Greater Phoenix Area Real Estate Market Update - 07/31/08 08:11 PM
 
It’s here again: time to produce my monthly Phoenix area real estate news video for Realty Times. Read on for a snapshot of what went on in the Phoenix area in June. 
Did you miss my last Realty Times news video?  You can check it out here:  http://realtytimes.com/REUv/BobStahl
Enjoy!
 
RT: What specifically happened last month/quarter in this market?
MyPhoenixMLS.com:  A total of 7,840 resale homes sold in Maricopa County in June, up from 7,210 in May (an 8.8 percent increase).  Historically, June is a strong month, but numbers were strong compared to 2007 as well – with 52.5 … (0 comments)

Phoenix Real Estate Blog: Is do-it-yourself buying really made easier by the Internet? - 07/22/08 01:36 PM
 
An article yesterday in the Boston Globe suggested that the wealth of information available on the Internet has made using a real estate agent when buying a home less necessary.
Actually, I should be fair.  This is what the article said, exactly: 
“Many buyers still prefer to work with a real estate agent, of course - they might not have the time or inclination to do their own research. Or they decide an agent with years of experience can conduct research more effectively. But the Internet does give do-it-yourself buyers an opportunity. And that is a fundamental change.”
Okay.
… (2 comments)

Phoenix Real Estate Blog: What Just Happened? - 07/22/08 01:35 PM
 
A recent segment on NPR’s Fresh Air highlighted really well the sequence of events that got us where we are today.  Host Terry Gross interviewed Paul Muolo, executive editor of National Mortgage News and co-author of Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis.
The segment offers a pretty accurate, yet easy-to-understand view of how we got here.  First, it’s important to understand that a single underlying premise – held by mortgage brokers, homebuyers, builders, Wall Street, and investors – is the root cause of all this trouble: the belief that housing prices would keep rising … (1 comments)

Phoenix Real Estate Blog: More Woes in the Mortgage Market - 07/16/08 07:13 PM
 
Last Friday the Office of Thrift Supervision (OTS) – which regulates some U.S. banks – stepped in and closed IndyMac Bank, putting the FDIC in charge of operations.  Regulators estimate the move will cost taxpayers $4-8 billion.
IndyMac is the second-largest U.S. bank to collapse (it had $32.01 billion in assets as of March 31).  The largest was Continental Illinois National Bank, which had nearly $40 billion in assets when it failed in 1984.
According to an ABC News article, IndyMac customers began a run on their deposits following a June 26 letter from Senator Charles Schumer, D-NY, urging banking … (0 comments)

Phoenix Real Estate Blog: You Keep the House, I’ll Take the Mortgage - 07/16/08 07:12 PM
 
I feel a bit sheepish.  I pride myself on knowing a lot about real estate – from the economics of the current market to how to stage a home.  It is, after all, my job.  But I always admit when I learn something new.  And today, I did.
Reading an article on Bloomberg.com, called “Discounted Mortgage Notes Can Stop Foreclosures” I learned that there is a market for mortgage notes – not buying homes in pre-foreclosure or foreclosure – but buying the actual mortgage when a homeowner can no longer make the payments.
It sounds kind of strange, actually.  As … (2 comments)

Phoenix Real Estate Blog: 10 Fun Things to do this Weekend in the Phoenix Area - 07/11/08 06:23 PM
 
It may be hot, hot, hot outside, but there are some cool things to do this weekend in the Valley!  Check them out:
(And let me know if I’ve missed any of your favs!)
 
An Icy Evening at the Museum
What: Cool off from the heat by visiting our Ice Age animals, cool your heels in our territorial jail and hear the cool roars of our dinosaurs.   Special admission is $3 for under 18 years and $5 for everyone else, except members are free.  After your Night at the Museum, visit Downtown Mesa for Friday Night Out--food, fun and … (0 comments)

Phoenix Real Estate Blog Breaking News: Governor Napolitano Signs Loan Originators Licensing Bill - 07/10/08 01:12 PM
 
Arizona’s Governor Napolitano signed a proposal requiring that loan originators – mortgage loan officers – be licensed, just like real estate agents, appraisers, escrow agents. . . the list goes on.
I’ve written a couple of posts reporting on the progress of the bill:
Proposed bill would require Arizona loan officers to be licensed on May 7; and Arizona Senate Bill 1028 to License Mortgage Loan Officers on May 26. According to Catherine Reagor’s Arizona Republic blog, one of the only reports I could find on the bill’s passage (the other was in The Capitol Times), there are 10,000 loan … (0 comments)

Phoenix Real Estate Blog: MyPhoenixMLS makes top blogs list in Carnival of Real Estate - 07/10/08 01:11 PM
 
This week’s Carnival of Real Estate was creatively hosted by TransparantRE.com and we made the top blogs list!  Check out TransparentRE’s slide show of the top blogs here.
Thanks to Transparent Real Estate for hosting a great Carnival!
… (0 comments)

Phoenix Real Estate Blog: House Swap Update - 07/10/08 01:10 PM
 
I’ve written a couple of blog posts in the past year about an interesting, if quirky, trend: house swapping. 
(You give me yours and I’ll give you mine — trading houses and House swap (it’s not a new reality show)).
It works less like “Wife Swap” (you don’t give the house base) and more like “you give me your house and I’ll give you mine.”
The trend recently caught the attention of Inman News, which reports on real estate.  Read their article, “Sell me yours, I’ll sell you mine,” here.
… (0 comments)

Phoenix Real Estate Blog: The Ripples Continue - 07/03/08 11:25 AM
 
I like to mention it when Arizona gets some “Best of. . .” award.  And there have been lots (see my blog post, From Best Cities for Jobs to North American City of the Future — Greater Phoenix Is It).  Yet the other day we were ranked #1 on a not-so-great list: Business Week’s list of the ten states with the biggest tax shortfalls.
And that prize goes to. . .
1.  Arizona: 13.6% drop in tax revenue; 5.5% drop in home values
2.  Florida: 10.3% drop in tax revenue; 8.15% drop in home values
3.  Rhode Island: 6.2% drop … (0 comments)

Phoenix Real Estate Blog: Market Numbers Reality Check - 07/01/08 04:53 PM
 
I never advocate sugar-coating bad news.  The fact is that the real estate market in the Greater Phoenix area has fallen dramatically from highs two years ago.  I’ve written about that plenty (see my most recent Market Update blog post, for example).
But I also think that fear-mongering is equally destructive.  A recent ABC News piece was titled “Valley homes face record double-digit price drop.”  It certainly sounds scary.
According to the piece: “The Arizona State University-Repeat Sales Index reports that average prices dropped 13-percent from March 2007 to March 2008.
Karl Guntermann, the Fred E. Taylor Professor of Real … (1 comments)

10 ways to save at the pump - 07/01/08 04:51 PM
 
Gas prices have risen $1.07 since last summer – representing an increase of more than 30%.  Economists argue about what’s really behind skyrocketing gas prices, but most agree that factors include oil speculation, rising worldwide demand for oil, and the weak value of the U.S. dollar. 
None of those are factors we as individuals can do anything about.  But there are things you can do to save at the pump – in spite of high gas prices.
1.  Keep your car in tip-top shape
A poorly maintained car gets fewer miles per gallon of gas than the same car … (2 comments)

Phoenix Real Estate Blog: The Pain at the Pump is Spreading - 07/01/08 04:50 PM
I subscribe to Google news.  Call me crazy, but I like to stay informed.  I have Google e-mail me all of the stories about real estate each day. 
In the last several days, I’ve seen three that echo a theme I think we’re going to start hearing a lot more about: how pain at the gas pump is reverberating throughout the economy.  Check them out:
CNN: Gas drives real estate buys
ABC News: A New Kind of Housing Cycle
LA Times: Gas prices latest worry for real estate market
LA can serve as an important lesson for Phoenix, if we … (0 comments)

 
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Bob Stahl

Phoenix, AZ

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Keller Williams Arizona Realty

Address: Scottsdale, AZ, 85258

Office Phone: (480) 767-3000

Cell Phone: (602) 318-1114

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Knowledge is power. In that spirit, the MyPhoenixMLS Phoenix Real Estate Blog covers everything that's Phoenix-area real estate, with the goal of helping buyers and sellers navigate the market.


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