real estate: The Solution to Falling Real Estate Prices: The Wrecking Ball Response??? - 10/10/08 10:31 PM
In yesterday’s post I mused at the end about the effects of the $700 billion “bailout” plan. It’s hard to believe it was just last week that was passed -- it seems like eons ago. Since then, central banks around the world cut interest rates, the Fed promised new infusions of … (0 comments)
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real estate: Phoenix Real Estate Blog: What Does $700 Billion Buy Us? - 10/09/08 04:52 PM
Last Friday President Bush signed into law the Emergency Economic Stabilization Act of 2008 -- more infamously known as the $700 billion bailout. It’s the most expensive government intervention in U.S. history.
In Tuesday night’s presidential candidates’ debate, which was organized like a town hall meeting, with questions coming from voters … (0 comments)
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real estate: Greater Phoenix Area August Real Estate Market Update - 10/07/08 02:23 PM
So I got a little bit behind schedule last month with the real estate market update -- if it seems like it hasn’t been a month since I posted the last update; it hasn’t. But since the numbers are already out for August, I thought I’d go ahead and share … (0 comments)
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real estate: Phoenix Real Estate Blog: What Caused This !@#$? - 10/06/08 01:20 PM
In my last post, I blogged about what the !@#$ has happened to our financial and economic systems. Today, we’ll explore why.
The dawn of the mortgage-backed security
Though the problem is now much, much bigger than bad subprime loans, that’s where our story begins. Subprime loans came into vogue after … (0 comments)
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real estate: Phoenix Real Estate Blog: What the !@#$ Just Happened? - 10/04/08 12:52 PM
Okay, so the $700 billion “bailout” plan is passed -- and President Bush will surely sign it. Maybe now is a good time to reflect on what the !@#$ just happened.
I’ve been blogging about the housing and mortgage market crisis all year, with the bankruptcy of Countrywide on January 11, … (1 comments)
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real estate: We Can’t Save Main Street without Saving Wall Street - 10/03/08 02:55 PM
Congress has finally passed the $700 billion “bailout” plan -- thank heavens. Yet even though the plan is passed, there’s still a palpable sense of anger among ordinary Americans like you and me that we’re “bailing out” Wall Street fat cats who deserve their comeuppance.
Yet as Thomas Friedman wrote … (1 comments)
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real estate: Phoenix Real Estate Blog: Fun things to do in Phoenix in September - 09/22/08 02:37 PM
The weather’s still hot, but there are plenty of cool activities for the remaining weeks of September in the Phoenix area. Check them out! (And if I left out your favorite activity, let me know.)
Thanks as always to About.com for the event details.
Family Activities
LaLaGlendooza - Old MacDonald … (0 comments)
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real estate: Phoenix Real Estate Blog: On October 1st 100% FHA loans will be a thing of the past - 09/19/08 02:10 PM
On October 1st, a program that has allowed hundreds of thousands (if not millions) of Americans to buy homes will officially be outlawed. It’s the FHA/down payment assistance combination that has allowed borrowers to buy homes without any money down. It’s been a particularly critical program after 100% lender financing … (0 comments)
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real estate: Phoenix Real Estate Blog: Whose Fault Is It If Your Home Doesn’t Sell? - 09/17/08 04:16 PM
A recent column in the Wall Street Journal’s “House Talk” posed the question: No sale -- a bad agent or a lousy market? The person who wrote in with the question said that he’d been having trouble selling his 12-year-old home (it’s been on the market almost three months). His listing … (0 comments)
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real estate: Phoenix Real Estate Blog: Agent or FSBO? - 09/17/08 04:05 PM
In my last post, “Whose Fault Is It If Your Home Doesn’t Sell?”, I talked a little bit about the value an agent can (and should) bring to the table -- and how to protect yourself against agents who may fall into market funks (or just fall away altogether).
Today, I … (0 comments)
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real estate: Greater Phoenix Real Estate August Market Update II: Foreclosure Sales Still a Good Deal - 09/11/08 02:48 PM
Let’s see what’s gone on in the Scottsdale and Phoenix area real estate markets this past month:
Scottsdale
The number of homes resold in Scottsdale in July decreased 12.5%, but that’s after a 33.3% increase in June; July’s 385 homes resold is still 17% above May. Median prices in … (0 comments)
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real estate: Phoenix Real Estate Blog: Government Takes Over Fannie Mae and Freddie Mac - 09/11/08 02:44 PM
So it happened. On Sunday the government officially took control of Fannie Mae and Freddie Mac, the two government sponsored mortgage giants that together own or guarantee nearly half of the nation’s mortgages. From the New York Times: “The Bush administration seized control of the nation’s two largest mortgage finance companies … (0 comments)
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real estate: Greater Phoenix Real Estate August Market Update I: East Valley Home Sales Volume and Prices a Mixed Bag - 09/11/08 02:39 PM
Welcome to the sixth monthly edition of the MyPhoenixMLS area-specific market conditions update. Today, I’ll post market conditions reports for the East Valley, including Chandler, Gilbert, Tempe, and Mesa; in my next post I’ll describe market conditions in the Scottsdale and Phoenix markets.
Chandler
After five months of increases, the number … (0 comments)
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real estate: Phoenix Real Estate Blog: The “Plight” of the Home Builders - 09/04/08 02:19 PM
I’m back! It’s been a while since I made my last post, but I’m back and ready to bring all the news that’s fit to blog about to your computer screen.
I thought I’d start with a recent headline from the Arizona Republic: “Builders regroup as market searches for a bottom.” … (0 comments)
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real estate: Phoenix Real Estate Blog: Good News, Bad News in the Mortgage Market - 08/07/08 11:53 PM
So do you want the good news first or the bad news first?
Well, the good news is that the rate of default on subprime mortgages across the nation is starting to slow. According to a New York Times article, “The problems with mortgages made to people with weak, or subprime, … (1 comments)
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real estate: Phoenix Real Estate Blog: Fun Things to Do in Phoenix in August - 08/05/08 11:20 PM
It may be hot, but you can’t complain that there’s nothing to do. There are a myriad of events – from cultural to entertainment, educational, and sports – going on in the Phoenix area in August. Check them out:
3rd Thursday Artisan & Cottage Foods Night Fair
What: Food, … (0 comments)
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real estate: Phoenix Real Estate Blog: Explaining the Housing and Economic Recovery Act - 08/05/08 11:19 PM
On Wednesday, President Bush sat at his desk in the Oval Office and signed into law the Housing and Economic Recovery Act of 2008, a massive housing bill that includes provisions to help struggling homeowners as well as mortgage giants Fannie Mae and Freddie Mac.
The provisions of the bill that … (0 comments)
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real estate: 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!
… (0 comments)
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real estate: 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 … (2 comments)
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real estate: 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 … (1 comments)
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real estate: 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 … (0 comments)
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real estate: 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 … (2 comments)
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real estate: 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 … (0 comments)
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real estate: 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 … (0 comments)
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real estate: 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)
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real estate: 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 … (0 comments)
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real estate: 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 … (0 comments)
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real estate: 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 … (1 comments)
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real estate: 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 … (2 comments)
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real estate: 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 … (0 comments)
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real estate: Phoenix Real Estate Blog: How the Foreclosure Crisis Has Spread through the Housing Market - 06/04/08 03:43 PM
I was struck by a string of articles around the country that summed up pretty well how the foreclosure crisis has spread throughout the housing market:
The Wall Street Journal: Number of Foreclosed Homes Keeps Rising
The Chicago Tribune: Break for sellers: Banks settle for less
The Arizona Daily Star: Foreclosures … (0 comments)
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real estate: Phoenix Real Estate Blog: Are we there yet? - 05/14/08 11:45 PM
It’s the scourge of the family car vacation: the nasally voice coming from the back seat, waaaaaaaayyyy too often, asking “Are we there yet?” And you’ve only rounded the corner out of your neighborhood. It’s going to be a long drive. . .
I feel like that now, only it’s all … (3 comments)
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real estate: Phoenix Real Estate Blog: 3 tips for finding your dream home on the Internet - 05/14/08 11:42 PM
An article last week at U.S. News and World.com offered six secrets for Internet home buying. Well, not home buying exactly, more like home searching. From the story:
“As the real estate industry grows increasingly Web-savvy, house hunters can now scour through neighborhoods, inspect front porches, and even peek inside … (0 comments)
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real estate: Proposed bill would require Arizona loan officers to be licensed - 05/10/08 05:48 PM
The Arizona legislature has proposed legislation that would require loan originators – the people consumers deal most with during the mortgage application and writing processes – to be licensed and to participate in continuing education.
Arizona’s Department of Financial Institutions (DFI) regulates three mortgage lending positions: commercial mortgage bankers, mortgage … (3 comments)
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real estate: To own or to rent? What would Hamlet do? - 05/10/08 05:47 PM
Originally, I titled this post, “To own or to rent? That is the question.” But that sounded far too cliché. So I modified the reference just a bit. Too cheesy? Or too opaque?
Anyway, there was an interesting post on Zillow the other day about how to decide whether to rent … (0 comments)
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real estate: There’s No Excuse to Be Bored! Fill Up Your Calendar with Great Things to Do in Phoenix in May - 05/04/08 11:05 PM
It’s hard to believe that it’s already the first of May! It seems like just yesterday that I was blogging about New Year’s resolutions.
As the weather heats up, some of us have a tendency to hole up inside. But don’t! There are so many fun, interesting – and cool! … (0 comments)
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real estate: Tips for foreign buyers and sellers who want to attract this new market - 05/04/08 11:04 PM
A quarter of U.S. Realtors report more foreigners are buying real estate here, according to a report issued by the National Association of Realtors (NAR) in June 2007. Now, the number of foreign buyers is likely to be even higher as the dollar continues to weaken relative to foreign currencies.
… (0 comments)
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real estate: The value of home ownership: the power of leverage - 05/04/08 11:01 PM
There’s been some controversy about market information put out by the National Association of Realtors (NAR). I blogged about one scathing criticism of an NAR commercial earlier this year. Yet, the economists at the NAR are still the leading providers of information about housing markets across the country.
The fact is … (2 comments)
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real estate: Forget saving money, is walking away the right thing to do? - 04/25/08 01:12 PM
A recent article in the Arizona Republic about “jingle mail” – when homeowners simply mail the lender back the keys to the home and walk away rather than struggle to pay the mortgage – got me thinking: are there any situations in which walking away is really a better choice … (6 comments)
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real estate: Arizona ranks 4th among top 10 foreclosure states - 04/25/08 01:11 PM
According to a recent U.S. News and World blog post, Arizona ranks fourth among the top 10 states in terms of foreclosures per household in March. The list, which was actually compiled by Real Estate Bloggers, is:
While 1 in 139 homes in foreclosure is surely very high compared to … (1 comments)
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real estate: 4 steps to a better mortgage - 04/23/08 11:44 AM
A recent survey by Zillow.com found that U.S. adults spend about 40 hours shopping for a home, 15 for major home improvements, 10 for a car, 8 for a mortgage or home loan, 7 for a vacation, five for a computer, and about four for a television.
What’s wrong with … (1 comments)
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real estate: Crazy neighbor in Phoenix makes national headlines: What it means for you as a home buyer or seller - 04/23/08 11:41 AM
Phoenix made national headlines last week as a homebuyer takes his new home’s seller to court over a really obnoxious next-door neighbor.
Here’s the gist, from Good Morning America’s segment on the story last Wednesday:
Glenn Melton purchased a modest home in Phoenix in 2005 for his college-aged daughter. She … (3 comments)
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real estate: Feeling “trapped” in a housing market that’s on fire – and not in a good way - 04/23/08 11:38 AM
They say that art imitates life. It’s certainly true of newspaper cartoonists – not the kind you see in the “Funnies” section, but the kind you see on the editorial page. They take often serious topics and bring out the humor – however dark – in them. Sometimes, it’s just … (0 comments)
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real estate: Once Upon A Time: The Story of the Housing Bust, Subprime Meltdown, and Credit Crunch - 04/11/08 12:56 AM
I know I’m a little late to the game, here, but I’ve been meaning to write a post about a great article in the New York Times for a while now. It’s from March 19, but it’s so good I’m going to write about it here anyway.
So the article … (0 comments)
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real estate: The do's and don'ts of fixing and flipping, Part 2 - 04/11/08 12:53 AM
In my last post, I wrote about how the reality TV show, Flip This House, on A&E, got me thinking about fixer-upper homes and the potential they have to bring real anguish to the lives of people who buy them looking to get rich as real estate “flippers.”
Of course, savvy … (1 comments)
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real estate: The do’s and don’ts of fixing and flipping, Part 1 - 04/11/08 12:50 AM
Have you seen the reality TV show Flip This House on A&E? I’m not really plugging the show, but it’s got me thinking about fixer-upper homes and the potential they have to bring real anguish to the lives of people who buy them looking to get rich as real estate … (3 comments)
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real estate: What's Going On in the Scottsdale and Phoenix Areas: March Market Conditions Update - 04/08/08 09:14 PM
Let’s see what’s gone on in the Scottsdale and Phoenix area real estate market this past month:
Scottsdale
The median sales price of single-family homes in Scottsdale decreased in February to $513,750 from $545,000 in January. In North Scottsdale – including DC Ranch and McDowell Mountain Ranch – the median … (2 comments)
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real estate: What's Going On in the East Valley: March Market Conditions Update - 04/08/08 09:11 PM
Welcome to the second monthly edition of the MyPhoenixMLS area-specific market conditions update (okay, that was a mouthful). Today, I’ll post market conditions reports for some of the East Valley cities; next we’ll look to the Scottsdale area and then we’ll look at Phoenix.
Chandler
In Chandler home … (1 comments)
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real estate: Combine one part FHA loan, one part AmeriDream down payment assistance and what do you get? A no-down-payment loan! - 04/08/08 09:09 PM
Many have been reporting that the age of the no-down-payment loan is dead.
It’s not.
A loan from the Federal Housing Administration (FHA) can get homebuyers 97% of the way there (the maximum FHA loan limit is 97% of the value of the home). And a down payment assistance provider like … (2 comments)
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real estate: How’s your credit? Part III: Fixing errors on your credit report and building good credit history - 04/08/08 09:05 PM
Yesterday I offered 8 steps to help you build good credit. But I left out a few steps (on purpose, of course). One part of maintaining a good credit history is making sure that mistakes don’t appear on your reports.
Sometimes mistakes crop up because of simple human error … (2 comments)
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real estate: How’s your credit? Part II: 8 Steps to Building Good Credit - 03/11/08 02:17 PM
Whether we like it or not, it’s a fact: our credit score matters; if we want to buy stuff, it matters a lot. But if you don’t have great credit, take heart: there are 8 very real steps you can take to clean it up.
1. If you’re currently missing … (1 comments)
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real estate: Looking to buy or refinance? There’s one question every lender will ask: How’s your credit? - 03/11/08 02:14 PM
Amidst all the fear about falling home prices, tighter lending standards, the weak value of the dollar, a looming recession. . . While we can’t predict the future, one thing is certain: most mortgage lenders have tightened their lending standards.
One part of the build-up to the housing bust … (0 comments)
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real estate: The only thing we have to fear is fear itself - 03/05/08 11:16 PM
75 years ago yesterday, on March 4, 1933, President Franklin Delano Roosevelt gave his first inaugural address. The country was in desperate economic shape – the throes of the Great Depression – and FDR had been elected in a landslide to do something to pick the country back up.
… (0 comments)
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real estate: How the Phoenix-area real estate market is like my backyard, or, how the real estate market could turn around this spring - 03/05/08 11:13 PM
Happy March! It’s hard to believe that it’s already time for spring pruning – how the time flies.
I was out in the yard this weekend, pruning the dead branches and leaves and I thought about how my yard is kind of like the Phoenix area real estate market (I know, … (0 comments)
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real estate: Greater Phoenix Area February Real Estate Market Update - 02/26/08 06:56 PM
So I just signed up to make some news videos with Realty Times – to talk each month about the real estate market in the Phoenix area. Of course, I’ll post the videos on www.myphoenixmls.com as soon as they come out.
While they’re in production, I figured I’d offer … (0 comments)
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real estate: What's Going On in the East Valley: Market Conditions Update - 02/26/08 06:51 PM
I was updating my Phoenix-area market conditions report on Realty Times the other day and I realized that they would make good blog material: after all, our motto is Knowledge is Power, and what better way to stay knowledgeable and powerful than to stay informed about market conditions? Today, I’ll post … (0 comments)
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real estate: Creative Ways to Sell that House: Down Payment Assistance - 02/26/08 06:48 PM
I’ve blogged before about the lengths sellers will go to these days. An older couple offered potential buyers their money back when the couple died. Others offered cars. Trips. Super Bowl tickets.
Then there are more practical ideas: like sellers offering to “give” prospective buyers part of the down payment. … (5 comments)
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real estate: “There’s No Place Like Home, There’s No Place Like Home” Home Values vs. Perception - 02/26/08 06:46 PM
I don’t think we’re in Kansas anymore.
It shouldn’t be news to anyone who ever reads the newspaper, surfs the Internet, watches TV, listens to the radio, or generally communicates with the outside world in any way at all: the real estate market has been in a downturn.
Yet maybe … (1 comments)
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real estate: Trust is critical in realtor-client relationships - 02/05/08 08:49 PM
February 4, 2008
Last week an article came out in Advertising Age bashing realtors. It’s title: Pay Heed to What Realtors Don't Say in Their Latest Pitch, These Agents Will Wallow in Conflict Like Pigs in a Sty for Their 7% Cut. Ouch!
The article went on to lambast a … (3 comments)
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real estate: Home equity: use it wisely - 02/05/08 08:45 PM
February 1, 2008
There’s not really any single reason we could point to that explains why the housing market/ lending industry has been through such an upheaval. Certainly rapidly rising home prices had something to do with it. And the rise in risky loans, like interest-only and subprime loans played … (2 comments)
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real estate: The Latest Fed Rate Cut Makes History - 02/05/08 08:44 PM
January 30, 2008
The Fed cut rates again Wednesday, the second rate cut in 8 days (last Tuesday the Fed cut its Fed funds target rate by 0.75%). Today, the Fed made a 0.5% rate cut. It’s more aggressive rate-cutting than we’ve seen in many years – even after … (1 comments)
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real estate: In Case of Recession: Learn How to Protect Your Finances - 02/05/08 08:42 PM
January 28, 2008
As economists like to do, they’re prophesizing on whether the economy will go into a recession. Some say yes, others say no. Some say there’s a 40% chance; others say the odds are 60/40. But the fact is that even the brightest economist, with the best data, … (1 comments)
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real estate: Combine Deals to Be Had with the Strong Value of the Canadian Dollar and What Do You Get? - 01/25/08 11:00 PM
Answer: Canadians buying homes in Phoenix like hotcakes!
Last week the Calgary Herald ran a couple of articles featuring Phoenix-area real estate agent Bob Stahl (that’s me) talking about how Canadians’ interest in Phoenix-area real estate has picked up. Their interest is bolstered by the deals that can be found … (1 comments)
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real estate: From Best Cities for Jobs to North American City of the Future – Greater Phoenix Is It - 01/25/08 12:21 AM
January 23, 2008
In the past some readers have criticized me for what they’ve said is blind, unfounded praise of the Phoenix area. When I talk about how the Phoenix area is great – or about how and why the housing market will rebound, or why it may not be … (2 comments)
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real estate: Mastering the art and science of negotiation is the key to getting the best deal, part 2 - 01/25/08 12:19 AM
January 21, 2008
I wrote in my last post about the first two steps to mastering the art and science of negotiation – a mastery that is key to getting the best deal in real estate, whether you’re buying or selling. Today, the last four steps.
Peter G. Miller wrote … (0 comments)
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real estate: Mastering the art and science of negotiation is the key to getting the best deal, part 1 - 01/25/08 12:17 AM
January 18, 2008
A lot goes into a successful home sale or purchase. If you’re the seller, your success depends on making your home showcase ready, marketing your home to the right prospective buyers, and setting the right price – among other factors. If you’re a buyer, your success depends … (1 comments)
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real estate: Thinking about renting your home for the Super Bowl? Read this first. - 01/25/08 12:15 AM
January 16, 2008
Valley homeowners are looking to another way to profit on their house: rent it to visitors during the upcoming Super Bowl. Websites, including www.supereventrentals.com (hosted by my friends at Keller Williams Southwest Realty) offer homeowners a place to advertise their homes for rent and prospective renters a … (3 comments)
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real estate: Arizona Republic columnist suggests that the housing market may have corrected - 01/18/08 12:15 AM
January 14, 2008
A column this weekend by the Arizona Republic’s Catherine Reagor suggests that the drop in the median Valley home price suggests that the housing market here may have corrected.
The median price of an existing home in Metro Phoenix was $232,000 in December – 11 percent lower … (0 comments)
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real estate: Bank of America's next bargain buy? Countrywide. - 01/18/08 12:13 AM
January 11, 2008
Earlier this week, we began to hear the rumblings of bankruptcy for the nation’s largest mortgage lender, Countrywide. The firm denied that it may be heading that direction.
But the yesterday news surfaced that Bank of America is thinking seriously about snapping up the mortgage lender. It … (1 comments)
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real estate: New Year's resolution #5: Mind the contract - 01/18/08 12:11 AM
January 4, 2008
Today’s is the final post in the New Year’s resolution series. So if you’re buying or selling a home in 2008, add this last resolution to your list: Mind the contract.
Selling or buying a home is probably the most serious contractual obligation you’ll ever be … (0 comments)
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real estate: New Year’s resolution #4: Make the right first impression - 01/08/08 11:05 PM
January 8, 2008
Happy 2008!
If you might be selling your home this year, add to your New Year’s resolution list: Make the right first impression. It’s an old adage that “You only have one chance to make a first impression.” We’ve all heard it from doting mothers and high … (1 comments)
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real estate: New Year’s resolution #3: Get a mortgage that you can afford - 01/08/08 11:02 PM
December 31, 2007
This New Year’s Eve, as you plan all of the things you’re going to do next year – join a gym, clean out the closet, give up chocolate – whatever, add one more to your list: if you’re going to be buying a new home or refinancing … (0 comments)
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real estate: New Year’s resolution #2: Reduce energy costs - 01/08/08 11:01 PM
December 28, 2007
Today’s New Year’s resolution will help you save money all year round by reducing your energy costs. And, it will help save the environment, too. Listed below are 7 tips for reducing energy waste around your home.
Tip 1: Make sure your home is well sealed
… (1 comments)
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real estate: New Year's resolution #1: Clean up your credit - 12/27/07 10:11 AM
December 26, 2007
Beginning with today’s post, I’ll be writing a series of New Year’s resolution posts – since we’re all sitting down right now to make those resolutions, let’s add some that will help us buy or sell homes better – or just save money everyday.
Today’s New Year’s … (1 comments)
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real estate: It's not personal: How to handle low-ball offers - 12/27/07 10:09 AM
December 24, 2007
It’s a day to celebrate in a slower housing market: you get an offer on your home. But then you look at the number and your face turns red – it’s so low, you can’t believe anyone would dare suggest that your precious home is worth so … (1 comments)
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real estate: Mortgage Forgiveness Act offers more relief for some families - 12/27/07 10:08 AM
December 21, 2007
Last month, I wrote a post, called “Maybe the IRS isn’t so bad after all? Oh wait, never mind” about the IRS rules on taxation of cancelled debt as income. Basically, the rules say that with a few exceptions, if a homeowner’s lender agrees to a short … (0 comments)
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real estate: Why the dip in housing starts and permits is actually a good thing - 12/22/07 01:26 AM
December 19, 2007
When I heard on the news yesterday that housing construction starts had fallen in November – down 3.7% across the U.S. from October and off 24% from November of last year – I was happy. That’s right. The dip in housing construction starts and permits is actually … (3 comments)
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real estate: Is it really "so easy" to sell a house? - 12/20/07 01:05 AM
December 17, 2007
I came across an interesting discussion yesterday, in response to an article in the Arizona Daily Star, “Real estate agents strive to cope in slow market.”
One commenter said, “The only advantage an agent adds to the process is the ability to use the Multiple Listing Service. … (0 comments)
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real estate: Subprime rate freeze: who will it help? - 12/20/07 01:04 AM
December 14, 2007
Last week, the Bush Administration, mortgage lenders, and investors together agreed on a plan to freeze certain subprime rates for 5 years. The negotiations, between Treasury Secretary Henry Paulson, and mortgage industry executives, came in the face of 2 million looming mortgage adjustments.
The plan, proponents say, … (0 comments)
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real estate: Citing slowing economic growth, the Fed cuts rates again - 12/14/07 01:11 AM
December 12, 2007
Yesterday the Federal Reserve decided again to lower the federal funds target rate by another 0.25% -- to 4.25%. From the Fed’s press release:
“Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending. … (1 comments)
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real estate: Is It Better to Take My Home Off the Market During the Holidays? - 12/11/07 09:36 PM
December 11, 2007
There are presents to be bought, decorations to be hung, cookies to be baked. Who has time to buy or sell a home during the holidays? If you’re trying to sell your home right now, you may be inclined to take a “break” during this holiday season. … (2 comments)
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real estate: National Association of Realtors Phoenix Market Report, Part 3 - 12/11/07 09:34 PM
December 7, 2007
A recently released National Association of Realtors (NAR) market report for the Phoenix area talked about the housing market in the Valley. This is the third in a series of posts explaining some of the NAR’s findings.
One of the most commonly cited housing market statistics is … (0 comments)
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real estate: Experts at the Economic Forecast Luncheon Say: Cloud of Uncertainty Hangs Over the Economy - 12/07/07 01:28 AM
December 5, 2007
As part of my series of posts on the Phoenix housing market and the Arizona economy in general, today I’m writing from the 44th Annual Economic Forecast Luncheon.
Experts at the 44th Annual Chase/W. P. Carey Economic Forecast Luncheon (including S&P’s Chief Economist, JP Morgan Chase’s Senior … (1 comments)
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real estate: National Association of Realtors Phoenix Market Report, Part 2 - 12/05/07 02:29 AM
December 3, 2007
A recently released National Association of Realtors (NAR) market report for the Phoenix area talked about the housing market in the Valley. This is the second in a series of posts explaining some of the NAR’s findings.
According to the report, prices in the Phoenix region decreased … (1 comments)
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real estate: National Association of Realtors Phoenix Market Report - 12/05/07 02:28 AM
November 30, 2007
A recently released National Association of Realtors (NAR) market report for the Phoenix area summed up the situation quite nicely: there are certainly some negative factors affecting the Phoenix-area housing market, but there are also a lot of positive factors. We won’t be in a slump forever.
… (1 comments)
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real estate: Credit's tight, but you can still get a loan - 11/30/07 12:17 AM
November 28, 2007
Earlier this month, the Fed released results of a survey showing that mortgage lenders had tightened their lending standards. “About 40 percent of respondents indicated that they had tightened their lending standards on prime mortgages, compared with only about 15 percent that reported having done so in … (0 comments)
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real estate: More Sellers Are At Wit's End: "Please Buy My House, Please. Pretty Please With a Cherry on Top?" - 11/28/07 12:24 AM
November 26, 2007
An article Saturday in the Arizona Republic talked about the lengths Phoenix area home sellers go to to try to get their home sold. One offers Cardinal’s season tickets with his Goodyear townhouse. Another will throw in a car and $1,000 in gas money. Still another will … (7 comments)
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real estate: Maybe the IRS isn't so bad after all? Oh wait, never mind. - 11/28/07 12:22 AM
November 23, 2007
A Realty Times article I ran across the other day got me excited. The title read, “IRS Says Foreclosures, Short Sales Can Be Less Taxing.” Great, I thought, now the IRS will pitch in, too, to help homeowners facing foreclosure.
That didn’t last long.
Come to find out, … (1 comments)
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real estate: The Phoenix economy's undercurrents remain strong -- solid employment numbers are just another example - 11/28/07 12:20 AM
November 21, 2007
Last Thursday, the Arizona Department of Economic Security released its November employment report, which showed that Arizona hit a record 2,737,500 nonfarm jobs in October. The unemployment rate in the Phoenix metro area is 3% -- below the statewide average of 3.5% and dramatically lower than the … (1 comments)
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real estate: Landlords and lawyers relief or just good sense? - 11/21/07 12:46 AM
November 19, 2007
Last Thursday, the U.S. House of Representatives passed the Mortgage Reform and Anti-Predatory Lending Act of 2007 (HR 3915) in a 291-127 vote. The bill is contentious, with some saying that it’s too strict and others saying that it’s not strict enough.
Sen. Christopher Dodd, D-Conn., … (0 comments)
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real estate: Anything to get ahead -- deciding to improve your home or list it "as is" - 11/21/07 12:44 AM
November 16, 2007
In today’s tight market – where, let’s face it, selling a home can be difficult – homeowners are becoming creative, looking for a way to get an edge over other homeowners. One good way to do that, I’ve written about before, is staging your home. “If you’re … (1 comments)
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real estate: The importance of a sound home inspection - 11/16/07 12:55 AM
November 14, 2007
In an Inman News piece on Tuesday, a reader posed the question: “If a home inspector may not be able to provide a thorough and comprehensive inspection, should he continue to provide the service?”
The answer in my mind is clearly no. In the article, the reader … (2 comments)
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real estate: Know who’s representing you – and who’s not - 11/13/07 11:48 PM
November 13, 2007
SPECIAL NOTE: Since yesterday was Veteran’s Day, I’d like to send a special note of thanks to all those men and women who have fought or are fighting to protect all that this country stands for.
An article Sunday in the Washington Post talked about hiring … (0 comments)
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real estate: How to hire the right real estate agent (or fire the wrong one) - 11/08/07 10:35 PM
November 7, 2007
Nearly 75% of homeowners say that they wouldn't re-hire the real estate agent who sold their last home. Yet finding the right real estate agent is a key factor in selling your house for the most money in the shortest time - especially in today's tight market.
An article Sunday … (3 comments)
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real estate: If you’re not using the ‘Net to buy or sell your home, you could be losing out - 11/06/07 10:01 PM
November 5, 2007
An article Sunday on the CBS news website talked about using the Internet to buy or sell a home. "These days, it's not a luxury to use the Web to buy or sell a house, it's a necessity, says Regina Lewis, AOL's consumer advisor. And it's about how savvy … (0 comments)
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real estate: Gain an edge over other sellers by staging your home - 11/06/07 09:58 PM
November 2, 2007
There's simply no question: Phoenix is a buyer's market (very few markets in the U.S. are seller's markets right now). So how do you sell in a market when three houses on a single street are for sale, some at very low short-sale prices (as the homeowner's alternative to … (0 comments)
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real estate: The Fed lowers the target rate: but what does it mean for you? - 11/06/07 09:55 PM
October 31, 2007
Happy Halloween!
Was anyone else surprised to learn that the candy lobby may have been behind Congress's passage of the law that extends daylight savings time to November? (Was anyone else surprised to learn that there's even such a thing as a candy lobby?)
Anyway, on to more relevant news. … (0 comments)
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real estate: Q: How do we get back to normal? A: Get rid of that excess supply. - 10/30/07 11:40 PM
October 29, 2007
What to do about all of the unsold homes?
The bottom line, we’re beginning to realize, is that builders and individual home sellers will have to cut prices dramatically in order to clear the excess inventory of unsold homes on the market right now.
The light at the … (3 comments)
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real estate: Don’t have a 20% down payment? Don’t worry! - 10/30/07 11:38 PM
October 27, 2007
With the average home price in the Phoenix Metro area around $260,000, a 20% down payment would be $52,000. Even if you could afford to save $500 a month (on top of your rent payment), it would take you almost 9 years to save up for a … (3 comments)
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real estate: House swap (it’s not a new reality show) - 10/25/07 11:22 PM
October 24, 2007
An interesting article appeared in the Chandler section of the Arizona Republic yesterday. It was about house swapping. But not the kind we saw last Christmas in “The Holiday.” That kind of house swapping involves temporarily trading homes as a kind of vacation. This kind of house … (1 comments)
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