HomeSmart, Metro Phoenix Real Estate
Charles SantAngelo, MBA
The following question was asked to President Obama on August 7th, 2013: I live in the greater phoenix area. My neighborhood has been hit very hard by the foreclosure crisis. Things are finally starting to look up, but we’re certainly not back to pre-recession values. How is the administration planning to help homeowners in areas like Phoenix regain our footing?
To see the presidents full response see: http://www.angjohnson.com/phoenix-homes-for-sale-president-obama-talks-real-estate/
You may have heard about investing in property tax liens. What are they? How do you buy them? What do you get for your money? As we all know, virtually all property in this state not owned by a government or charity is subject to a property tax. However, many people fail to pay their property taxes timely. When those property taxes are not paid, the County, in order to raise the funds necessary to provide service, sells liens to investors.
For full article see: http://www.asreb.com/skins/asreb/standard.aspx?elid=66&aid=314
Many of my clients are approaching me asking if they should modify or short sale. A year ago I would have said modifications are an urban legend. However, in 2013, the word “modification” may actually have some meaning. Mortgage modification is defined as a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower. That sounds simple enough, the trouble is finding a modification that (1) a borrower qualifies for and (2) makes financial sense.
For full article see http://www.asreb.com/skins/asreb/standard.aspx?elid=66&aid=315&SkipFlip=66
Arizona is becoming more relevant in the stock market again, thanks largely to real estate.
The number of public corporations headquartered in Arizona is growing for the first time in three years, helped by a spate of initial public offerings — including two so far this month.
Is it the start of a trend? That’s hard to say. There hasn’t been much of an overall spike lately in the number of U.S. companies selling shares for the first time despite a relentless climb for the stock market— the type of bullish backdrop that normally drives the new-issue market.
For full article see: http://www.azcentral.com/business/arizonaeconomy/articles/20130508ipo-arizona-wall-street-radar.html
Oak tree Capital Group and its partner Carrington Mortgage Services, both based in California, may be the latest institutional investors to cash out of the rental home business. Unnamed sources told Reuters that the duo is considering putting its portfolio of 500 fully-leased homes nationwide up for sale for an unknown price. The article said the move is part of the pair’s effort to walk away from the business of buying cheap homes and renting them out, a business in which they’ve seen returns compressing.
For full article see: http://www.bizjournals.com/phoenix/blog/business/2013/09/more-big-investors-trying-to-cash-in.html?iana=ind_rre
The Cromford Report analyzed the top 20 zip codes with the highest percentage trustee sales (foreclosures) throughout the Phoenix metro area. All 20 zip codes are in West Phoenix, with 85043 (47th Avenue and McDowell) taking the number one position. The list also includes zip codes in the municipalities of Tolleson, El Mirage, Tonopah, Buckeye, Avondale, Laveen, Youngtown, and Surprise.
For full article see: http://scottsdalerealestateusa.com/post/2062164/best-to-worst-zip-codes-maricopa-county-arizona
Home prices are on a tear — up 10.9 percent in March, compared to one year ago, in the 20 big metro areas. The 10-city index was up 10.3 percent, and the national index was up 10.2 percent. For several months, the index has shown prices rising in all major cities in the country. That’s despite the fact that — with the exception of the stock market — no other sector of the economy is improving at this rate. Certainly wages and new-job creation aren’t on this kind of up-slope.
The last time home prices were rising at this rate was spring 2006. Soon after — in the summer of 2006 — home prices peaked, before they came crashing down.
For full article see: http://www.marketplace.org/topics/economy/home-prices-are-rising-fast-should-we-be-worried
Real estate has distinct momentum heading into 2013, with demand finally starting to catch up with supply and significantly fewer distressed properties weighing down the system. As 2012 wound down, the national vacancy rate for owned homes had dropped to 1.9% from a downturn high of 2.9%. That’s still above the 1.5% norm but nevertheless encouraging. The ever-optimistic National Association of Realtors predicts a 5% rise in median existing-home prices through 2013, though most forecasters see a more modest 3% upswing in real-estate prices.
Either way, the real-estate market is thawing, unless you’re living in such hard-hit areas as California’s Inland Empire or dodgier parts of the Rust Belt. With the new year upon us, here are 10 real-estate tips to see you through a more promising 2013.
For full article see: http://realestate.msn.com/10-tips-for-buying-and-selling-homes-in-2013
Though average mortgage interest rates fell ever so slightly last week, according to the Primary Mortgage Market Survey from Freddie Mac, many real estate experts see this as more of a stabilization after a sudden spike, than an indicator of future trends. Last week’s rates for a 30-year fixed rate mortgage averaged at around 4.37 percent, over half a point higher than their lowest this year, 3.35 percent in early May.
For full article see: http://realestate.aol.com/blog/2013/07/24/mortgage-rate-rise-affects-homebuyers/
