maricopa arizona: Maricopa Arizona Homes for Sale - Weekly Housing Market Report 13MAR13 - 03/15/13 12:02 AM
Maricopa Arizona Homes for Sale - Weekly Housing Market Report 13MAR13
A slight upsurge in buying activity caused the inventory to drop slightly last week. Buying activity has been very sporadic during the first quarter of 2013 and is well behind the pace of the past few years. Patti and I have been experiencing an increase in inquiries over the past couple of weeks so it could be a sign that seasonal buyers are wanting to purchase over the last few weeks of the "winter" season. I don't expect any major shifts in the trending but we will just have to … (0 comments)

maricopa arizona: Bank of America to Offer Principal Reductions of Over $100,000 - 03/13/12 12:00 AM
Some Bank of America borrowers may be in for principal reductions in amounts exceeding $100,000, according to the latest developments in the settlement the bank and four other large servicers made with state and federal regulators.
Of the five servicers participating in the settlement, BofA is set to pay the largest portion of the total $25 billion settlement. The bank will pay $3.24 billion to the government and $8.58 billion to borrowers.
Of BofA’s total, $1 billion is part of a separate settlement regarding loan origination issues for Countrywide, which BofA acquired in 2008.
 
While the other four servicers in … (0 comments)

maricopa arizona: Maricopa AZ Homes for Sale - Market Update 8MAR12 - 03/08/12 12:37 AM
nventory of Maricopa Arizona subdivision homes for sale continues to spiral downward. It is very hard to predict where the “bottom line” number will be but I expected downward pressure for at least the next month or so until the seasonal buyers begin the exodus back home for the summer.This usually begins at the begiining of April and continues through mid May.
Since the law of supply and demand is in full force, one of the end results is that it is becoming more difficult for financed buyers to purchase a home. Because most of the current listings are investor owned … (0 comments)

maricopa arizona: Maricopa Arizona Homes for Sale - Market Update 22DEC - 12/22/11 12:57 AM
Inventory declined slightly this past week and remains at an all time low. Most of the other numbers stayed within the range of prior weeks although an increase in the number of Pending sales increased to levels not seen since early OCT. This is most likely due to seasonal buyers and I expect this number to continue it's upward movement for the next few months. It is still very difficult to find homes for buyers and most that are available would appear to have some appraisal issues. It's a matter of lack of supply and increased demand and will affect a … (1 comments)

maricopa arizona: New Wave of Foreclosures Expected - 12/15/11 03:10 AM
Although foreclosures declined 14% from a year ago, RealtyTrac reports that this information could be misleading as states such as California and Arizona actually posted increases. It was also noted that scheduled foreclosure auctions hit a nine month high.
The number of distressed homeowners continues to rise in Maricopa Arizona and I would agree with this article in that there will be a new wave in the future, When, exactly that occurs remains to be seen. Dozens of homes in Maricopa Az have been vacant for numerous months and are just a small example of the "shadow inventory" that still exists. … (2 comments)

maricopa arizona: California and Nevada Attorney Generals Join Forces in Mortgage Investigation - 12/07/11 12:50 AM
This article from DS News outlines how the states of CA and NEV have formed an alliance to streamline their processes in their attempt to litigate with major lenders over the "robo singing" fiasco. Apparently the investigation has stalled as negotiations with servicers has brokeb down and taken over a year so far with no resolution in sight.
This is just an example of the forces at work that are keeping many foreclosures from reacning the homes for sale in Maricopa Arizona market and has led to an increase in "shadow inventory" in this community and most likley nationwide. Anyone who … (0 comments)

maricopa arizona: Maricopa Arizona Homes For Sale - Weekly Market Report 16MAY - 05/18/11 01:25 AM
Every week I post the latest market indicators for subdivision home for sale in Maricopa AZ. This past week saw inventory continue to slide to an all time low of around 350 homes. Buyer activity is still strong despite the "migration" of seasonal buyers heading back home for the summer.
Read the entire report on my web site blog http://bit.ly/l922Xp
 
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maricopa arizona: Maricopa Arizona Homes for Sale - Market Report 9MAY - 05/12/11 03:24 AM
Every week I post an update on the Maricopa AZ homes for sale market on my website blog (www.wizardsofwaz.com/blog). Inventory of subdivision homes in Maricopa continues to decline while buying activity remains strong.
You can read the full report by clicking on this link http://bit.ly/m8cVpm
 
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maricopa arizona: Maricopa Arizona Homes For Sale - Weekly Market Report 28MAR - 03/29/11 01:58 AM
Inventory of homes for sale in Maricopa AZ continues to decline. Single level homes in particular are becoming scarce. Heavy seasonal buying activity continues and is expected to last for at least another month.
You can read more about the Maricopa Arizona housing market in my weekly market update at http://bit.ly/hIwA9c
 
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maricopa arizona: S & P Estimates Shadow Inventory is at $450 Billion Dollars - 03/25/11 07:40 AM
Standard and Poors estimates that this is the principle balance of residential properties in foreclosure but not yet on the market. They categorize the shadow inventory as containing loans at least 90-days delinquent or somewhere in the foreclosure process, and properties taken into REO.
At the current pace of home sales, they predict it would take 49 months to clear this inventory.It should be noted that this is a national average and definitely needs to be adjusted for local markets. For example, they claim that, given the current rates in the Phonix market, we only have 30 months of this inventory and that … (1 comments)

maricopa arizona: Why Loan Modifications Don't Work - 03/09/11 12:29 AM
This is a great article that dives into the issues surrounding loan modifications nad wht they are not getting done. The media continues to offer homeowners hope that lenders really want to work to find solutions but, if that were the case, why do I only know of one person in Maricopa AZ in three years to receive a modification that makes sense?
 http://bit.ly/h1iKwb
 
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maricopa arizona: HAMP Needs to Go!! - 03/02/11 02:12 AM
We can debate all day long about the reasons why this program is not successful but this article points out that this is an understatement. According to Katie Jones, analyst of housing policy of the Congressional Research Service, only 3% of the intended funds for this program have been dispursed. And we are now at the half way point of the program!
The good news is that it has saved the taxpayers some money. The bad news is that is still takes a LOT of money to run this program and what these folks are doing on "our" time is beyond … (2 comments)

maricopa arizona: HUD Targeted for More Than $1 Billion in Cuts - 02/15/11 03:02 AM
This article outlines a few of the proposed budget cuts to HUD. In particular it mentions cuts to the Development Block Grant program and Neighbor Works.
The Development Block Grant program cuts are minor and I, for one, am glad to see that. In our small community of Maricopa n, these grants are vital to our local non profits and the money has been put to good use.
The Neighbor Works program, which provides housing counseling, is proposed to be cut by more then half. As far as I am concerned, this is a good move and it can be eliminated … (2 comments)

maricopa arizona: Large Housing Inventories to be Sold at Deep Discounts - 02/14/11 10:43 AM
In this article, DBRS cliams that foreclosures will flood the market in 2011 resulting in deep discounts. I won't argue with them but my question is what are the lenders holding on to their shadow inventory?
In Maricopa Arizona we are in the midst of our annual seasonal buyer fenzy and inventory is shrinking. We had over 960 active subdivision listings before the robo signing fiasco and now, due to the self imposed and Holiday moratoriums, we are hovering around 650, a drop of over 30%!! I can understand the lenders not wanting to flood the market and therefore decrease values … (0 comments)

maricopa arizona: Mixed Reviews on Obama's GSE Plan - 02/11/11 02:26 AM
I just wanted to post the latest update to the Fannie and Freddie scenario. I won't begin to comment on this article as there are just too many issues invloved that I don't begin to understand. The problem is, the government doesn't either. There will be a lot of "pushing and pulling" with the lenders and they ahve already begun to exert their influence. We;ll just have to see how this all shakes out and, hopefully, the government won't screw it up too badly!!
http://bit.ly/h6tGPS
 
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maricopa arizona: Foreclosure Filings Decrease in January - 02/10/11 12:18 AM
Realty Trac, a compnay that monitors default notices, scheduled auctions and bank repossessions (REO) in counties across the U.S., stated that filings were down 17% from a year ago. This marks the third straight month of under 300,000 filings following a period of 20 months with higher numbers. Though they had originally predicted that foreclosures would be on the rise, procedural reviews have slowed the process.
In Maricopa Arizona, the inventory of available homes has been on the decline since mid September in spite of the fact that there are still a large number of distressed properties "in the works". A review … (1 comments)

maricopa arizona: Maricopa Arizona Weekly Housing Market Update - 7FEB - 02/08/11 12:33 AM
I've just posted the latest report on the housing market in Maricopa Arizona. Invenories continue to decline and are now at a level not seen since APR 2101. Buying activity remains strong as "snowbirds" continue to arrive.
Raed the full report on my website blog at http://bit.ly/fkhPdf
 
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maricopa arizona: HOA Document Fee Bill Introduced in Arizona Congress - 02/06/11 04:07 AM
SB 1149 (HOA; condo; document fees- sponsored by Senator Andy Biggs), which as amended by the committee limited the fees that a condominium or planned community could charge for the preparation of required documents, as well as prohibited a condominium or planned community from charging a fee for the use or placement of a for sale sign.
I'm not sure what all of your Rainmakers are experiencing in your markets, but in Maricopa Arizona we have seen a major "money grab" by the HOAs occuring that continues to escalate. Some "fees" are over $1,000 when only a couple of years ago they … (1 comments)

maricopa arizona: Banf of America Predicts Home Prices Will Bottom Out on 2Q 2012 - 02/03/11 11:27 PM
Analysts have given us all sorts of predictions on the housing market but if there is one thing that appears to be a common thread it is that the "double dip" will occur sometime in the middle of 2012. This article explains that although Bank of America Merril Lynch startegists see improving values in the short term, they expect that prices in the 20 major metropolitan areas will bottom out in the seond quarter of 2012.  
I will not attempt to project my estimates on a national level, but in the Greater Phoenix area (Maricopa Arizona in particular) pricing will continue … (3 comments)

maricopa arizona: Phoenix Arizona Home Sales Rise to Record Levels - 02/02/11 11:55 PM
The Greater Phoenix area home sales in December rose 25% over November and was the highest level for a December in five years. Foreclosure resales represented over 56% of the sales which is no surprise as Arizona ranks second only to Nevada in the persentage of foreclosed homes.
It is also very interesting that this article mentions that absentee buyers represented over 44% of the sales, the highest level in a decade. Though the article says that these are mostly investors, I have found that in Maricopa Arizona a large number of these absentee buyers are "snowbirds" (seasonal residents.
http://bit.ly/etAGbl 
 
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Bill "Waz" Wasowicz (Wizards of Waz Real Estate)

Bill "Waz" Wasowicz

Maricopa, AZ

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Wizards of Waz Real Estate

Address: 21621 N. Backus Drive, Maricopa, AZ, 85138

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We live, work, play and know the Maricopa area. We specialize in Short Sales and Foreclosures and love to help any buyer find the right investment or any seller conduct their sale properly and in the right time. Contact us anytime for updates in listings and the latest in short sales and foreclosures in Maricopa AZ homes.


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