MODEL FURNITURE SALE

AT LAREDO RANCH- (6 Models!!)

§        First Come First Serve Basis

 

§        Friday August 1^st and Saturday August 2^nd - Open to the Public

 

§        All Items Must be Picked Up at Time of Purchase

 

§        This Sale will be Managed by a Third Party Company

 

DIRECTIONS: East on US 60 to Ironwood. Exit south to Combs (about 12 miles). At Combs head East to Schnepf Rd. Go North on Schnepf to Laredo Ranch Community.

38467 N. Nuevo Laredo Lane
Queen Creek, AZ 85240
480-987-2699

 

Here is how it worked with an FHA loan.

Home price $100,000

Buyer doesn't have any disposable income for the 3% down payment required.

Buyer pays $1000 to use the proram.

Builder gives the $3000 down payment to a 3rd party like Ameradream or Neeahmiah. The 3rd party then "donates" the money back to the lender as the client's (buyer's) down payment.

Result is the buyer now has put 3% down toward the home, and now has a new home.

This program is used very often with primary residences. I personally have done had about 20 clients use the proram THIS year.

Making a long story short, this will no longer be allowed.

Here is an exerpt of the stimulus package!

H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008,by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:

• GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

• FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

• Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).

• FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.

• Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.

• VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.

• Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.

• GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.

• Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.

• National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.

• CDBG Funding – Provides $4billion in neighborhood revitalization funds for communities to purchase foreclosed homes.

• LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.

• Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

 

Well, Digging deep, I found out about a buyer or two. They aren't investors, and will be building a new line of homes in some of the partially completed subdivisions.

Please keep in mind that the builder may modify or even choose total different floor plans. There is no guarantee until they have permits.

I like the look of some of the new builder's homes. I think they will compliment the subdivisions. Here are a few pictures of their homes throughout the valley.

Like I mentioned, no guarantees until the permit is final! Just some great info to know!

        

  

Looks like we will have some nice floorplans to look at in the near future!

 

Brian Petersheim

Maricopa New Home SPECialist

800.207.6919

 

Foreclosures

East Valley foreclosures by ZIP code for the first six months of 2008, compared to the same period in 2007. The foreclosure crisis started gaining momentum in May 2007.

Mesa, 85207: 171, 22.

Mesa, 85204: 272, 40.

Chandler, 85225: 244, 38.

Chandler/Sun Lakes, 85248: 55, 20.

Gilbert, 85233: 126, 20.

Gilbert, 85296: 198, 56.

Higley/Gilbert, 85236: 6, 23.

Tempe, 85282: 71, 7.

Tempe, 85284: 17, 4.

 

http://www.azcentral.com/community/chandler/articles/2008/07/22/20080722ev-foreclose0723.html

 UA report says Arizona growth machine will be back in business by 2010

Phoenix Business Journal - by Cathy Luebke

Tuesday, July 22, 2008 - 1:38 PM MST

The economic recovery in Arizona is expected to be subdued over the next few years, but the state's growth machine should be accelerating again by mid-2010.

That's according to the latest issue of Arizona's Economy, published quarterly by the University of Arizona Eller College of Management.

"All considered, the recovery is expected to be subdued and similar to the 'jobless recovery' following the last recession, when it felt as though the malaise would never end," the report concludes.

The report also offers some specific predictions that back up that view.

Personal income in the Phoenix area is expected to make only a 2.9 percent gain this year to hit $152 billion, followed by 2.5 and 5.2 percent gains in the next two years. More significant jumps are forecast for 2011 at 8.7 percent and 2012 at 10.6 percent.

Retail sales look to regain speed on a similar schedule. Sales are expected to remain flat in the next two years inching up 1 percent to $58 billion this year and another 0.4 percent in 2009. The year 2010, however, is expected to see a 5.2 percent boost, followed by 8.1 percent and 9.5 percent leaps in 2011 and 2012, respectively. That would land Phoenix-area retail sales at $72.5 billion in 2012.

Forecasters say residential building permits will end 2008 down 43 percent at 21,856, then squeak ahead by 2 percent in 2009. An upward climb is expected again in 2010 with a 49 percent jump to 32,663. Significant jumps are forecast for 2011 and 2012, 52 percent and 30 percent, before growth softens in 2013 with a predicted 12 percent growth to 71,732 permits.

Nonfarm jobs are expected to decline by about 1 percent this year and next to 1.88 million, then start a climb hitting 2.25 million by 2013, the report says.

 

http://phoenix.bizjournals.com/phoenix/stories/2008/07/21/daily30.html?surround=lfn

 

 

 

By ADAM GAUB, Managing Editor

July 24, 2008

Email to a friend

Voice your opinion

File Photo, Accidents, like this July 24, 2007 wreck along Arizona 347, will be a key cog in determining where new speed cameras will go. Speed cameras aren't just a Loop 101 lurker any longer. Drivers ripping down Arizona 347 provided a portion of the impetus for the State Legislature to expand Arizona's state level photo-radar program last month. The state - which rolled out two mobile speed camera SUV units in 2007 as part of a trial program - now projects to have 100 units online by January.

The Department of Public Safety will have 60 permanent cameras and 40 mobile units ready to go in the next six months, expanding Arizona's groundbreaking use of speed cameras at a state level. DPS hopes to have half that number online by September when the legislation mandating the program's increase takes effect. The state is contracting with Redflex to place the cameras along Arizona roadways and will cite drivers going 10 mph or greater above the posted speed limit. The caveat is that drivers caught on film have the opportunity to pay the fine - which should total in the $180 range - and have their records expunged of the violation. Unlike the state's current driver forgiveness clause that allows a day-long driver education class to wipe out a first-time speeding or traffic-related violation, drivers can ping the cameras multiple times and keep their records clean, so long as they pay each fine on time. DPS Director Roger Vanderpool said the effort is in the interest of public safety first and foremost. "Photo enforcement is about traffic safety," he said in a release. "It slows people down and will reduce injury and fatal collisions on Arizona highways." While DPS has said they will focus the majority of their initial resources in the Phoenix metro-area, blanketing the highest speed and collision areas first, Arizona 347 has shown to be among that group. A report in the Arizona Republic late last week showed local courts are overwhelmed by the number of tickets being issued by the DPS mobile units - which have been used heavily along Arizona 347 and Interstate 10 during the trial program. DPS spokesman Bart Graves said that doesn't necessarily guarantee that permanent speed cameras will be installed along the roadway to Maricopa. "It's too early to say with any certainty that cameras will be placed at that location," he said. "We'll be looking at a number of high collision areas throughout the state in terms of photo enforcement cameras." Graves said while Arizona 347 used to have a high collision rate, statistics from the past year have shown a decrease in accidents. He believes that can be attributed in part to the use of the department's mobile speed cameras slowing drivers down. The legislature approved $20 million in state funding to install the permanent camera stations and purchase the mobile units. Additionally $4 million was set aside for the State Supreme Court Administrative Office of the Courts and more than $2.1 million for DPS to conduct the program.

MaricopaXpress adds Tempe commuter route.

Beginning August 4, MaricopaXpress will begin service to Tempe for commuting residents. This new route will include stops along University Drive and Mill Avenue, including stops at Elwood, 48th Street, Priest Drive and Mill Avenue, and Arizona Mills Mall. Commuters will be riding in style with reclining seats, personal air conditioning controls, bicycle storage and Wi-Fi. For more information contact Kellee Kelley at 520.316.6948.

As always, staying on top of the market is a priority.

Went by Elite Homes in the subdivision of Tortosa (in Maricopa). They have had 3 offices there. All offices have been shut down, with a note saying the offices are closed.

No explanation has been give.

Elite has been marketing their products to 1st time or downsizers, as their homes were 1050sqft, $99,000 and up.

I will let you know when I get confirmation of the reason!

I Haven't done this for awhile.
Found some sweet deals with my client Cam from Edmunton. He was very impressed with the city and the homes I had been emailing him!

Several important notes on these homes:
These prices are for new builds. (4-6 months). Upgrades like tile, granite cherry cabs can ADD to the price.
Front yards will be completed with gravel, plants, watering system.
Only 3 lots for new builds are available
The builder is offering a free fridge,washer/dryer, garage door opener and 2"blind package

Standard features that will be in ALL homes (at no added price) are:
Finished 3 car garages
2 garage coach lights (outside flood lights)
10' ceilings
Built in pest control system
Range, microwave,dishwasher
Separate tub and shower in master

Mesquite floorplan 1900sqft 4 bedrooms, 2bath, 3 car tandem garage $129,990







================================================================================


Palo Brea floorplan 1961sqft 4 bed/2bath split 3 car garage! $135,000




================================================================================
Ocotillo Floorplan 2121sqft beauty
4bed/2bath/3car garage $139,000






===============================================================================

Acacia 2904sqft 3bedroom+den and loft 2.5 bathrooms (2 story)
3 car garage

price $162,900






================================================================================
Cottonwood:
2 Story, 3 car split garage
5bedrooms+loft 3.5 baths
3438sqft
Price $177,900




So... worth getting more info on?

Brian Petersheim
Buyer Representative
800.207.6919

 

Valley home resale prices sink 18%

Edward Gately, Tribune

July 15, 2008 - 6:23PM

Valley home prices plummeted 18 percent from April 2007 to April 2008, thanks mostly to the onslaught of foreclosures banks are dumping on the market, according to the latest Arizona State University-Repeat Sales Index.

The drop was much steeper than the 13 percent between March 2007 and the same month this year, when the index fell double digits for the first time. The index is based on repeat sales of the same homes as they sell over time.

"You not only have people who are trying to sell in a weak market, you now have lenders who are taking properties that they've gotten back ... and eventually they put them back on the market," said Karl Guntermann, a professor of real estate at the W.P. Carey School of Business. "Lenders want to get rid of them, so typically they discount the prices."

Malcolm MacEwen, president and chief operating officer of Coldwell Banker Residential Brokerage in Arizona, describes the situation as a "sloppy bottom recovery," meaning the market is bouncing around in terms of price.

"However, there seems to be some price leveling," he said.

By region, the West Valley has been hit hardest, followed by the central Valley and south East Valley, Guntermann said.

Among East Valley cities, home prices in Chandler dropped 15 percent, while prices in Mesa fell 18.5 percent and those in Tempe declined 14.2 percent.

"In the big picture the economy is soft and weakening, gas prices (are high), there's just a whole set of factors that are contributing to prices continuing to go down," Guntermann said. "There are buyers out there, there are people who could qualify for a loan, who could buy a house, who maybe are just waiting and watching what's going on. On the supply side, you have houses and lenders adding foreclosures to that and builders are still building."

Foreclosures now total about 20 to 30 percent of sales, and that's knocking prices down considerably, he said.

There is good news in that the inventory of homes for sale in Maricopa County has dropped from about 49,000 in January to about 47,000 last month, MacEwen said.

Falling inventory will help push home prices back up again, MacEwen said. In the meantime, homes are selling faster, he said.

:www.eastvalleytribune.com/story/120872

I have several lenders that are working with 2nd home buyers in the Arizona market.

One sent me an email today telling me what was needed to completed the loan!

Please let me know if you need his contact information!

Hello Brian,

 As I mentioned on the phone we can provide loans to Canadian citizens for 2^nd / Vacation Homes in Arizona with a minimum 25% down payment and documentable income and assets.  The loans are 30 Year Fixed and the rates are currently around 6.25%.  Below is the information that we collect for Canadian loans.  Please feel to call or email with any questions.  Good Luck!

 

• All pages/schedules of your most recent 2 years federal tax returns. 
• Self Employed (YTD P/L and Balance Sheet)
• Most recent 2 years T-4’s
• Most recent 30 days paystubs
• All pages of most recent 2 months bank statements (cannot be internet printouts unless they show your full name and full account #)
• All pages of most recent  RSP statements (cannot be internet printouts unless they show your full name and full account#)
• Clear Copy of your Passports
• We run an international credit report.  The report will need to list 4 accounts.  If 4 accounts do not register we’ll need a letter(s) from creditors confirming on time payments to meet the minimum of 4.

 

They have all heard how bad the buyer's market is in AZ.

Many of the folks know what they want, but are unsure of how to get it.

Let's start with my favorite: Buying from the builders!

When buying from the builder, you may run into 3 choices: 1. A New build. 2. Partial spec home or 3. Completed spec home.

Newbuilds get you in the door with that smoking low price. You can be nickel and dimed into $12-50,000 in upgrades. Some builders don't even include covered patios! WTF!! It is 200 degrees out side. Everyone needs a covered patio! Some of the builders will build a nice home, but those with expensive taste may be plunmking down 10-20% on upgrades

Partial specs have only the structural choices chosen. You will be able to upgrade flooring,counters, & cabinets (adding to the price)

A Completed spec is done. Floorings in, counters in, and cabinets in.

Generally but NOT ALWAYS, the closer a home is to being completed, the incentives rise and the prices drop.

 

 

There other 2 options are: foreclosures and short sales

Foreclosures are where the bank sets the price, gives the buyers5-7 days before responding to the offer. Good news is that it is a much quicker process than a short sale. The badnews is that the bank has 5-7 days to create a bidding war.

Short sales are a disaster. Owner is behind on a loan. Realtor lists the home at a great price. Problem is, realtor doesn't tell the bank what he's doing. Buyer sees the price, likes it, and also sees on the MLS listing that the bank will need 4-6 weeks for a response.Buyer rights a full price offer which is uncommon.

Bad news is that those 4-6 weeks waiting, the bank is still looking for other offers. (and they will get a few) Realtor tells buyer number 1 that buyer number 2 has an offer over 5k. Buyer 1ammends his offer $7500, and then 4 weeks in, buyer #3 offers $5,000 over buyer 1.

Well, we have just wasted a month, and now the smokin deal is no longer smokin, as it has an offer $12,500 over list price.

IN-DEPTH ANALYSIS

June 2008

Resale Sales Pricing Analysis

The Median Price in the recently-released May ARMLS¹ resale sales reports is $205,000, a decrease of $4,900 from the April reports.  The Average Price dropped slightly from $277,500 to $269,700.  The graph below displays both the monthly Average Price and Median Price of resale homes sold in MLS from January 2002 through April 2008. 

 

The average price is calculated by dividing the sum of the sales prices by the number of homes sold.  The median price is determined by finding the price where the quantity of homes sold for less than that price is equal to the quantity of homes sold for more than that price.  The median is a better indicator of the overall market.

 Patterns Emerge When the Time Period is Subdivided

 

When there is a change in the slope of the line for several consecutive months, it indicates a new pattern is emerging.  Four such changes appear on this graph.  The display below has been subdivided at each change in slope: 

 

Segmented History

 

At each change in slope of the lines in the graph above, a shift in trend is indicated.  We have identified five such distinct market conditions (detailed below).  Slow steady growth was experienced from 2002 through 2003 and into very early 2004.  Then between March 2004 and February 2005, the median home sales price increased by $40,000.  In the four months after that a $60,000 increase happened during the hot market of early summer 2005.  Starting in July 2005 and lasting through September the market experienced a clear shift back to a more normal appreciation rate.  October 2005 was the first month in the current market condition of flat or slightly falling median home prices.

 

The five market conditions are defined in the following table:

 

The annual rate of appreciation (listed as “Annual % Gain for this Market Period” in the chart above) is graphically represented below:

 

 

Commentary

 Our current real estate market is being driven by both supply and demand.  Up until two years ago, demand was the primary driver (B and C).  Then, for the past two years supply was the primary driver (D and E).  The trigger for the significant fall off in sales prices over the last three months has been the drastic decrease in demand experienced during that period of time.  We may have entered a sixth market condition of price fall-off.

 

In the Phoenix Metro area, we have many national builders that sell homes.

Keeping an eye on new builds is a hobby of mine.

Here is some great info from Friday July 11th vs April 24th 2008

Home Builders
Symbol (Name)                                              Price        Change                   Volume       Date
AVT    (Avatar Holdings Inc.)                         26.54    -0.92   (-3.35%)       103904      07/11
BZH    (Beazer Homes USA, Inc.)                    3.91     0.04    (1.03%)       3641029     07/11
BHS    (Brookfield Homes Corp)                    10.44     0.21    (2.05%)        138622      07/11
CTX    (Centex Corporation)                           12.56    -0.17   (-1.34%)     9490295     07/11
CHCI   (Comstock Homebuilding Company)     0.18    -0.02  (-10.00%)     171418      07/11
DHI    (D.R. Horton, Incorporated)                   9.62    -0.30   (-3.02%)     13923722    07/11
HOV    (Hovnanian Enterprises, Inc.)                 4.81    -0.12   (-2.43%)     5271019     07/11
KBH    (KB Home)                                         14.79    -0.94   (-5.98%)     8902054     07/11
LEN    (Lennar Corp Cl A)                              10.31    -0.63   (-5.76%)     9251434     07/11
MDC    (M.D.C. Holdings, Incorporated)        35.24    -0.14   (-0.40%)     1 629959     07/11
MHO    (M/I Homes, Inc.)                               13.49     0.20    (1.50%)       199233      07/11
MTH    (Meritage Home Corporation)              12.77    -0.44   (-3.33%)     1224778     07/11
NVR    (NVR, Incorporated)                          480.10    -9.30   (-1.90%)     141220      07/11
OHB    (Orleans Homebuilders Inc)                    3.68    -0.20   (-5.15%)        4615        07/11
PHM    (Pulte Homes)                                        8.86    -0.21   (-2.32%)    15569415    07/11
JOE    (Saint Joe Company)                              32.86     0.02    (0.06%)      618938      07/11
SPF    (Standard Pacific Corp.)                          3.15    -0.05   (-1.56%)     2313373     07/11
RYL    (The Ryland Group, Incorporated)         21.90     0.32    (1.48%)      4109750     07/11
TOL    (Toll Brothers, Incorporated)                 17.24    -0.28   (-1.60%)     6902191     07/11
WLT    (Walter Industries, Inc.)                        88.73     2.18    (2.52%)      3395981     07/11
WCI    (WCI Communities, Incorporated)         1.60     0.03    (1.91%)        247694      07/11
WY     (Weyerhaeuser Company)                    47.83    -1.50   (-3.04%)      2975107     07/11

Now lets compare them to  almost 3 months ago!

Symbol        (Name)

                                                             1:00 p.m. ET, 04/24/08                50-Day Moving Average                    52-Week Range     

ATR (Avatar Holdings Inc.)                           43.53                              45.39                                 33.60 - 84.61
BZH (Beazer Homes USA, Inc.)                    9.88                               8.6572                                4.53 - 38.76
BHS (Brookfield Homes Corp.)                     16                                    15.5                                 10.51 - 36.61 
CTX (Centex Corporation)                            22.8                                23.42                                 17.77 - 49.85
CHCI (Comstock Homebuilding)                   0.6                                  0.76                                   0.50 - 4.29
DHI (D.R. Horton, Inc.)                               15.44                              15.2408                               9.78 - 24.49
HOV (Hovnanian Enterprises, Inc.)               11.09                              10.34                                  4.25 - 27.04  
KBH (KB Home)                                         23.49                              24.7222                              15.76 - 48.67
LEN (Lennar Corp. CI A)                             17.93                             18.1306                              11.98 - 47.41 
MDC (M.D.C. Holdings, Incorporated)        42.76                               42.26                                 31.57 - 55.00
MHO (M/I Homes, Inc.)                              17.78                               17.52                                 7.20 - 31.40
MTH (Meritage Homes Corp.)                     20.43                               17.28                                 7.04 - 38.72
NVR (NVR, Inc.)                                        617.02                             577.46                               398.96 - 851.96
OHB (Orleans Homebuilders Inc.)                 4.965                              5.0703                               2.93 - 9.31
PHM (Pulte Homes)                                       13.9                               13.98                                 8.20 - 29.40
RYL (The Ryland Group, Inc.)                       32.9                               30.6133                             19.51 - 48.61
JOE (Saint Joe Company)                             40.08                                40.95                               26.70 - 60.85 7
SPF (Standard Pacific Corp.)                         5.27                                  4.68                                  1.47 - 23.74
TOL (Toll Brothers Inc.)                                22.41                               22.09                                15.49 - 31.15 
WLT (Walter Industries, Inc.)                        66.06                                59.61                               20.53 - 72.98
WCI (WCI Communities, Incorporated)          3.51                                 3.59                                  1.35 - 22.61
WY (Weyerhaeuser Company)                      61.26                               63.54                                  58.25 - 84.85
TARR (Tarragon Corporation)                        2.17                                 2.07                                    0.50 - 10.74

Wal-Mart downsizes but ready to build Neighboring Interra project promises 'national retailers'

By ADAM GAUB, Managing Editor July 10, 2008 Email to a friend    Voice your opinion

In the midst of cutbacks nationwide and decisions to cancel new store openings, superstore giant Wal-Mart still has plans to open a Maricopa location in early spring 2009.

Bill Wayland, the vice president for development for project builder Shea Properties said Wal-Mart is still in place as the development's major tenant. Wayland went before the Maricopa City Council on July 1 to ask for a change in the development agreement to allow for a smaller Wal-Mart to be put in place than what was originally planned. Wayland said the request was in line with the chain's nationwide priority to downsize their stores while still providing a number of different amenities. "As we know, the economy has changed," Wayland said. "Since the project was conceived, many projects were cancelled nationwide... but Wal-Mart is going forward here with their new prototypical building." Home Depot remains in escrow and would be the second major tenant for the first phase of that development, despite cutbacks in their organization similar to that of Wal-Mart's. "They see a great opportunity in Maricopa," Wayland said of the home improvement giant. Ioanna Morfessis, the city's senior economic development consultant, said it was a credit to Shea for sticking with their project in the midst of the economic downturn. "Shea... is the trailblazer for large-scale development in our city," she said. "It will yield a positive return in investment over many, many years." Some of that return is already being seen as Interra Maricopa's Stonegate Center, which will abut the Shea project along the Maricopa-Casa Grande Highway, received approval for its' zoning change at the same meeting. More importantly, perhaps, the council signaled their willingness to move forward with a development agreement that would involve the city paying the developer's share of improvements to the Maricopa-Casa Grande Highway. Developer representative Cort Rich, of the Rose Law Group, said this would be a project similar to that of Shea in terms of the prominence of retailers courted. "Were going to be bringing in some national stores," he said. "There's a lot of people that need commercial development in that area."

©Casa Grande Valley Newspapers Inc. 2008

Smokin deal.
It isn't so much the price or the size.
It is the fact that it is the model home, completely landscaped with pool...
AND the model furniture and decorations.

The home is 2257sqft
4bedroom/2.5bath
Price is $225,000 as the home stands WITH the furniture and decorations!




 

  

  

Please note:
I do have permission to use this information on this web site

July 2008

 

Building Permit Activity

This Building Permit Activity article provides information on the residential single family home building permits for both Maricopa County and Pinal County.  The source of the data plotted within this article is U.S. Bureau of the Census. 

Note that the annual cyclical pattern is somewhat similar to that of the sales pattern.

In years 2000 through 2003 over 90% of the single family building permits issued for the Phoenix metro area were for homes to be built in Maricopa County.  However, as our market area has expanded to the south and southeast, Pinal County has become a larger part of the area market.  Over the last couple of years the portion of the permits that are in Pinal county have grown to 15% - 20% of the total.

 

The last paragraph may affect some potential buyers.

Agents & Renters Beware- Yet Another Mortgage "Loophole"  

Excerpts from: "Some buy a new home to bail on the old"- The Wall Street Journal- Jun. 11, 2008 09:36 AM

Realty Times, June 18th 2007

In markets hit hardest by falling home prices and rising foreclosures, lenders and brokers are discovering a new phenomenon: the "buy and bail," in which borrowers with good credit buy a new home - often at a much lower price - then bail out of the "upside down" mortgage on their first home.

Homeowners are able to pull off this gambit - which some lenders and real-estate agents call mortgage fraud - by taking advantage of mortgage-lending practices that allow them to buy a new primary residence before their existing residence has been sold. And with the lending industry in disarray as it tries to restructure millions of mortgages, some boast they are able to pull off the strategy with ease.

In some cases, homeowners are coached through the buy-and-bail process by real-estate agents and brokers who see nothing wrong with it. Some blame the phenomenon in part on lenders' unwillingness to cut deals or restructure loans made when home prices were inflated. "It's just a business decision," says Linda Caoili, a Sacramento real-estate agent who is working with Ms. Augustine and others who are considering walking away from their mortgages. "If you're upside-down $250,000, why would you keep it? It just doesn't make sense."

Still, with home prices falling rapidly in some parts of the country, a growing number of frustrated consumers are willing to take the risk - especially in so-called nondeficiency states such as California and Arizona, where it is more difficult for a lender to sue consumers who walk away from their mortgages. Borrowers who bought or refinanced their home with a personal line of credit, however, instead of a home-purchase loan - a common practice during the housing boom - could be sued by a lender in those states. Borrowers also could be on the hook if lenders can show that homeowners committed fraud by misrepresenting themselves on their loan application.

Yet even in cases in which a lender could attach a lien on the new home, some homeowners simply assume that lenders are too swamped. "So many people are foreclosing, is it cost effective for lenders to go after all of these people?" says Steve Hawks, a Las Vegas real-estate agent who handles lender-owned properties.

That works in the favor of borrowers such as Blair Morrow. Last year, he rented out his Sacramento home when he moved to Houston for a new job, but he lost those renters in February. He quickly arranged to buy a new home in Houston, fearing that his old residence would be foreclosed and he would take a big hit on his credit.

The mortgage industry is starting to wise up to the practice and is scrambling to fight back. Buy-and-bail is "certainly fraudulent and unfortunately on an uptick," says Gwen Muse-Evans, vice president for credit policy and controls at Fannie Mae. Although she doesn't have data to quantify the size and scope of the trend, Ms. Muse-Evans says overwhelming anecdotal reports have prompted the agency to draft tougher regulations aimed at closing one big loophole that allows underwater homeowners to qualify for new home loans.

That loophole currently works like this: Homeowners provide a rental agreement showing that they will rent out their first home, and underwriters allow rental income to cover as much as 75 percent of the mortgage payments on the first home when determining whether the borrower can make payments on two homes. This allows homeowners to secure a second mortgage that they might not otherwise afford.

Under revised Fannie Mae guidelines, which could take effect next week, loan applicants who claim they will rent out their first home will have to produce supporting evidence, including an executed lease agreement. Borrowers also will have to prove that they can pay the mortgage, property taxes and insurance for both residences. The guidelines will make an exception only for borrowers who have at least 30 percent equity in their current home.

1155 homes sold in the city of Maricopa as reported by ARMLS
JUNE			MAY			APRIL
Total	155		Total	153		Total	136
Forelosures	79		Foreclosure	107		Foreclosure	83
Short sale	15		Short sale	9		Short sale	14
Resale	12		Resale	4		Resale	11
New	45		New	35		New	23
Other	4		Other	1		Other	4