Posted on 25th February 2011 by Anthony in New Home Sales
Arizona real estate, Department of Commerce, foreclosure, foreclosures, home sales, Home Supplies, housing stats, Maricopa, Maricopa Arizona, maricopa county, maricopa foreclosures, Maricopa real estate, Mortgage, new home information, New Home Sales, new homes Arizona, New homes Maricopa, Pinal County
Not all housing reports are sunny, it seems.
In its monthly New Home Sales release, the U.S. Department of Commerce showed a 13 percent drop-off in annualized new construction sales between the months of December and January. Maricopa real estate has had some new homes built and for sale in the recent months. There is no doubt that foreclosures in Maricopa have driven the Maricopa real estate market. New homes in Maricopa have been competative, but foreclosures and bank owned property are driving the home sales here in Maricopa, Arizona.
This has been one of the biggest one-month drop in New Home Sales since May 2010.
In addition, the supply of new homes for sale spiked higher to 7.9 months last month. ”Home supply” is defined as the amount of time it would take to sell the complete “for sale” inventory at the current pace of sales.
In December, the supply measured just 7.0 months,
Don’t fret the news, however. For buyers of new construction in Maricopa , falling New Home Sales figures can be terrific. Weaker markets put pressure on the nation’s home builders to sell their respective homes more quickly. To reach that goal, builders often discount prices and/or offer free upgrades to buyers. If you are looking to buy a new home, this may be the time to make a move to get qualified, and start looking for your new home in Maricopa.
Some of that action may already be in effect. It is evedient by the amount of Foreclosures in Maricopa that have been recently purchased.
Despite falling volume, the Maricopa New Home Sales report showed that new homes are selling faster than in recent months. The median time required to sell a newly-built home dropped to 7.8 months in January – a figure well below January 2010’s reading of 13.9 months. Locally the months of inventory has fallen to about 5 months, but there are more maricopa foreclosures that are being released on the market, thus the housing inventory will go up moderately.
It suggests that builders are getting better at locating buyers, and moving property.
Therefore, if you’re shopping for a new construction and see one worth buying, get to it. Not only will the home likely sell soon if it’s priced right, but an increase in mortgage rates will make the home more expensive to finance.
Every 0.250% increase to rates adds $15 monthly per $100,000 borrowed. For maore information about Maricopa real estate or Maricopa foreclosures please visit www.pru1re..com.
Posted on 24th February 2011 by Anthony in Existing Home Sales
Arizona, buy a home in maricopa, buy a home in maricopa arizona, Distressed Sales, Existing Home Sales, home inventory arizona, Home Supplies, homes for sale in maricopa, homes for sale maricopa, Housing Data, Maricopa, Maricopa real estate, real estate, real estate broker
Home resales rose another 2.7 percent last month, according to the National Association of REALTORS® monthly Existing Home Sales report. Maricopa real estate has been steady compared to the national averages. Here in Maricopa there still have been steady foreclosure activity, and prices for Maricopa real estate have been steady. The invenotry has been going down, but it seems to be inching up.
An “existing home” is a home that’s been previously occupied and is not considered new construction.
The number of existing homes sold on a rolling 12-month basis is now at its highest point since May 2010, the month before the federal homebuyer tax credit ended. It’s also up some 40% since July 2010, the month after the tax credit ended.
But that’s not the biggest story in the Existing Home Sales report. The precipitous decline in home inventory deserves more attention.
At the current pace of sales, the complete, national home resale inventory will be sold in 7.6 months. This is close to 5 months faster as compared to last year’s peak, and well below the 2-year home supply average of 9.0 months. There more buyers in the market, it seems, and fewer homes from which they can choose. The inventory here in the city of Maricopa has gone down in recent months. In September there was 7.2 months of inventory, recently that number has gone down to 5 months of inventory. For Maricopa real estate this has been a significant drop, but dont be fooled, there is more inventory coming in the next 6 months to the city of Maricopa.
Total home resale inventory is down to just 3.38 million homes nationwide — the fewest in 12 months.
There were other interesting statistics in the official Existing Home Sales report, including a break-down of purchases by buyer-type.
- First-time buyers accounted for 29% of purchases, down from 33% in January
- Repeat homebuyers accounted for 48% of purchases, up from 47% in January
- Investors accounted for 23% of of purchases, up from 20% in January
In addition, distressed sales — foreclosures and short sales — made up 37 percent of the market.
Over the next few days, more housing data will hit the wires and it’s expected to show similar strength to January’s Existing Home Sales report. With falling supplies and a growing base of move-up buyers, home prices in Queen Creek and around the country are expected to rise in the coming months ahead. For more information about Maricopa real estate or to get a home loan please visit www.pru1re.com.
Posted on 22nd February 2011 by Anthony in Home Safety
Burglars, Security, The Today Show
Want to help keep your home safe from burglars while on vacation? One smart way is to refrain from announcing your plans on various social networks such as Facebook.
There’s other common-sense tips, too, as shared in this 4-minute video from NBC’s The Today Show.
Drawing from a series of interview with former convicts, you’ll learn that there’s more to keeping your home safe than just locking the doors and windows, and setting the alarm system for “away”. You’ll also want to make sure your home looks “lived in”.
And some of these tricks you may have never thought of.
For example, while on vacation:
- Make sure a neighbor is picking up your mail and newspapers daily
- If it snows, have a friend drive tracks in your driveway, or shovel it clean
- Set inside lights to a timer, giving the appearance someone being home
In addition, if you don’t have a safe for valuables, consider moving them to a child’s room. It’s among the last places a burglar looks.
You can’t make your home 100% safe from intruders but you can make your home a tougher target. Just use some common sense and follow the tips in the video.
Posted on 17th February 2011 by Anthony in Homebuilders | Industry News
Arizona, Arizona real estate, foreclosures, Housing Starts, Mainstream Media, Maricopa, Maricopa Arizona, Maricopa real estate, new home starts, real estate
Homes for sale in Maricopa have been dominated by foreclosures. Maricopa foreclosures have held the market down, and the newest news for single family starts, means that Maricopa may have an opportunity to slowly sell these homes for sale in Maricopa. 
Annualized Single-Family Housing Starts dropped 1 percent in January to 413,000 units nationwide, it’s lowest reading almost 2 years.
A “Housing Start” is defined as a home on which construction has started.
Maricopa real estate has never been more affordable. In Maricopa foreclosures have driven the market, and anyone who wants to buy a home in Maricopa, the affordability is at an all time high. Now, if you had only seen the Housing Starts story in the headlines today, you wouldn’t have known that single-family starts fell at all. It’s because of how the story is being reported.
Most commonly, newspaper headlines are reading something similar to “Housing Starts Jump 14.6%” with the lead paragraph making mention that “housing starts are at their highest levels in 4 years”.
It’s a true statement, but it’s misleading, too.
This is because, despite the Census Bureau reporting Housing Starts by property type — single-family, multi-family, and apartments — the media often lumps them into a single data set. For home owners in Maricopa, it is only good news that the single family starts are down. Maricopa Arizona has been and will be a heavy foreclosure real estate market, and the less amount of New homes they build, the quicker we will sell the homes for sale in Maricopa.
It’s a categorization that helps investors in homebuilder stocks, but it does little for everyday Maricopa home buyers. The huge majority of buyers aren’t buying multi-units or whole apartment buildings — they’re buying 1-unit homes.
Here’s how January’s Housing Starts broke down by type:
- Single-Family Homes : Down 4,000 units, or -1%
- 2-4 Unit Homes : Negligible change
- Apartment Buildings : Up 46,000 units, or +80%
Clearly, the surge in Housing Starts can be attributed to the rapid rise in the 5-unit-or-more sector. Single-Family Starts were weak, by comparison.
Even with all of this noted, however, we can’t even be certain that the January Housing Starts data is accurate anyway. A footnote in the government’s report shows that, although single-family starts are said to have decreased 1 percent, the data’s margin of error is ±8.6%.
This means that the true Single-Family Housing Starts reading may be anywhere from -9.6% to +7.6%. The data is throw-away. Housing Starts may have actually increased in January, but we won’t know until revisions are offered later this year. For more information about Maricopa real estate, or Foreclosures in Maricopa please visit www.pru1re.com. Need a loan to buy a home in Maricopa? Click here
Posted on 15th February 2011 by Anthony in Retail Sales
Consumer Spending, Inflation, Mortgage Rates
If consumer spending is a keystone element in the U.S. economic recovery, a full-on rebound is likely underway.
Tuesday, the Census Bureau released its national January Retail Sales figures and, for the seventh straight month, the data surpassed expectations. Last month’s retail figures climbed 0.3 percent as total sales receipts reached an all-time high.
It’s good news for the economy which is scratching back after a prolonged recession, but decidedly bad news for people in want of a mortgage across the state of Arizona. This includes home buyers and would-be refinancers alike.
Because consumer spending accounts for the majority of the U.S. economy, Retail Sales growth means more economic growth and that draws Wall Street’s dollars toward riskier investments, including equities, at the expense of safer investments such as mortgage-backed bonds.
On the heels of the Retail Sales report’s release, bond prices are falling this morning. As a consequence, mortgage rates are rising. It’s the same pattern we’ve seen since mid-November — “good news” about the economy sparks a stock market frenzy, casuing mortgage bonds to rise.
A sampling of other recent good-for-the-economy stories include:
- Corporate earnings are rising quickly (Marketwatch)
- Existing Home Sales up 12% month-over-month (CNN Money)
- The Fed says the economy looks “brighter” (Bloomberg)
The days of 4 percent, 30-year fixed rate mortgages are over. 5 percent is the new market benchmark. Unless the economy keeps showing strength. Then, that number may rise to six percent.
If you’re thinking of buying or refinancing a home, consider how rising rates will hit your budget. You may want to take that next step sooner than you had planned — if only to protect your monthly payments.
Posted on 11th February 2011 by Anthony in Mortgage Rates
Arizona, Arizona mortgage rates, arizona mortgages, buy a home arizona, buy a home in arizona, Casa Grande, casa grande real estate, Freddie Mac, Home Affordability, Mortgage Rates, mortgages, PMMS, real estate
Arizona Mortgage rates are rising.
Over the last 7 days, conventional, 30-year fixed rate mortgage rates have jumped 24 basis points, or 0.24%, according to Freddie Mac’s weekly Primary Mortgage Market Survey. This is a significat increase, however it is only a small part of the equation when talking about Casa Grande real estate. With affordable housing, and still affordable Arizona mortgage rates, the total proposition to buy a home is still a good one.
It’s the largest 1-week spike in mortgage rates in recent history.
The 30-year fixed rate mortgage now averages 5.05% nationally. This is much, much higher than what we saw last November when mortgage rates were 4.17% and looked headed to the 3s.
That’s not the case today. In fact, it’s the opposite.
Arizona Mortgage rates have risen quickly and fiercely this year. As of this morning, mortgage rates are higher over 9 consecutive days, marking the longest mortgage rate losing streak in the last 6 years, at least.
Note, however, that when you call your loan officer or bank, you may not be quoted the same 5.05% rate as shown by Freddie Mac. This is because Freddie Mac-reported rates are national averages. Any given mortgage rate may be higher or lower depending on its region.
As an illustration, look how this week’s rates breaks down by area:
- Northeast : 5.07 with 0.7 points
- Southeast : 4.99 with 0.9 points
- North Central : 5.09 with 0.6 points
- Southwest : 5.06 with 0.6 points
- West : 5.02 with 0.8 points
In other words, the rate-and-fee combination you’d be offered in your home town of Maricopa is different from what you’d be offered if you lived somewhere else. In the Southeast, rates tend to be low and fees tend to be high; in the North Central U.S., it’s the opposite.
The good news is that, as a mortgage applicant, you can have your pricing whichever way you prefer. If getting the absolute lowest mortgage rate is what’s most important to you, have your loan officer structure your loan as in the “Southeast Style”. Or, if you prefer to have as few closing costs as possible and don’t mind slightly higher rates, ask for that type of set-up instead.
Either way, consider locking your rate as soon as possible. If rates keep rising, it won’t be long before they touch 6 percent. For more information about Casa Grande real estate, or homes for sale in Casa Grande Arizona visit www.pru1re.com. For more Arizona mortgage information click here.
Posted on 10th February 2011 by Anthony in Industry News | foreclosures
Arizona, Arizona foreclosures, bank owned, bank owned property, Casa Grande, Casa Grande AZ, casa grande foreclosures, casa grande real estate, Distressed Property, Existing Home Sales, foreclosure investment, foreclosure state, foreclosure statistics, investment, property, real estate, real estate listings, RealtyTrac, short sale
Foreclosure activity is slowing. According to foreclosure-tracker RealtyTrac, the number of foreclosure filings dropped 17 percent on an annual basis last month. Monthly filings ticked higher 1 percent after a combined 23 percent decrease through November and December 2010. As you can see Arizona is among the leaders in a decrease. This means that your Casa Grande real estate is starting the slow climb back. Foreclosures have been a heavy part of the market in Arizona, and paticular the outskirt areas like Casa grande and Maricopa. But this news looks good for all of us. But remember these are foreclosure filings, not new real estate listings.
The phrase “foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.
January marked the third straight month of sub-300,000 filings after 20 straight months above it.
As compared to January 2010, six of the nation’s 10 most foreclosure-heavy states posted an annual foreclosure filing reduction. The remaining four showed modest worsening. Arizona is on the right track.
It’s noteworthy that states like California, Florida, and Arizona posted declines of 7 percent to 54 percent, respectively, and that Nevada posted a relatively-low 3 percent gain. These three states have been at the leading edge of foreclosure activity since 2007. Their subsequent recoveries, therefore, may foreshadow a better housing market ahead.
Or, this may be lasting effects from the “robo-signer” controversy.
Regardless, home buyers in Arizona continue to clamor for distressed homes. Casa Grande real estate has been driven by foreclosures, and it seems to be the trend this year. For The real estate market in Casa Grande to get back to normal we will have to sell these properties at todays market value.
According to the National Association of REALTORS®, properties in various stages of the foreclosure and short sale process are selling at discounts in the range of 10-15 percent so it’s no wonder they now account for 36 percent of all home resales. Buying a foreclosure can be a great “deal”. They can be more trouble and cost than they’re worth.
Therefore, If you’re in the market for a foreclosed home , be sure to speak with a licensed real estate agent. The process of buying a distressed home is different from buying a non-distressed home. An experienced professional can help make sure you negotiate your best possible price. There are great foreclosed homes on the market in Casa Grande. To see a full list of homes and information about the Casa Grande real estate market please visit www.pru1re.com. Need a loan? Click here for a full list of programs, and criteria.
Posted on 9th February 2011 by Anthony in Mortgage Rates
Arizona, Arizona mortgage rates, Casa Grande, Casa Grande Arizona, casa grande mortgages, casa grande real estate, fha mortgage rates, Home Affordability, mortgages, QE2, real estate
Arizona 
Mortgage rates worsened for the 7th straight day Tuesday. A long stretch in this economy. rates are still much lowere than they have been historically, and coupled with the prices of Casa Grande real estate, it still remains a great buy.
Conventional, 30-year fixed mortgage rates are now around 5-51/2 percent, with FHA mortgage rates running roughly the same.
This is a huge increase from just 11 weeks ago when mortgage rates were riding an 8-month-long hot streak, and appeared headed into the 3s. Then the Federal Reserve intervened.
On November 3, as additional support for markets, the Fed announced its second round of bond buys, a $600 billion program dubbed QEII — short for Quantitative Easing, Round II. Wall Street got spooked on the news; investors feared runaway inflation.
That’s when lower rates slowed down. Here’s why:
(A) Inflation makes the U.S. dollar lose its value,
And, (B) U.S. mortgage bond payments are paid in U.S. dollars.
Therefore, (C) Inflation makes mortgage bond repayments lose their value.
When mortgage bond repayments are worth less, bond demand falls among the global investor set and that causes bond prices to fall along with it. When bond prices fall, mortgage rates rise and that’s exactly what we’re seeing right now.
Since the Fed’s QEII announcement, Arizona mortgage rates have rised, but Casa Grande real estate is still affordable.
Given recent trends, it’s probably safe to declare the Refi Boom “officially over” and the era of low mortgage rates may be over, too. Home prices may move up or down in Casa Grande this year, but rising Arizona mortgage rates could render the point moot. If you’re looking for a great “deal” with low, long-term payments, the time to get in contract is now. Casa Grande real estate is a very good investment, and rates are still far under 6%.
Because of rising rates, homeowners have lost roughly 10% of their purchasing power since November. We do have to keep this all in perspective. It wasn’t long ago that 8% was a great rate. Arizona mortgage rates are relatively low for the long term, and rising for the short term. For Casa Grande real estate information and arizona mortgage rates please visit www.pru1re.com.
Image Copyright (c) 123RF Stock Photos
Posted on 8th February 2011 by Anthony in Company News | Mortgage Rates
Adjustable Rate Mortgages, Arizona, arizona loans, arizona mortgages, ARM, LIBOR, Maricopa, Maricopa Arizona, Maricopa AZ, maricopa az real estate, maricopa lending, maricopa loans, Maricopa real estate, Mortgage Rates, mortgages
If your ARM is due to adjust this spring, your best move may be to allow it. Don’t rush to refinance, evaluate all of your options for your Maricopa mortgage, including staying with your adjustable rate – your rate may be adjusting lower. What to do with your financing is a key question when investing in Maricopa real estate. The reason that they are adjusting lower?
It’s because of how adjusted mortgage rates are calculated.
First, let’s look at the lifecycle of a conventional, adjustable rate mortgage:
- There’s a “starter period” of several years in which the interest rate remains fixed.
- There’s an initial adjustment to rate after the starter period. This is called the “first adjustment”.
- There’s a subsequent adjustment until the loan’s term expires. The adjustment is usually annual.
The starter period will vary from 1 to 10 years, but once that timeframe ends, and the first adjustment occurs, conventional ARMs enter a lifecycle phase that is common among all ARMs — regular rate adjustments based on some pre-set formula until the loan is paid in full, and retired. These can be very beneficial for certain types of buyers of Maricopa real estate. They can also be very hurtful if not used properly. When applying for Maricopa mortgages be aware of what your goals are.
For conventional ARMs adjusting in 2011, that formula is most commonly defined as:
(12-Month LIBOR) + (2.250 Percent) = (Adjusted Mortgage Rate)
LIBOR is an acronym for London Interbank Offered Rate. It’s the rate at which banks borrow money from each other. It’s also the variable portion of the adjustable mortgage rate equation. The corresponding constant is typically 2.25%.
Since March 2010, LIBOR has been low and, as a result, adjusting mortgage rates have been low, too.
In 2009, 5-year ARMs adjusted to 6 percent or higher. Today, they’re adjusting near 3.000 percent.
That’s a big shift.
Therefore, strictly based on mathematics, letting your ARM adjust this year could be smarter than refinancing it. You may get yourself a lower rate.
Either way, talk to your loan officer. With mortgage rates still near historical lows, Maricopa homeowners have interesting options. Just don’t wait too long. LIBOR — and mortgage rates in general — are known to change quickly. If you are looking into Maricopa real estate, or shopping to apply for a Maricopa mortgage, contact Prudential One Realty at 520-836-1001, or visit www.pru1re.com . We look forward to serving your real estate and mortgage needs.
Posted on 7th February 2011 by Anthony in Home Improvement
Arizona, Arizona real estate, HGTV, homes for sale, homes for sale in arizona, investments, investments Arizona, real estate, real estate investment, real estate investments, Remodeling, Renovation
Home remodeling is back in vogue. In the Arizona Real Estate market home remodeling has been a tool of many investors. They have a calculated remodeling system that is figured in to the resale price of the houses for sale in Arizona.
With contractors dropping prices in most U.S. markets, and a resurgence in confidence among homeowners, home remodeling projects are expected to top $125 billion this quarter. A good portion of that will be in Arizona real estate. Of all homes for sale in Arizona, Phoenix area, it is safe to say that around 8-10% are investor owned real estate.
Not all renovations will be “worth it”, according to Remodeling Magazine’s 2011 Cost vs Value report, but some projects should never be started — especially when said projects render a home somewhat un-sellable.
For example, if installing a new toilet requires that the discharge pipes run along the living room ceiling, the project should be re-engineered, or skipped entirely.
A recent renovation article on CNNMoney.com listed several others “never do” projects.
- Don’t add a 4th/5th bedroom to a home with just one bathroom.
- Don’t build a bedroom with no closet space.
- Don’t make common rooms disproportionately large or small to one another.
And, for all projects, no matter what the details, try to keep the home’s traffic flow intact. Nobody likes to walk through bedrooms to get from the kitchen to the living room.
Home remodeling can be a less expensive alternative to moving, and can improve a property’s resale value. But keep in mind — just because a project is featured on HGTV, for example, that doesn’t make it a Do-It-Yourself. Some projects can be handled on your own, but most should not.
With the help of a professional, you’ll be sure the job is done properly.
If you need the name of a local contractor or specialist, please reach out anytime. I am happy to help you with a referral. For more information about Arizona real estate, or remodeling homes for sale in Arizona please visit us at www.pru1re.com.
