David Roney - Coldwell Banker

Mesa tops list for distressed properties in January

Mesa topped the list in terms of the numbers of distressed properties in the Valley for January, according to the Arizona Regional Multiple Listing Service    .

Mesa had the most distressed properties, which include foreclosures and short sales, in January with 922. That was followed by Chandler, 727; Scottsdale, 709; Glendale, 584; and Surprise, 485.  More...

Foreclosure Sales are Down, Average Discount 34%

In the third quarter of 2011, homes that were in foreclosure accounted for 20 percent of all residential sales in the country, according to RealtyTrac in its latest Foreclosure Sales Report. 

While a high number of foreclosures still persist, the bulk of foreclosed home sales is shrinking. In the second quarter of 2011, foreclosures accounted for 22 percent of all sales and 30 percent of all sales in the third quarter of 2010. For comparison, in 2005 and 2006, foreclosure sales accounted for less than 5 percent of all sales.

Foreclosures continue to sell at big discounts compared to non-foreclosures. Foreclosures in the third quarter sold for about a 34 percent discount compared to the average home not in foreclosure, according to RealtyTrac. The average sales price of a home in foreclosure was $165,322, which is up 1 percent from the second quarter, yet down by 3 percent from the third quarter of 2010.  More...

2 Big Banks Slash Foreclosure Sale Timelines

Foreclosures are getting faster at JPMorgan Chase and Wells Fargo. The two big banks trimmed their foreclosure timelines by as much as 100 days in the third quarter of 2011, helping to work through major backlogs of foreclosed loans, according to a Moody’s Investors Service report. But while foreclosure sales are getting speedier, the report warns that there’s still a long way to go in working through large inventories of REOs that are continuing to slam the nation’s banks. 

Chase averaged 264 days from referral to foreclosure sale in the third quarter for subprime mortgages — a big drop from the 412 days it averaged three months prior to that. Chase boasted the shortest time of any of the big five mortgage servicers. Wells Fargo also greatly reduced its foreclosure timeline to 314 days from 454 days compared to the previous quarter.  More...

More Buyers Ready to Get Off the Sidelines?

When you compare the cost of owning a home to renting, you’ll find that buying may soon make more sense, Paul Diggle, a housing economist at Capital Economics, told MSNBC.com. 

Diggle’s analysis of the housing market showed a 33 percent drop in home prices, record-low mortgage rates (with 30-year fixed-rate mortgages available under 4 percent now), and a 15 percent rise in rents since the housing market turned sour are making more consumers take a closer look at buying.

“The median monthly mortgage payment of about $700 has fallen to about the level of a median monthly rent check,” an article at MSNBC.com notes about Diggle’s analysis. “If mortgage rates keep falling and rents keep rising, the equation will tip even further toward owning.”  More...

Mortgage applications surge on refinancing demand: MBA

(Reuters) - Applications for home mortgages surged more than 20 percent last week, fueled by a wave of refinancing demand as interest rates dropped, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, jumped 23.1 percent in the week ended January 13.

The MBA's seasonally adjusted index of refinancing applications climbed 26.4 percent, while the gauge of loan requests for home purchases rose 10.3 percent.

"With mortgage rates reaching new lows, refinance volume jumped," Michael Fratantoni, MBA's vice president of research and economics, said in a statement. "Purchase activity also increased as buyers returned to the market after the holiday season."  More...

Optimism Builds in Housing Market

Several recent indicators for the real estate industry are pointing to a market that is on the mend and entering recovery mode. 

Housing experts’ predictions for the new year tend to center around a market stabilizing before entering a gradual, albeit very slow, recovery. However, the tone is more upbeat than it has been in years for the housing market. 

Here are a few of the signs that are showing the market moving in a more positive direction: More...

Is housing glut over? Experts predict housing shortage by spring

Real estate experts predict the Valley’s years-long housing glut is reaching its end and, as early as this spring, could stun home buyers by transforming into a shortage.

The crunch is expected to be more pronounced in the East Valley, where some subdivisions are approaching build-out and other builders are raising prices.

The prediction may seem outlandish given how gloomy real estate news has been for years, said Mike Orr, director of the Arizona State University Center for Real Estate Theory and Practice.  More...

Realty agents fight state tax-rebate law

The state's real-state agents are trying to undo part of a year-old law designed to prevent homeowners from illegally getting a rebate.

Tom Farley, chief executive of the Arizona Association of Realtors, wants to repeal a mandate for county assessors to send a return-postage card to everyone who owns a house asking them if they are actually occupying the property as their primary residence.

Those who do not return the cards will be presumed to be renting out the property and be denied a state rebate of up to $600 a year.

Read more: http://www.azcentral.com/business/abg/articles/2012/01/12/20120112realty-agents-fight-state-tax-rebate-law.html#ixzz1jlKbeCjT

Help is coming in March for underwater homeowners

A long-awaited federal program will soon allow more Phoenix-area homeowners to refinance their mortgages and lower their payments in spite of owing far more than their homes are now worth.

The expansion of the Home Affordable Refinancing Plan will allow for new home loans in March, according to new details from the U.S. Department of Housing and Urban Development, and homeowners are already lining up to apply.

President Barack Obama announced the plan in October, and borrowers have awaited the details since.

Read more: http://www.azcentral.com/business/realestate/articles/2012/01/06/20120106phoenix-area-underwater-homeowners-help-coming-march.html#ixzz1jNAPwjBB

Mortgage rates hit new record lows

Long-term mortgage rates fell to new lows this week, according to Freddie Mac    's weekly rate report.

A 30-year fixed-rate mortgage averaged 3.89 percent in the week ending Jan.12, falling from 3.91 percent last week and the lowest since Freddie Mac began keeping track. A 15-year fix fell to a record low 3.16 percent.  More...