Homebuyers scramble as mortgage rates jump
Homebuyers scramble as mortgage rates jump
By Alan Zibel And Adrian Sainz, Associated Press
WASHINGTON — The era of record-low mortgage
rates may be over.
The average rate on a 30-year loan has jumped from about 5% to more than 5.3% in just the past week. As mortgages get more expensive, more would-be homeowners are priced out of the market — a threat
to the fragile recovery in the housing market.
And if you wanted to refinance at a super-low rate, you may have missed your chance. Rates under 4%
are still available, but only for loans that reset in five or seven years, probably to higher rates.
For people putting their homes on the market this spring, rising rates may actually be a good thing. Buyers are racing to complete their purchases and lock in something decent before rates go even
higher.
"We are seeing some panic among potential buyers who have not found houses yet," said Craig Strent, co-founder of Apex Home Loans in Bethesda, Md. "They're saying: Man, I should have found a house three weeks ago or last month when rates are lower."
Read the rest of the article at:
http://www.usatoday.com/money/economy/housing/2010-04-07-homebuyers-scamble_N.htm
Posted at 12:21PM Apr 27, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Homeowners can get second mortgages adjusted, too
Just this month, Bank of America became the first major lender in the program to send letters offering modifications to home-equity loan customers struggling with their loans.
Citigroup, JPMorgan Chase and Wells Fargo joined the program in March, when updated guidelines were issued by the government.
Those banks hold about half of the USA's second liens.
The program, originally introduced in August, is aimed at overcoming an impediment to permanent modifications of first mortgages.
Read the rest of the article here: http://www.usatoday.com/money/economy/housing/2010-04-21-secondlien21_ST_N.htm
Posted at 11:41AM Apr 26, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Help is on the way to assess your home's value
Help is on the way to assess your home's value!
Valuing a home today in metropolitan Phoenix is difficult for many homeowners.
Foreclosures and short sales weigh heavily on comparable-sales figures, the "comps," in every neighborhood. How those below-market sale prices affect a home's value varies by neighborhood.
To help readers develop their own real-time estimates of a home's value, I asked a group of area real-estate and lending experts for their advice. The worksheet they helped me develop will appear later this week with a story on home-market psychology.
Read the rest of the article here: http://www.azcentral.com/arizonarepublic/business/articles/2010/04/21/20100421biz-catherine0421.html
Posted at 04:01PM Apr 23, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Scottsdale makes RelocateAmerica's top 100 cities
Scottsdale makes RelocateAmerica's top 100 cities - While Arizona missed out on the top 10, the state did make a mark on RelocateAmerica’s Top 100 Places to Live in 2010. Flagstaff, Green Valley, Prescott and Scottsdale made the list of cities nominated by RelocateAmerica.com users and selected by the website’s editorial team. "The Scottsdale housing market offers enormous variety, so buyers have unlimited choices regarding where and how they want to live,” the website says, citing lifestyles from urban to family friendly and horse properties.
Read the rest of the article at: http://www.bizjournals.com/phoenix/stories/2010/04/19/daily18.html
Posted at 03:53PM Apr 23, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Land Prices Jump as Home Builders Move In
Land Prices Jump as Home Builders Move In - Recently, there was a bidding war over some land in Gilbert. In Arizona and across the U.S., home builders are battling to acquire land lots in preparation for ramping up home construction. While volume is tough to track, analysts report that land deals have been rising rapidly in recent months, causing land prices in some of the nation's weakest housing markets to rise for the first time since 2006. "There's been an absolute land rush," said Gregor Watson, a partner with McKinley Partners, a California-based real-estate fund that works with builders. Now the companies are spending millions of dollars to boost their land supply, optimistic that sales will pick up once the employment picture improves.
Read the rest of the article at: http://online.wsj.com/article/SB10001424052748703763904575196291509876752.html?mod=WSJ_Real+Estate_LeftTopNews
Posted at 03:41PM Apr 23, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Economist: Recession over in Arizona
Economist: Recession over in Ariz. - University of Arizona economist Marshall Vest says the recession officially ended in Arizona several months ago, although it will be months before a recovery is evident. Vest contends the national recession ended in May or June and the recession in Arizona ended about six months later. He bases that on an analysis of retail, employment, housing and income numbers as well as anecdotal information. "With the data we have currently, it looks like consumers are spending again," Vest said. "I think the economy is off and running."
Read the rest of the article at: http://www.azcentral.com/business/articles/2010/04/19/20100419recession-over-arizona.html
Posted at 03:39PM Apr 23, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Don't foreclose! Do a short sale
NEW YORK (CNNMoney.com) -- Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.
"Banks have ramped up short sale approvals," said Duane Legate of House Buyer Network, which connects short sellers with buyers. "They're hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales."
Read the rest of the article here:
Posted at 11:44AM Apr 22, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Arizona real estate being snapped up by Canadian buyers?
Arizona real estate being snapped up by Canadian buyers?
Canadian investors are buying Arizona real estate, helping the housing market in the west Valley. "It is the buying opportunity of a lifetime," said Bill Chipman, an investor from British Columbia whose business group is buying real estate in Arizona, Texas and Nevada. "Our business plan is to buy 500 homes but I hope we can do 1,000," he said. Real estate sales to Canadians are reportedly up 80 percent over last year.
http://www.abc15.com/content/realestate/story/Arizona-real-estate-being-snapped-up-by-Canadian/To_gZ9p-iUi_WqnE0RpCTw.cspx
Posted at 12:10PM Apr 13, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Survey: Americans Prefer Owning Over Renting
Survey: Americans Prefer Owning Over Renting
Despite the challenges facing the housing market, 65 percent of Americans would still prefer to own a home rather than rent, according to a Fannie Mae national housing survey.
In addition, 43 percent of respondents cite safety as a key reason to buy, while 33 percent are motivated to buy because they perceive schools to be better in neighborhoods where most homes are owned by their residents.
The survey results released Tuesday show that both buyers and renters are more cautious than they used to be. About 23 percent of renters say they will buy a home, but later than they once hoped.
A full 70 percent said they believe buying a home continues to be one of the safest investments available. This compares to 74 percent who think putting money into a bank account is safe. Only 17 percent believe buying stocks is a safe investment.
Also, 60 percent believe that it will be harder for them to get a mortgage to purchase a home than it was for their parents.
Source: Fannie Mae National Housing Survey (04/06/2010)
Posted at 11:33AM Apr 13, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Answers to your Last Minute $8,000 Tax Credit Questions
Many of you have been calling with last minute questions on the $8,000 tax credit. A couple of quick bits of info. -The contract must be fully executed by 4/30 to be eligible and must close on or before 6/30. -If you still need to apply for your tax credit, go to irs.gov. At the top of the home page type the form number 5405 in the search box. This will take you right to the page where the form is located. The instructions are also right there. This is a fillable form and can be filled out right there. Hope this helps!
Posted at 09:23AM Apr 13, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Homeowners Are Responsible for Keeping Yards Free of Over-Height Weeds
Homeowners Are Responsible for Keeping Yards Free of Over-Height Weeds
Recent rains have meant even more weeds as we head into summer.
Homeowners and business owners are responsible for keeping properties free of dry vegetation, tumbleweeds, bushes, over-height weeds and tall grass (over six inches), per the city’s Neighborhood Preservation Ordinance 39-7D. Dried and/or over-height weeds present a visual blight and can harbor insects and present a fire hazard.
Instead of using chemicals to rid your yard of weeds, you can trim them, dig them up or use boiling water, white vinegar or salt to wipe them out.
Neighborhood groups listed with the Neighborhood Services Department may borrow supplies to improve their neighborhood through the Tool Lending Program. Tools include hedge shears, weed eaters, rakes, shovels, garbage bags and gloves. For more information, call 602-495-0323.
To report over-height weeds and other blight violations, call 602-262-7844 or e-mail blight@phoenix.gov
Posted at 09:06AM Apr 13, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
City of Phoenix Food Tax Goes into Effect 4/1/10
April 1, 2010
The Phoenix City Council-approved 2 percent retail sales tax on food for home consumption went into effect today and will sunset in five years.
Prior to the sales tax, prepared foods, alcoholic beverages and tobacco were the only food items subject to the privilege sales tax. Food purchased with food stamps will remain exempt.
The ordinance, approved on Feb. 2, amends the city of Phoenix tax code to adopt a Model City Tax Code Option 2, which provides for the taxation of the sale of food for home consumption under the retail- and use-tax business classifications.
The annual food tax revenue will be about $50 million and by implementing the tax in April, $62.5 million will be collected over the next 15 months.
Licensed businesses that engage in retail food sales activity in Phoenix can refer to the instructions on the tax bulletin enclosed in the February and March tax return mailing or visit phoenix.gov/PLT for a copy of the tax bulletin.
Businesses not currently licensed in Phoenix can visit phoenix.gov/PLT/pltforms.html for licensing information and to obtain a license application form.
For general information regarding the sales tax, call 602-262-6785, option 6, or e-mail tax@phoenix.gov.
Posted at 03:14PM Apr 05, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
Interested in Relocating
| Interested in Relocating? |
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Posted at 11:45AM Apr 02, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
