Fannie Mae Urges Homeowners to Not Walk Away - 06/29/10 10:53 PM
Fannie Mae announced last week that it would "lock out" borrowers from obtaining a new loan for seven years if they choose to "strategically" default on a mortgage they could have afforded.
This is a trend in the mortgage industry which has been working to prevent borrowers who can afford their monthly payment but choose to default on loans that are currently more than their homes are worth. Walking away from a mortgage is bad for everyone: banks, borrowers, communities, and the economy. I'm sure you've heard of friends, neighbors, and co-workers who have stopped paying their loans. One report cited … (6 comments)

Tempe Gateway Building Purchase Shows Confidence in Phoenix Real Estate Market - 06/28/10 01:02 PM
I love Tempe. So I was especially happy when I read in the Arizona Republic that a Seattle company purchased the Gateway building in downtown Tempe. If you're not familiar, it is the eight-story building located at Mill Avenue and Third Street.
It is the first acquisition that Vulcan Real Estate has made outside of Seattle. And it's a big one - $35 million. The Republic quoted Lori Mason Curran, a spokeswoman for Vulcan Real Estate, as saying that the company is interested in buying more property in the Phoenix area. "We see Phoenix as an area that has good growth … (0 comments)

Furnishing Your Phoenix Home On a Budget - 06/23/10 11:54 AM
Whether you are heading to a second home to escape the summer heat or are looking to spruce up your home furnishings for a home sale, finding furniture for a decent price can be difficult. In order to reserve your cash for more important things, I have put together a few resources that might be helpful as you embark on a bit of redecorating.
Copy Cat Chic. Copy Cat Chic is a blog written and managed by Reichel Broussard. She combined her career in design and internet marketing with her passion for home décor to create this site which offers low-cost … (1 comments)

Mortgage Fraud Arrests and Crackdown Strikes Phoenix - 06/22/10 02:27 PM
Finally!  In cased you missed the article in today's Arizona Republic, arrests and prosecution of those committing mortgage fraud are on the rise. Since the beginning of March, there have been 51 Arizona indictments with 13 convictions.
Meanwhile, a recent Businessweek article reported that a man from Henderson, Nev., was recently sentenced to 1-2.5 years in prison for "[inflating] victims' incomes on loan applications and [misleading] customers with a guarantee that he could resolve pending foreclosures." As a Certified Distress Property Expert, (CDPE), I am part of a group that is providing real solutions for homeowners in need.  We make sure … (0 comments)

As Phoenix Real Estate Stabilizes, Mortgage Applications Jump - 06/18/10 06:32 PM
There has been a lot of data recently to support the notion that the real estate market is stabilizing. And last week, the amount of customers applying for mortgages jumped 18 percent. Yet another sign that the market is becoming stable.
These new numbers are from the Mortgage Bankers Association which came out with the report this morning.
Applications to refinance home loans were up 21 percent to the highest level since May 2009. This is largely due to buyers taking advantage of the near-record-low mortgage rates.
Read more about "Mortgage," on my MyPhoenixmls.com blog.
… (1 comments)

Ten Tips for a Smooth Moving Day - 06/15/10 04:08 PM
The school year has ended and that means many things for those of us in Phoenix: warmer weather, summer vacations and - for many people - moving day. Most families move during the summer when their children's school is closed. Therefore, I thought this time of year would be a good time to offer some moving day tips.
 
Here are 10 things that should make moving day less stressful and more enjoyable:
1.      Change your address. Updating your address will ensure there isn't a lapse in your magazine subscriptions or monthly bills. Most of this can be done online and … (1 comments)

Case-Shiller Index: Good News for Phoenix Real Estate - 06/15/10 03:15 PM
I've been reporting a lot of data recently and today I'm sharing even more stabilizing news in the Phoenix real estate market. According to the most recent S&P/Case-Shiller Home Price Index, prices of Phoenix homes slipped just a half a percentage point in March and are up 2.4 percent from March 2009.
The index was released May 25 (and covered home prices through March 2010). It showed an average decline of 3.2 percent nationally and a 2 percent year-over-year gain. Out of 20 U.S. cities examined, Phoenix was one of 12 that showed a year-over-year increase in prices. Only six showed … (0 comments)

Just In: Foreclosures Down in the Phoenix Real Estate Market - 06/10/10 12:10 PM
Last week, I reported on recent data of foreclosures in the Phoenix real estate market. If you remember, April foreclosures were down 2 percent nationally (year-over-year). This was the first annual decrease in five years.
Well, data released today reported that foreclosures in the Phoenix-area resale-housing market are continuing to decline. The latest Realty Studies report from ASU cites the number of foreclosures as decreasing from 40 percent of the market’s recorded activity in March to 33 percent in May.
But will it continue?
Read more about "Just In: Foreclosures Down in the Phoenix Real Estate Market" on my MyPhoenixMLS.com blog.
… (0 comments)

Phoenix Homes With or Without a Pool - 06/09/10 12:50 PM
According to my car thermometer, it was 111 degrees today. That's hot. Which made me think about swimming pools and the often asked question, "Is a pool a value-add to my home . . . or a money pit?"
I work with some home buyers who really want a pool, imagining a future of weekend swim parties and relaxing evening swims. I work with other home buyers who will not consider a home with a pool, citing dangers because of small children or the hassle of weekly chemical treatments and higher utility bills.
On average, an in-ground pool in the Southwest … (0 comments)

What HAFA Programs Mean for Your Phoenix Home Short Sale - 06/07/10 02:36 PM
If you haven't heard already, Fannie Mae and Freddie Mac announced on Tuesday their versions of the Making Home Affordable Foreclosure Alternatives (HAFA) program. These are the latest in a string of programs designed to help borrowers avoid foreclosure. They take effect August 1 of this year and may be able to help you with your Phoenix home short sale.
The programs are very similar to HAFA in that they simplify and streamline the use of short sales and deed-in-lieu (DIL) options and use similar forms and timelines. In addition, the programs expire December 31, 2012.
Some of the major differences … (0 comments)

ASU Repeat Sales Index Reports a Year-Over-Year Increase Marketwide in Phoenix Real Estate - 06/04/10 04:00 PM
At the end of April, I wrote about how - for the first time in three years - there was an increase in the lower-price and foreclosure segments of the Phoenix market. [http://www.myphoenixmls.com/asu-rsi-prices-of-phoenix-homes-higher/]
Well, I'm excited to share this month that - also for the first time in three years - Phoenix-area housing prices are showing an overall - yes, marketwide - year-over-year increase. Champagne, anyone?
This is from the latest ASU Repeat Sales Index.  Let's look at these positive numbers:
•-          There is an estimated 1-percent increase from April 2009 to April 2010.
•-          This follows a 13-percent decrease from … (0 comments)

Buying a Phoenix Home Foreclosure - 06/01/10 02:03 PM
With mortgage rates at record lows and the stock market shaky these days, more and more people are putting money in an asset they understand - real estate. And I'm getting a lot of questions about buying foreclosures. Foreclosures can be a great deal but there are many things to consider when looking into purchasing a bank-owned home. I just urge you to be cautious.
First, understand the foreclosure landscape in the Phoenix real estate market:
•-          Data from April has foreclosures down 2 percent nationally (year-over-year). This is the first annual decrease in five years.
•-          However, Arizona had over … (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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