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Read the best Real Estate Newsletter: February 2010

By Stephen Ledford

Real Estate Agent with West Usa

February 21, 2010 03:03 AM

Stephen Ledford's February Real Estate Newsletter

Your Dream Home Finder

"Your Real Estate Consultant who Cares"

Outstanding Customer Service
West USA Ahwatukee Office
Email: DreamHomeFinder@StephenLedford.com
Webpage: http://www.StephenLedford.com/
Cell: 602-743-4817

February 2010 Real Estate Update:

REO/bank own and short sales are accounting for 65% of all sold properties. This is down from the high of around 76%.
There were 5,745 homes sold in January.
2009 had around 92,000 resale homes sold. This is equal to around same number of 2004.
The luxury market has picked up some. There is still about 2.5 years worth of inventory.
Because of FHA and increased in affordability, most homes which are selling are below $200K
Here is a good presentation by Elliot Pollack on the history of Phoenix.
Friendly reminder: Below are the major points for the extension and expansion of the credit.
Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30. Military deadline: The deadline is extended by a year for members of the military who have served outside the <?xml:namespace prefix = st1 />U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010. Click here for more details.
ALERT: FHA 90 Day Flipping Rule WAIVED: Good News! For the next twelve months, FHA has relaxed their anti-flipping regulations. During this period, FHA will not enforce their regulation prohibiting the use of FHA financing for the purchase of homes where the current owner has only recently taken title. This should allow buyers using FHA financing to be more competitive with buyers using other forms of financing when considering the purchase of properties listed for sale by investors. Note: If the sales price is 20% above the price the current owner paid for the home within the past 90 days, FHA may implement other methods to verify the value of the home, including the request for a 2nd appraisal.