other states as well. Buy lots from 1 to 1,000 at any stage of development - raw land to fully entitled.
Call Tish at 480-231-0782 or on line at www.ParadiseValleyAzhomeforsale.com - November 2009
Subject: Village mailing September embedded
Date: Tue, 8 Sep 2009 18:46:17 -0700
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Maggie Clark
Equity Title Agency, Inc
602-769-5565
http://www.eta-az.com
Dear Agents,
This Class is back by popular demand!!! October is the last chance for your buyers to take advantage of the new HOME BUYERS TAX CREDIT. But that is not all that will be discussed! The Market is HOT! Come find out how you get your buyers into a house NOW! You also get 3 credit hours for Fair Housing! Hope to see you then!!!
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“We Get Your Deals Closed”
“Ask me how I can enhance your listing and save your Seller $$$!”
Maggie Clark
Equity Title Agency, Inc
Business Development Manager
Cell: 602-769-5565
E-Mail: MaggieC@eta-az.com
McCormick Ranch Office Northsight Office
7975 N. Hayden Road #C280 13847 N. Northsight #101
Scottsdale, Arizona 85258 Scottsdale, Arizona 85260
Business:480-607-0200 Business: 480-624-3149
Fax:480-607-3370 Fax: 480-315-8378
From: Maggie Clark - Equity Title Agency - Arizona
Sent: Friday, September 04, 2009 3:38 PM
Subject: Market Update 9/3
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Maggie Clark
Equity Title Agency, Inc
602-769-5565
http://www.eta-az.com
Dear Agents,
SO – here are the graphs! I have added a new feature to graphs with multiple cities: In the footer, I added a Breakdown By City – so you can see exactly where the numbers are.
As far as the numbers go: There hasn’t been a lot of movement, but the little movement that we did see was all in the wrong direction – except in the SW Valley where their numbers are rocking! They had 64% of their inventory go Pending – that is insane!! And they are closing sales out there, too: 39% closed! WOW. Unfortunately, the numbers aren’t that good in areas like PV….
Currently the Valley’s months of supply is sitting at 4.5 months. 94% of the sales are still coming from properties under $400,000.
By graph
Scottsdale 8.8, Cave Creek 6.6, AJ and Queen Creek 4.4, Ahwatukee 5.0, East Valley 3.7, Fountain Hills 12.3, South West Valley 2.5, Northwest Valley 3.8, Peoria and Glendale 3.0, Paradise Valley 24.1.
Have a wonderful weekend, don’t work too hard, (No please do!!! This way you can bring me escrows!!!) Happy Labor Day. Equity Title Agency, Scottsdale Branch will be closed on Monday, but open bright and early on Tuesday the 8th to open your escrows!!!!
Maggie Clark
Business Development Manager
Mobile: 602-769-5565
E-Mail: maggiec@eta-az.com
McCormick Ranch Office
7975 N. Hayden Rd., Ste. C280
Scottsdale, AZ 85258
Business: 480-607-0200
Fax: 480-607-3370
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Council Of Residential Specialsits
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Thomas Tischer, CRS |
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Congratulations!
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The Council of Residential Specialists is pleased to award you the Certified Residential Specialist (CRS) Designation.
As a CRS Designee, you are authorized and encouraged to use the CRS Initials after your name and the CRS logo as set forth in the CRS Guidelines. You may begin using the designation immediately.
Your new designee kit containing your CRS pin, certificate, sample press release, and other materials will be sent to you within the coming days.
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CRS Membership Referral Directory |
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Your information will be added to the online CRS Directory within the next day. Please be sure to update your information in your CRS Advantage Account at www.crs.com.
While you are there you can download a digital copy of your CRS Designation certificate, access materials from the CRS classes you attended or even order advertising for the CRS Directory.
Your login ID (Member ID#) is: 6619800
Your password is: hotdog
Note: Passwords are case-sensitive. Once you log in you will have the ability to change your password.
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Promotional Materials |
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You don't have to wait to receive you new designee kit to learn ways to promote your new designation. The Council's website has many tools available to assist you. The Council has developed guidelines for use and promotion of your designation. You can download a sample press release to announce your new credential.
You can also download the CRS Shield logo and add it to your promotional materials.
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Member Connect |
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Member Connect is a one-stop online destination where you can find industry news, information and resources that will help you work more productively and achieve greater success.
Read the latest industry news, trends and statistics. Participate in discussions in the member forums or start a new topic and find answers to your questions from other CRS Members. Browse the networking section for referral tips or to locate CRS Designees.
Member Connect also features a searchable database of real estate articles, including stories from The Residential Specialist magazine and tools and resources with links to articles, podcasts, and sample marketing materials.
There is also a product directory of the latest and best-selling books, DVDs, software and accessories for your business and links to books recommended by our instructors or reviewed in The Residential Specialist.
In addition, if you have an account on Facebook, be sure to join the CRS Group to network with fellow CRS members. If you have an account on LinkedIn, add the CRS to your profile.
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CRS Online Store |
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The CRS Online Store is your source for CRS Quality-Tested books, tapes, tutorials and software programs to help you become more proficient.
In addition, now that you have earned your designation you are eligible to purchase any of a number of designation promotion products. From the consumer brochure to CRS Fact Sheets you’ll find the Council has developed tools that provide answers to the questions your clients need and best explain the benefits of having a CRS for all their residential real estate needs.
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©2009 Council of Residential Specialists |
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Residential Focus by Fletcher Wilcox V.P. Grand Canyon Title Agency, Inc.
FWilcox@GCTA.com 602-648-1230
Residential Focus: The Newsletter with the Trends!
Scottsdale Single Family Home Sales
July 2009
Data from ARMLS
By
Fletcher Wilcox
V.P. Business Development
Grand Canyon Title Agency, Inc.
FWilcox@gcta.com 602-648-1230
Single family home sales in Scottsdale for July continued to be hot. July
2009 was the second best month this year for the number of single family
home sales.
July 2009 single family homes sales were 399 or 51% more than the 265
sales in July 2008. The 399 sales in July 2009 were down 6% from the 426
single family sales in June 2009.
On the downside is the mean sales price per square foot. CHART 2 shows it
was $167.42 in July 2009. This is down 11% compared to January 2009
when it was $187.62. Comparing July 2009 to July 2008 the mean sales
price per square foot is down 22% percent or $46.38.
Residential Focus by Fletcher Wilcox V.P. Grand Canyon Title Agency, Inc.
FWilcox@GCTA.com 602-648-1230
Driving down the mean sales price per square foot are sales of lender owned
properties and short sales. CHART 3 shows the July mean sales price per
square foot for lender owned properties at $138.96 compared to $189.12 for
those single family sales that had no special listing conditions.
Table 1 gives a synopsis of July single family home sales by sold price
range, the estimated months of supply, and the percentage of short sales and
lender owned sales by sold price range. Short sales accounted for 14% of
sales while lender owned sales were 32%. So almost half or 46% of single
family home sales were distressed sales (14% + 32% = 46%).
CHART 1
Scottsdale Single Family Home Sales
by Month
Data from ARMLS
265
170 191
245
309
350
426
399
0
100
200
300
400
500
Jul-08 Jan-09 Feb March April May June July
CHART 2
Scottsdale Single Family
Mean Sales Price Per Sq. Ft.
Data from ARMLS
$213.80
$187.62 $185.65 $183.49 $181.80 $175.36 $169.93 $167.42
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
Jul-08 Jan-09 Feb March April May June July
Residential Focus by Fletcher Wilcox V.P. Grand Canyon Title Agency, Inc.
FWilcox@GCTA.com 602-648-1230
CHART 3
Scottsdale Single Family
July Mean Price Per Sq. Ft. by Listing Condition
Data from ARMLS
$138.96
$156.91
$189.12
$0.00
$50.00
$100.00
$150.00
$200.00
No Special
Lender Owned Short Sale Listing Condition
Table 1
July 2009 Scottsdale Single Family Homes Sales Only
Residential Sold Price
Range Sales
Active
Listings
on
August
11,
2009
Estimated
Months of
Supply
Mean Price
Per Sq. Ft.
Short
Sales
(No.)
Short
Sales
(%)
Lender-
Owned
Sales
(No.)
Lender-
Owned
Sales (
%)
Other
Sales
(No.)
Other
Sales
(%) Total
Under 250,000 80 134 1.7 $122.33 12 15% 33 41% 35 44% 100%
250,000 to 299,999 36 110 3.1 $145.65 4 11% 14 39% 18 50% 100%
300,000 to 349,999 46 108 2.3 $149.48 1 2% 18 39% 27 59% 100%
350,000 to 399,999 35 161 4.6 $148.77 6 17% 13 37% 16 46% 100%
400,000 to 499,999 40 267 6.7 $163.48 5 13% 14 35% 21 53% 101%
500,000 to 599,999 51 275 5.4 $171.98 6 12% 13 25% 32 63% 100%
600,000 to 699,999 40 232 5.8 $186.22 10 25% 8 20% 22 55% 100%
700,000 to 799,999 10 180 18.0 $186.63 2 20% 4 40% 4 40% 100%
800,000 to 899,999 15 159 10.6 $198.06 4 27% 2 13% 9 60% 100%
900,000 to 999,999 7 153 21.9 $237.50 0 0% 0 0% 7 100% 100%
1,000,000 to 1,499,999 25 378 15.1 $251.07 4 16% 5 20% 16 64% 100%
1,500,000 to 1,999,999 8 241 30.1 $293.45 2 25% 1 13% 5 63% 100%
2,000,000 to 2,999,999 5 231 46.2 $337.72 0 0% 1 20% 4 80% 100%
Over 3,000,000 1 154 154.0 $343.43 0 0% 0 0% 1 100% 100%
TOTAL 399 2,783 6.9 $167.78 56 14% 126 32% 217 54% 100%
Note: Percentages may add up to 99% or 101% because of rounding of numbers.
Residential Focus by Fletcher Wilcox V.P. Grand Canyon Title Agency, Inc.
FWilcox@GCTA.com 602-648-1230
Please contact me with your feedback and comments. And remember Grand
Canyon Title Agency, Inc. on your next short sale or normal sale. It would
be much appreciated! Contact me for an introduction to one of our escrow
officers.
Fletcher Wilcox
V.P. Grand Canyon Title Agency, Inc.
FWilcox@GCTA.Com 602-648-1230
Class on Foreclosure and Short Sales for three legal hours!
Learn about the foreclosure process, the new anti-deficiency law and
discuss short sale contract scenarios, financing of lender owned
properties and short sales and more.
Date: Thursday, August 20th from 1:00 p.m. to 4:00 pm
Where: Grand Canyon Title Agency, Inc. –Pinnacle Peak Office
7308 E. Deer Valley Rd., Ste. 110
Scottsdale, 85255
Must RSVP to Kas@gcta.com or CROE@gcta.com
Cost is $5.00 at door. Seating is limited.
Residential Focus does not guarantee the accuracy of the data in this report. Some
numbers will adjusted. Report may not reflect all real estate activity. Information
should be verified. This article is of a general nature, and is not intended as legal,
real estate or lending advice. Please consult your broker, your lender and your own
independent legal counsel. The information in this report may not be the opinion of
of Grand Canyon Title Agency, Inc.
Residential Focus by Fletcher Wilcox V.P. Grand Canyon Title Agency, Inc.
FWilcox@GCTA.com 602-648-1230
Residential Focus
By
Fletcher Wilcox
V. P. Business Development for Grand Canyon Title Agency, Inc.
Fwilcox@gcta.com 602.648-1230
• Fletcher is proud to be a part of Grand Canyon Title Agency, Inc. The company has been closing
escrows in the Valley for twenty-six years and has sixteen escrow offices in the Valley.
• Born and raised in Arizona, Fletcher remained in the state to receive his Bachelor of Science
degree and a Master of Arts degree from Arizona State University.
• Obtained an Arizona Real Estate license in 1985. Co-listed and closed a $2.5 million dollar
commercial property in 1986.
• Is a member of the Arizona Association of Realtors www.AAROnline.com and the Scottsdale
Area Association of Realtors www.SAAROnline.com. Is a director on the Arizona Mortgage
Lenders Association Board www.azmortgagelenders.com/ and a member of the Arizona State
Escrow Association http://www.azsea.org/
• Is the statistician for the Scottsdale Luxury Tour and
http://www.saaronline.com/marketing/scottsdale.php
• Is the publicity coordinator and statistician for the Heart of Scottsdale Tour
http://www.saaronline.com/marketing/scottsdale.php
• Fletcher speaks throughout the Valley on residential real estate trends. He produces the email
newsletter Residential Focus, which focuses on the residential market. He is a contributing
Columnist for the Arizona Journal of Real Estate & Business; Teaches renewal courses on the
Residential Resale Real Estate Purchase Contract, FHA contract writing, short sales and
foreclosures at the Arizona School of Real Estate & Business.
• 2008 marked the third time Fletcher chaired the Industry Partners Conference. This real estate
conference is a partnership involving the Arizona Association of REALTORS, the Arizona
Mortgage Lenders Association and the Arizona State Escrow Association.
• To promote music and the arts Fletcher joined Alice Cooper’s Solid Rock organization as a board
member. The goal is to build a music and arts center.
• For eleven years served as a citizen board member on the Phoenix Police Department’s
Disciplinary Review & Use of Force Boards.
• Fletcher started snowboarding in 2008 going on six trips. He is not very good.D
How Online Marketing Success Has Helped One Agent Live His Dream
By Mike Parker
RISMEDIA, May 15, 2009-Unless one has been beaten down by life, we all cling to dreams in the most private parts of our minds. These dreams can apply toward all segments of our existence, but rarely is it that after a certain age we find ourselves actually fulfilling work-related dreams that involve a wholesale relocation of our business to a place thousands of miles away that has been a beacon in those dreams. Douglas Fischer is doing it now, for the second time, and he is able to do it because he has cracked the code of how to succeed at selling property online. Doug is a Coldwell Banker agent in Palm Desert, California-an area especially hard hit by the events of the past year. His online marketing skills enabled him to sell 25 homes in the past year with prices ranging from $144K to $1,575K. He’s got seven houses in escrow right now in a wide variety of price ranges. Doug grew up in the State of Washington, where it rains often, and he dreamed of living in a place that was warm and sunny all the time. Seven years ago, he moved to Palm Desert and began his practice from scratch.
100% of his business comes from the Internet and it kept him safe
“Although this area is known as Palm Springs, it actually consists of a valley, the Coachella Valley, where you will find 8 different cites spread out over several hundred square miles,” Doug told me. “I live and work in the middle, Palm Desert, but I know and sell properties anywhere in the valley. I also sell investment properties and multi-family. I diversified on purpose so that I would have many possibilities at any time. I aimed my business at the Internet for the same reason. I now obtain 10-20 good leads per week, all with valid email addresses and phone numbers, from my website. These leads go into my database each week, which now numbers some 2,500 people who have visited my website and signed in. I stay in touch with these folks monthly with my newsletter: I actually send out three differently targeted newsletters once or twice each month to keep my name and business in front of these people. My website gives me leads looking to buy now and leads looking to buy later-maybe Palm Springs is in their dreams. Whatever the case, a number of these in my database turn into closings every month. I feel like I have sales stashed in my “Internet bank account” and that I can ride out any market issues because of it. I’ve built this safety net entirely through my website and the people who visit it.”
He designed his success and he gives constant value to his prospects to continue it
“I specifically set out creating the site to be lead generating in a way that was passive for the visitor. I run small line ads in classifieds to bring more people to my site. When they ask for a list of whatever I am offering, I capture their information if they choose to sign in and put them into my database of interested prospects. I also call them immediately, because they expect that. I have a 35-page packet I send out to prospects titled, “How to market your property in the 21st Century.” In it, I describe my online presence and success, with screenshots from my website. I get most of my listings that way. I believe that the number one reason that I do so well is that I offer hassle-free information, mostly current listings, NOT IDX, that is updated daily; and I am responsive to all inquiries, answering all email in minutes. I also offer to research properties that are bargain priced, and many people seem to be looking for that today. The 4-6 hours a week I spend on updating the site and following up are well worth the effort.”
Living the dream and moving his business 3,000 miles to the west
“We bought our condo in Hawaii, sight unseen (except online), and I will move my permanent residence there within the next six months, but I will continue to work in the desert for 1-2 more years. I will gradually phase myself out of handling the leads and share them with three other agents on a commission-split basis. I will continue to do all the online work, newsletters, lead follow-up etc., so that when I turn the lead over to one of my associates, it will be close to writing an offer or getting into contract. I can do all this online, from anywhere in the world, and that is how the Internet has allowed me to live out my dream: I am the business, and I can handle my business from anywhere there is a broadband connection and cell phone coverage. Meanwhile, I will also start working in Honolulu-virtually. I’ll use the same methods and techniques there that I use in the desert, and as business from Hawaii becomes more of the mix, I will start phasing myself out of the desert over the next year or two. My success in making the Internet work for me has empowered me in ways I can’t even begin to describe-sure, I am successful in my business, but it’s more than that, I’m able to live my life the way I want to without regard to geography. My buyers come from everywhere and I can handle them professionally anywhere. All those things are the power of the Internet! I can literally sit on the beach in Hawaii and carry on business with a buyer sitting in his living room in the frozen tundra somewhere; each of us connected to each other and fully functioning.”
Maybe you have a simpler dream
Perhaps you simply have a dream of tapping in to where 87% of residential real estate sales start (the Internet). Not many agents are as laser-focused on the Internet as Doug is, and many don’t have the technological know-how to make it work for them. Maybe you harbor no Hawaiian dreams, maybe you just want to get your kids through college, or get in shape for the ability to live well when you retire. The power of the Internet can bring those things to you, as well. “I’m a client of CompassSearch,” Doug says, “and I love the total transparency of their work; having the ability to actually see what is being done for me behind the scenes. I also love the reporting tools and the ability they give me to monitor and adjust what I am doing on my site. While I’m very proud of my success and my efforts in making that happen, when someone goes to Google and types in “Palm Springs MLS,” they’ll find my site. That couldn’t happen without CompassSearch, and it is the first step in succeeding online: being found by Internet shoppers. All the work I do and all the good advice I get from the people at Compass wouldn’t matter if my site can’t be found. But it is found, and Internet shoppers found me 2,425 times in recent months, under 500 different real estate-related search terms. You can bet that Compass will be on my team in Honolulu, too.”
About the Author: Mike Parker (mparker@theblackwatercg.com) specializes in online marketing services for Realtors® and real estate professionals. To request a free review of your website to determine if it is set up properly to be effective click here and it will be evaluated free. NOTE: For the next 90 days (May, June, July of 2009), any new client will receive a FREE Professional website as part of their subscription for one year, built and set up to succeed, if needed. You can keep the one you have and harvest leads from the one we build for you, if you like. We’ll be happy to do everything in this article for you except sell homes to the leads you receive.
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