real estate market: NAR First Quarter Report, Home Price Medians, Home Prices Continue Sharp Descent - 06/01/08 09:54 AM
CNNMoney.com reports that single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982.
The median sales price fell to $196,300, down 4.8% compared with the last three months of 2007. Hurting home prices were big rises in foreclosure rates over the past 12 months which threaten to get even worse.  Delinquencies more than doubled over that time and more than 155,000 lost their homes in bank repossessions during the first three months of the year. With many adjustable rate mortgages (ARMs) poised to reset this year to … (1 comments)

real estate market: The Next Building Bust - 05/26/08 03:07 AM
CNNMoney.com reports that a combination of the economic slowdown and tighter credit appears to be putting the brakes on nonresidential projects. Even if work continues on those projects already underway, there are signs that the pipeline of new construction is about to dry up. A slowdown in the entire construction market would be bad news for the economy. Investment in nonresidential buildings added an average of $250 billion to the economy every year since 1990. A downturn is also expected to lead to the loss of many well-paying jobs in the months ahead.
Economists say a fall-off in nonresidential construction in … (3 comments)

real estate market: Fannie Mae Payment Rules Eased - 05/26/08 02:41 AM
An article from the Arizona Republic reports that lending Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the U.S. where home prices are dropping. The government-sponsored mortgage finance company said it will require minimum down payments of between 3 percent and 5 percent for all loans it guarantees. That replaces a December rule requiring a higher minimum if the loan was for a home in a ZIP code with declining real-estate prices.
When Fannie Mae tagged metro Phoenix a declining housing market in January, the residential market suffered. Dozens of home sales fell through … (3 comments)

real estate market: Northwest Arizona Market Report - 12/22/07 01:01 AM
From my corner of the world, it seems there are many buyers out there right now looking for homes.  I've received 2 calls from my listing flyer and 4 inquiries this past week primarily from my Point 2 website.  I have heard things are going to get worse before they get better but I'm just not seeing it right now. 
The current challenge I'm facing here in the northwest Arizona valley is finding nice homes for buyers who qualify for a max of say around $150,000.  There are homes out there BUT sorting through the mass of bank-owned and short sale … (5 comments)

 

Joyce "Joy" Mahaney Brewster

Glendale, AZ

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High Profile Realty

Address: 18185 N. 83rd Avenue, Su. D202, Glendale, AZ, 85308

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Northwest Arizona Real Estate Blog, presented by Joyce Mahaney Brewster of High Profile Realty. Check back often for info on current market trends and analysis and general thoughts on the state of real estate in Maricopa County as well as local news and events. Free multiple listings search with no registration at http://www.joycemahaneybrewster.com.


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