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real estate market update: NAR First Quarter Report, Home Price Medians, Home Prices Continue Sharp Descent - 06/01/08 04:54 PM
CNNMoney.com reports that single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982.
The median sales price fell to $196,300, down 4.8% compared with the last three months of 2007. Hurting home prices were big rises in foreclosure rates over the past 12 months which threaten to get even worse.  Delinquencies more than doubled over that time and more than 155,000 lost their homes in bank repossessions during the first three months of the year. With many adjustable rate mortgages (ARMs) poised to reset this year to … (1 comments)

real estate market update: The Next Building Bust - 05/26/08 10:07 AM
CNNMoney.com reports that a combination of the economic slowdown and tighter credit appears to be putting the brakes on nonresidential projects. Even if work continues on those projects already underway, there are signs that the pipeline of new construction is about to dry up. A slowdown in the entire construction market would be bad news for the economy. Investment in nonresidential buildings added an average of $250 billion to the economy every year since 1990. A downturn is also expected to lead to the loss of many well-paying jobs in the months ahead.
Economists say a fall-off in nonresidential construction in … (3 comments)

real estate market update: Arizona, Valley Home Sales Reports are at Odds - 05/26/08 10:02 AM
There has been a lot of confusion between ASU's April monthly sales report and one released by ARMLS on Monday according to a recent Arizona Republic article.  The report, compiled each month on home-resale transactions in Maricopa County, reported that home resales were up 15 percent compared with the same month in 2007, the first year-over-year increase since July 2005.
That conflicts with a report released by the Arizona Regional Multiple Listing Service indicating a 12 percent decrease in home sales in the same period. The reason is ASU's report does not differentiate between "trustee sales," in which banks take over properties … (0 comments)

real estate market update: Fannie Mae Payment Rules Eased - 05/26/08 09:41 AM
An article from the Arizona Republic reports that lending Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the U.S. where home prices are dropping. The government-sponsored mortgage finance company said it will require minimum down payments of between 3 percent and 5 percent for all loans it guarantees. That replaces a December rule requiring a higher minimum if the loan was for a home in a ZIP code with declining real-estate prices.
When Fannie Mae tagged metro Phoenix a declining housing market in January, the residential market suffered. Dozens of home sales fell through … (3 comments)

real estate market update: Scottsdale Fails to Grab Homebuyers' Interest - 05/26/08 09:37 AM
An East Valley Tribune article, reports that while Valleywide home sales posted their first year-to-year increase since 2005 last month, sales in Scottsdale are still lagging. Experts say that's because available loans are mostly for lower-priced homes, which are more plentiful in the southeast valley than in Scottsdale, where median home values surpass the half-million-dollar mark. There were 330 resale homes sold in Scottsdale in April, down from 400 sales the same month a year ago, according to a report by Arizona State University's Realty Studies Office.
The median value for single-family home sales also dipped from $557,500 last year to … (0 comments)

real estate market update: U.S. Home Construction Falls to a 17 Year Low - 04/22/08 10:30 AM
Construction of U.S. homes fell to a 17-year low in March, according to CNNMoney.com, which is a much steeper than expected drop, according to a government report released Wednesday. Privately-owned housing fell to a seasonally adjusted 947,000 annual rate in March, according to the Commerce Department. The rate was down 11.9% from February's revised reading of 1.07 million and 36% lower than March of 2007. Economists were expecting housing to decline to 1.01 million, according to consensus estimates compiled by Briefing.com. Mike Larson, a real estate analyst with the research firm Weiss Research, reports, "These figures confirm that the housing market is … (2 comments)

 

Joyce "Joy" Mahaney Brewster

Glendale, AZ

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High Profile Realty

Address: 18185 N. 83rd Avenue, Su. D202, Glendale, AZ, 85308

Office Phone: (623) 486-9050

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Northwest Arizona Real Estate Blog, presented by Joyce Mahaney Brewster of High Profile Realty. Check back often for info on current market trends and analysis and general thoughts on the state of real estate in Maricopa County as well as local news and events. Free multiple listings search with no registration at http://www.joycemahaneybrewster.com.


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