From revulsion to recovery for Phoenix housing market
N ishu Sood, director of Wall Street’s Deutsche Bank Securities, used the term “revulsion” to describe the current phase of metro Phoenix’s housing market. “Revulsion,” as in many people are averse to the very product that got the nation in trouble in the first place. Sood was the lead speaker at the Scottsdale-based Land Advisors’ third-annual housing forecast for the Phoenix area, presented to a group of the region’s top real-estate executives. He was quick to point out that revulsion was the last phase in the “bubble” cycle before recovery for the region’s housing market. He said if Land Advisors would have asked him to … read the rest of this...
Federal program Project Rebuild would bring nearly $500 million to Arizona
A lmost hidden near the bottom of the American Jobs Act, the Obama administration has proposed a plan to help the area’s hardest hit by foreclosures and the loss of construction jobs. Known as Project Rebuild, the program accounts for a small portion of the $450 billion jobs bill, about $15 billion. The money would go towards putting local construction workers back to work and revitalizing vacant and foreclosure homes. This isn’t a vital need for every state, but it is in Arizona where nearly 250,000 construction workers have lost their jobs since the housing crash. U.S. Secretary of Housing and … read the rest of this post
Details for expanded govt. refinancing plan delayed
& nbsp;Details on the expansion of the federal government’s Housing Affordable Refinancing Prorgram, HARP, won’t likely be announced until next week, according to a HUD spokesman. New information on the program that will allow many homeowners to seek refinancing, no matter how underwater they are on their mortgages, was expected to be released today. A revamping of the federal mortgage program announced by President Barack Obama four weeks ago will smooth the refinancing process and overcome hurdles that so far have blocked many in Arizona and elsewhere from lowering their interest rates and mortgage payments. Nearly 50 percent of Arizona homeowners are underwater. To … read the rest of this...
Phoenix ranks no. 7 on Realtor list of top cities for potential home buyers
H ere’s the list from Realtor.com of most searched cities by potential home buyers. Somewhat of a surprise to see Detroit at no. 2. The median price listed for these cities includes new homes because Phoenix’s median resale is less than $120,00. 1. Chicago: $199,000 2. Detroit: $89,000 3. Los Angeles-Long Beach, Calif.: $335,000 4. Philadelphia: $234,900 5. Atlanta: $159,900 6. Tampa-St. Petersburg-Clearwater, Fla.: $140,000 7. Phoenix-Mesa, Ariz.: $150,000 8. Las Vegas: $120,000 9. Dallas: $191,025 10. Boston-Worcester-Lawrence-Lowell-Brockton, Mass.: $330,000 11. Riverside-San Bernadino, Calif.: $195,000 12. Orlando: $159,500 … read the rest of this...
Phoenix Realtors get to ask lending executives pressing housing questions
H undreds of metro Phoenix real estate agents had the rare chance to ask executives from the nation’s biggest lenders and some of its top distressed property experts pressing questions for the region’s housing market last week. On Tuesday, Fidelity National Title held a “Crystal Ball” housing conference in Tempe with this panel: JK Huey, senior vice president of Wells Fargo Home Mortgage REO and short sale division; Bill Borda, senior vice president of BofA’s short sale, deed in lieu and REO group; Stephanie Whittier; the REO manager for Chase Banks western region; Reginald Givens, foreclosure assistance administrator with the Arizona Housing … read the rest of this...
Real estate Q and A
T he housing market is confusing and difficult to navigate for most these days. One month prices are up, the next they are down. The same with foreclosures. In one metro Phoenix neighborhood, there are more short sales than regular sales. In another area less than a mile away, homes are selling for the asking price. As a real estate reporter for The Arizona Republic since 1996, I have been watching the market closely for a while. I have owned more than one home in the region. My stomach churns with other homeowners’ when prices fall, and I am elated when I … read the rest of this post