Posts
BIG JUMP IN HOME SALES LAST WEEK! Or was it a little make up from the week before and the Easter holiday, Who knows? I am just glad to see sales up again. Last week was the first week this year home sales were down, but a holiday can do that to you.
For the week ended March 31, 2008, I recorded 1,090 home sales. The most sales in one week in over a year. Or the best week out of the past 52 weeks!! AWESOME, we are on the road to recovery in this real estate market. The last best week I recorded, was the week of March 5, 2007, when 1,186 home sales were recorded.
Tomorrow I will record the Monthly numbers. I am very interested to see what they show!
Monday, March 31, 2008
Friday, March 28, 2008
Today's Rates!
30 year fixed 5.75%
30 year fixed interest only 6.375%
40 year fixed 6.375%
20 year fixed 5.5%
15 year fixed 5.375%
ARMs and Interest Only ARMs
10 year 5.875%
7 year 5.625%
5 year 5.5%
3 year 5.375%
These are par rates. Rates can change a few times a day. Rates are based upon many factors. Please call today to learn more about the interest rate for you.
Staci McCarville 480-538-1402
30 year fixed interest only 6.375%
40 year fixed 6.375%
20 year fixed 5.5%
15 year fixed 5.375%
ARMs and Interest Only ARMs
10 year 5.875%
7 year 5.625%
5 year 5.5%
3 year 5.375%
These are par rates. Rates can change a few times a day. Rates are based upon many factors. Please call today to learn more about the interest rate for you.
Staci McCarville 480-538-1402
Thursday, March 27, 2008
New Listing In Tatum Highlands
The Cameron Team just listed another home...
This beautiful home is located in Tatum Highlands and has 4 Bedrooms and 2 Bathrooms, a Formal Living & Dining Room, a Large Open Family Room, Spacious Island Kitchen with Eat-In Area, Oversized Lot with Pebble Tech Salt Water Pool and Grassy Play Area. There is plenty of space and it is very well maintained and shows Pride Of Ownership.
Find this great home on our website or drive by.
26245 N. 46th Place. Phoenix, AZ 85050
If you know anyone who might be interested in buying this home or searching for a home to purchase, please contact us with their information, or give them our contact info. We always appreciate your referrals and would be happy to help you or anyone you know with the sale or purchase of property in Arizona.
Take a look at the Virtual Tour for this home by clicking on the following link: http://www.visualtour.com/show.asp?T=1446749
This beautiful home is located in Tatum Highlands and has 4 Bedrooms and 2 Bathrooms, a Formal Living & Dining Room, a Large Open Family Room, Spacious Island Kitchen with Eat-In Area, Oversized Lot with Pebble Tech Salt Water Pool and Grassy Play Area. There is plenty of space and it is very well maintained and shows Pride Of Ownership.
Find this great home on our website or drive by.
26245 N. 46th Place. Phoenix, AZ 85050
If you know anyone who might be interested in buying this home or searching for a home to purchase, please contact us with their information, or give them our contact info. We always appreciate your referrals and would be happy to help you or anyone you know with the sale or purchase of property in Arizona.
Take a look at the Virtual Tour for this home by clicking on the following link: http://www.visualtour.com/show.asp?T=1446749
4TH QUARTER GDP GROWS AT .6% ANNUAL GROWTH RATE
The US Economy stayed out of recession in the 4th quarter of 2007. Mostly due to a 6.5% growth rate of exports. The consumer was out in fashion, with a 2.3% growth rate on consumer purchases. Business cut back and lowered inventories by 1.7%, which is what really hurt GDP.
Economy Grows at 0.6 Percent Pace
By JEANNINE AVERSA,
AP
Posted: 2008-03-27 12:28:32
WASHINGTON (March 27) - The economy nearly sputtered out at the end of the year and is probably faring even worse now amid continuing housing, credit and financial crises. The Commerce Department reported Thursday that gross domestic product increased at a feeble 0.6 percent annual rate in the October-to-December quarter. The reading - unchanged from a previous estimate a month ago - provided stark evidence of just how much the economy has weakened. In the prior quarter, the economy clocked in at a sizzling 4.9 percent growth rate. The gross domestic product (GDP) measures the value of all goods and services produced in the United States and is the best barometer of the country's economic health. Many economists say they believe growth in the current January-to-March quarter will be even weaker than the 0.6 percent figure of the previous quarter. A growing number also say the economy may actually be shrinking now. Under one rough rule, the economy needs to contract for six straight months to be considered in a recession. The government will release its estimate for first-quarter GDP in late April.
real the full report: http://money.aol.com/news/articles/_a/economy-grows-at-06-percent-pace/20080327090809990001
Economy Grows at 0.6 Percent Pace
By JEANNINE AVERSA,
AP
Posted: 2008-03-27 12:28:32
WASHINGTON (March 27) - The economy nearly sputtered out at the end of the year and is probably faring even worse now amid continuing housing, credit and financial crises. The Commerce Department reported Thursday that gross domestic product increased at a feeble 0.6 percent annual rate in the October-to-December quarter. The reading - unchanged from a previous estimate a month ago - provided stark evidence of just how much the economy has weakened. In the prior quarter, the economy clocked in at a sizzling 4.9 percent growth rate. The gross domestic product (GDP) measures the value of all goods and services produced in the United States and is the best barometer of the country's economic health. Many economists say they believe growth in the current January-to-March quarter will be even weaker than the 0.6 percent figure of the previous quarter. A growing number also say the economy may actually be shrinking now. Under one rough rule, the economy needs to contract for six straight months to be considered in a recession. The government will release its estimate for first-quarter GDP in late April.
real the full report: http://money.aol.com/news/articles/_a/economy-grows-at-06-percent-pace/20080327090809990001
Tuesday, March 25, 2008
Farmer's Market at McDowell Mountain Ranch Shopping Center
It's that day of the week again, and there I was getting my goodies for the week from the Farmer's Market.
Today's purchases were fresh tomatoes, rosemary pita chips and garlic hummus, and lemon bread for Jessica who is home sick on this beautiful spring day! There are lots of other vendors offering everything from coffee to tamales. It's open Tuesdays, from about 10-3.
LOAN MODIFICATIONS
I blogged about loan modifications a couple of weeks ago and had many questions about it.
Let me first explain what a loan modification is. It is when the mortgage company modifies the note for a borrower. They modify the note in three different ways:
1. Lower the interest rate.
2. Extend the time until the next rate change.
3. Lower the amount secured by the note.
You may ask, "why would a bank do a loan modification?" Usually they are for people in arrears and needing assistance prior to foreclosure. Today they are being done for people to secure them in their home and remove the desire to walk away from the mortgage. Our market is creating enough bank owed property as it is and the banks want to keep more from entering the market. They can achieve that by keeping people in homes through lowering rates, extending times to rate adjustments and lowering loan balances.
I called my bank, Country Wide, and asked for a loan modification. They extended the time for adjustment on my 5/1 ARM to 60 months forward. Giving me 5 more years until the adjustment date. They also lowered my interest rate from 5.25% to 5%. My loan is a JUMBO and rates for a JUMBO are in the low 7's. I think this is AWESOME. It is saving me $100 per month in interest and took the fear of that future adjustment out of my mind.
I highly suggest you call your mortgage company and ask about a "Loan Modification."
Let me first explain what a loan modification is. It is when the mortgage company modifies the note for a borrower. They modify the note in three different ways:
1. Lower the interest rate.
2. Extend the time until the next rate change.
3. Lower the amount secured by the note.
You may ask, "why would a bank do a loan modification?" Usually they are for people in arrears and needing assistance prior to foreclosure. Today they are being done for people to secure them in their home and remove the desire to walk away from the mortgage. Our market is creating enough bank owed property as it is and the banks want to keep more from entering the market. They can achieve that by keeping people in homes through lowering rates, extending times to rate adjustments and lowering loan balances.
I called my bank, Country Wide, and asked for a loan modification. They extended the time for adjustment on my 5/1 ARM to 60 months forward. Giving me 5 more years until the adjustment date. They also lowered my interest rate from 5.25% to 5%. My loan is a JUMBO and rates for a JUMBO are in the low 7's. I think this is AWESOME. It is saving me $100 per month in interest and took the fear of that future adjustment out of my mind.
I highly suggest you call your mortgage company and ask about a "Loan Modification."
Monday, March 24, 2008
INSPIRATIONAL QUOTES MOVIE
This link goes to a great little movie of inspirational quotes. Watch Enjoy Love Live!
http://www.greatquotesmovie.com/
http://www.greatquotesmovie.com/
STOCKS RALLY ON RISE OF HOME SALES
Big jump in the stock market today. Are we hitting a bottom in home sales? Only time will tell. My weekly sales tracking is showing a drop off last week. However, with the Easter holiday, one would expect sales to be off last week. I will report the final numbers later today. Below is the report about the rise in existing home sales for your review:
Home Sales Rose, Prices Fell in February
By MARTIN CRUTSINGER,
AP
Posted: 2008-03-24 10:45:18
WASHINGTON (AP) - After falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported. The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline. The trade group reported that the median existing sales price in February fell to $195,900. That was the largest year-over-year drop on records that go back to 1999. Lawrence Yun, chief economist for the Realtors, said that prices in some formerly hot markets in California and Florida were seeing significant price declines now as sellers try to attract buyers. Analysts cautioned against reading too much into the one-month rise in sales. Many economists are predicting that the steep slump in housing will not bottom-out until later this year after prices fall further and allow huge levels of unsold inventories to be reduced. http://money.aol.com/news/articles/_a/home-sales-rose-prices-fell-in-february/n20080324104509990020
Home Sales Rose, Prices Fell in February
By MARTIN CRUTSINGER,
AP
Posted: 2008-03-24 10:45:18
WASHINGTON (AP) - After falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported. The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline. The trade group reported that the median existing sales price in February fell to $195,900. That was the largest year-over-year drop on records that go back to 1999. Lawrence Yun, chief economist for the Realtors, said that prices in some formerly hot markets in California and Florida were seeing significant price declines now as sellers try to attract buyers. Analysts cautioned against reading too much into the one-month rise in sales. Many economists are predicting that the steep slump in housing will not bottom-out until later this year after prices fall further and allow huge levels of unsold inventories to be reduced. http://money.aol.com/news/articles/_a/home-sales-rose-prices-fell-in-february/n20080324104509990020
Saturday, March 22, 2008
BEAUTIFUL DAY IN THE DESERT MOUNTAIN BIKING
I went for a ride today on the Paradise Trail in McDowell Mountain Ranch here in North Scottsdale. That trail then hooked up with the Gateway Loop. The desert was so beautiful! I only had my cheap Razor cell phone camera. But I clicked a few Great shots! NOW is the time to see the beauty of the desert before the flowers fad from the heat. Get out and ENJOY!
HAPPY EASTER!
HAPPY EASTER!
Friday, March 21, 2008
ARIZONA GAINS 25,300 JOBS IN FEBRUARY
Sounds great to gain 25,300 jobs last month, but that is a seasonal number. The big number is the year over year number which is up only 0.1%. We are only up 3,900 jobs from February of 2007. The unemployment rate is at 4%, up from 3.8% last year, but down from 4.3% last month.
Arizona’s economy gained a less than seasonally expected 25,300 non farm jobs in February to reach a level of 2,672,400 jobs. Over-the-year, non farm payroll employment increased by 3,900 in February, with seven of 11 major industries reporting employment gains. Over-the year job growth in February was 0.1 percent, compared to the 10-year average of 3.2 percent. All industries except one were below their 10-year monthly average gains. Two industries lost jobs, while the same number showed no change. Jobs declined in goods-producing industries (-1,900) and increased in service-providing industries (+27,200). Arizona’s seasonally adjusted unemployment rate was 4 percent in February, down from 4.3 percent in January, as people dropped out of the labor force and the total civilian labor force declined by 11,700. At the
national level the seasonally adjusted unemployment rate was 4.8 percent.
Read the entire article here: http://www.workforce.az.gov/admin/uploadedPublications/2685_PrMar08.pdf
Arizona’s economy gained a less than seasonally expected 25,300 non farm jobs in February to reach a level of 2,672,400 jobs. Over-the-year, non farm payroll employment increased by 3,900 in February, with seven of 11 major industries reporting employment gains. Over-the year job growth in February was 0.1 percent, compared to the 10-year average of 3.2 percent. All industries except one were below their 10-year monthly average gains. Two industries lost jobs, while the same number showed no change. Jobs declined in goods-producing industries (-1,900) and increased in service-providing industries (+27,200). Arizona’s seasonally adjusted unemployment rate was 4 percent in February, down from 4.3 percent in January, as people dropped out of the labor force and the total civilian labor force declined by 11,700. At the
national level the seasonally adjusted unemployment rate was 4.8 percent.
Read the entire article here: http://www.workforce.az.gov/admin/uploadedPublications/2685_PrMar08.pdf
Thursday, March 20, 2008
March Monthly Email Contest WINNER!!
We Have A Winner!!
We pulled a winner from the responses we received and the winner will receive a gift card for a massage at Massage Envy.
Our lucky winner is Terri Gribben!! I'm sure she will enjoy this relaxing massage. All she did was answer the easy question.
Thanks to all of you who read our blog and are not only getting information for yourself on topics regarding the Phoenix Housing Market, Interest Rates, and Local Information; but you are also helping The Cameron Team with our Google ranking.
Congrats to Terri Gribben......your Massage Envy gift card is in the mail.
We pulled a winner from the responses we received and the winner will receive a gift card for a massage at Massage Envy.
Our lucky winner is Terri Gribben!! I'm sure she will enjoy this relaxing massage. All she did was answer the easy question.
Thanks to all of you who read our blog and are not only getting information for yourself on topics regarding the Phoenix Housing Market, Interest Rates, and Local Information; but you are also helping The Cameron Team with our Google ranking.
Congrats to Terri Gribben......your Massage Envy gift card is in the mail.
Tuesday, March 18, 2008
FED SLASHES FED FUNDS RATE BY 3/4%
We didn't get the full point, but I will take 3/4%. Lowers my payments! Let's hope this starts to stimulate the real estate market and brings liquidity to the financial markets!
Fed Lowers Rates 3/4 Point, Fueling Huge Stock Rally
By Reuters 18 Mar 2008 02:19 PM ET
The Federal Reserve slashed a key U.S. interest rate by three-quarters of a percentage point, but Wall Street didn't seem to care that the cut was smaller than many had expected.
After initially pulling back from a morning rally, stocks resumed climbing and ended sharply higher.
CNBC.com
The Fed's action, taken on an 8-2 vote of its policy committee, took the bellwether federal funds rate down to 2.25 percent, the lowest since February 2005. Financial markets had largely priced in a full point reduction.
"Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth overthe next few quarters," the central bank said in a statement outlining its decision. (Click here to read the full statement.)
The Fed also said downside risks to economic growth remained even in the wake of the rate cut, suggesting an openness to a further lowering of borrowing costs if needed. http://www.cnbc.com/id/23691022
Fed Lowers Rates 3/4 Point, Fueling Huge Stock Rally
By Reuters 18 Mar 2008 02:19 PM ET
The Federal Reserve slashed a key U.S. interest rate by three-quarters of a percentage point, but Wall Street didn't seem to care that the cut was smaller than many had expected.
After initially pulling back from a morning rally, stocks resumed climbing and ended sharply higher.
CNBC.com
The Fed's action, taken on an 8-2 vote of its policy committee, took the bellwether federal funds rate down to 2.25 percent, the lowest since February 2005. Financial markets had largely priced in a full point reduction.
"Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth overthe next few quarters," the central bank said in a statement outlining its decision. (Click here to read the full statement.)
The Fed also said downside risks to economic growth remained even in the wake of the rate cut, suggesting an openness to a further lowering of borrowing costs if needed. http://www.cnbc.com/id/23691022
VALLEY HOME SALES CONTINUE HIGHER
Valley home sales hit another new high for the year at 1,034 sales for last week. That was the best week since the week of May 7, 2007. We are only 5 sales away from setting a one year record. The good news is the bad news is over one year old and we now can compare our sales to those of the post "sub prime" fallout. That makes it easier to beat the numbers. This will help with consumer sentiment. By the way, our 4 week moving average on home sales hit 1,000. That is the highest I have recorded since May 21, 2007.
WE NEED HIGHER CONVENTIONAL AND FHA LOAN LIMITS!!!!
WE NEED HIGHER CONVENTIONAL AND FHA LOAN LIMITS!!!!
Monday, March 17, 2008
JP MORGAN BUYS BEAR STEARNS FOR $2 PER SHARE
As the central bank looks for answers for today's credit crisis, one sharp move is for JP Morgan to buy Bear Stearns. This investment bank could not go under, "It would be apocalyptic," says Marino Marin and investment banker.
This is a serious situation and the Fed had to make something happen. You have to wonder how much JP Morgan wanted Bear Sterns, or were they told to take or watch it fall?????
From CNBC on line:
JP Morgan Agrees to Buy Bear Stearns for $2 a Share
By Reuters 16 Mar 2008 07:33 PM ET
JPMorgan Chase set a deal to buy stricken rival Bear Stearns for a rock-bottom price, while the U.S.Federal Reserve expanded lending to securities firms for the first time since the Great Depression to prop up the financial system.
CNBC.com
The shock news, the biggest sign yet of how devastating the credit crisis is for Wall Street, slammed the U.S. dollar to a record low against the euro, pummeled Asia stock markets and boosted gold and low-risk bonds.
http://www.cnbc.com/id/23663919
This is a serious situation and the Fed had to make something happen. You have to wonder how much JP Morgan wanted Bear Sterns, or were they told to take or watch it fall?????
From CNBC on line:
JP Morgan Agrees to Buy Bear Stearns for $2 a Share
By Reuters 16 Mar 2008 07:33 PM ET
JPMorgan Chase set a deal to buy stricken rival Bear Stearns for a rock-bottom price, while the U.S.Federal Reserve expanded lending to securities firms for the first time since the Great Depression to prop up the financial system.
CNBC.com
The shock news, the biggest sign yet of how devastating the credit crisis is for Wall Street, slammed the U.S. dollar to a record low against the euro, pummeled Asia stock markets and boosted gold and low-risk bonds.
http://www.cnbc.com/id/23663919
Saturday, March 15, 2008
TESTIMONIAL FROM HAPPY HOME SELLER
March 14, 2008
Dear Jeff,
We wanted to take this opportunity to sincerely thank you for all your hard work and dedication over the last 4 years. We have been thoroughly impressed with the outstanding service, knowledge and experience you have provided to us. Our most recent home sale in August 2007 was extremely impressive. In a time when the market is steadily trending backwards, you managed to exceed our expectations. We really appreciated you keeping us informed of the current market conditions. Your knowledge and expertise in the neighborhood was exactly what we needed to lead the market instead of chase the market down. You sold our home in 60 days!!!!!! That’s incredible! Not only did you sell our home in 60 days, but we also managed to get top value for it! No other similar home has closed for more since ours closed and the same floor plan without a pool but with granite countertops sold for 50K less!! Those are amazing results and we tell that story on a weekly basis.
What we really appreciated the most was your patience, integrity and the time you spent with us. You weren’t just trying to make a quick sale and that means a lot. You took the time to help us with our decision to purchase a new build and we are so happy we did. We love our new home! You have now helped us sell two homes and purchase one and you make the home buying process so easy. If we need your help in the future, you will be the first and only person we call. I would highly recommend you and your team to anyone … and I often do!
Thanks again for everything you do! We wish you the best!
Sincerely,
Daniel and Christina H.
Dear Jeff,
We wanted to take this opportunity to sincerely thank you for all your hard work and dedication over the last 4 years. We have been thoroughly impressed with the outstanding service, knowledge and experience you have provided to us. Our most recent home sale in August 2007 was extremely impressive. In a time when the market is steadily trending backwards, you managed to exceed our expectations. We really appreciated you keeping us informed of the current market conditions. Your knowledge and expertise in the neighborhood was exactly what we needed to lead the market instead of chase the market down. You sold our home in 60 days!!!!!! That’s incredible! Not only did you sell our home in 60 days, but we also managed to get top value for it! No other similar home has closed for more since ours closed and the same floor plan without a pool but with granite countertops sold for 50K less!! Those are amazing results and we tell that story on a weekly basis.
What we really appreciated the most was your patience, integrity and the time you spent with us. You weren’t just trying to make a quick sale and that means a lot. You took the time to help us with our decision to purchase a new build and we are so happy we did. We love our new home! You have now helped us sell two homes and purchase one and you make the home buying process so easy. If we need your help in the future, you will be the first and only person we call. I would highly recommend you and your team to anyone … and I often do!
Thanks again for everything you do! We wish you the best!
Sincerely,
Daniel and Christina H.
Friday, March 14, 2008
FEDRERAL RESERVE BAILS OUT BEAR STEARNS
Yes, the Fed to the rescue. I am not an expert on this issue, but here is what I understand. A European bank refused to extend credit to Bear Stearns, which effectively declared Bear Stearns as insolvent. This caused a run on the bank.
The Federal Reserve met last night and allowed an emergency EXCEPTION:
1. JP Morgan, the clearing house for Bear Stearns, was to be allowed to bring Bear Stearns collateral to the Fed's discount window. This would allow Bear Stearns to raise CASH.
2. JP Morgan would not be liable should Bear Stearns default to the Fed.
Bear Stearns reportedly has about $400 Billion of the not so good real estate loans in their portfolio. No one knows what their value is due to the changing real estate market.
Read More: http://money.aol.com/news/articles/_a/fed-pledges-to-supply-cash/20080314104309990001
and More : http://www.bloggingstocks.com/2008/03/14/why-does-bear-stearns-need-a-government-bailout/
The Federal Reserve met last night and allowed an emergency EXCEPTION:
1. JP Morgan, the clearing house for Bear Stearns, was to be allowed to bring Bear Stearns collateral to the Fed's discount window. This would allow Bear Stearns to raise CASH.
2. JP Morgan would not be liable should Bear Stearns default to the Fed.
Bear Stearns reportedly has about $400 Billion of the not so good real estate loans in their portfolio. No one knows what their value is due to the changing real estate market.
Read More: http://money.aol.com/news/articles/_a/fed-pledges-to-supply-cash/20080314104309990001
and More : http://www.bloggingstocks.com/2008/03/14/why-does-bear-stearns-need-a-government-bailout/
Thursday, March 13, 2008
March Monthly Email Contest Question
Our trivia question for March, if answered correctly, can win you a massage at Massage Envy!!
What is the name of the company that will be at the Home Remodeling & Staging EXPO that does interior decorating?
Hint: Look at the post below!
What is the name of the company that will be at the Home Remodeling & Staging EXPO that does interior decorating?
Hint: Look at the post below!
2008 Home Remodeling & Staging EXPO
This year the Home Remodeling & Staging EXPO will be on April 12th, 2008 from 2-6pm. And will be held at the Cameron home.
.
Our current list of vendors participating is:
.
Shiloh Floors
The Concierge Stone Work
The Perfect Setup - Staging Services
Gia Venturi Interiors - Interior Decorating
A-Agents Inspections & Termite
Desert Cabinet Refinishing
Peerless Plumbing
New Image Cleaning Service
Sunburst Pools
Burns Custom Home Improvements
Europa Artistic Surfaces - Acrylic Surfaces & Ext. Stone
The Talon Group - Title Services
Pam Desmond - Property Management
Staci McCarville - Indymac Bank - Lending Services
.
We want to thank all of them for their participation, and still have openings for additional companies. Contact us if you would like to participate or donate.
Hope to see you there!
WINGATE RANCH, TOLL BROTHERS COMMUNITY "PICNIC IN THE PARK"
INVITES YOU TO A PICNIC IN THE PARK!
Sunday, March 30, 2008
12:00pm to 6:30pm at the Windgate Ranch Community Park
Experience the Unique Lifestyle of Windgate Ranch!!
With Special Guests:
The Chadwicks
Sunday, March 30, 2008
12:00pm to 6:30pm at the Windgate Ranch Community Park
Experience the Unique Lifestyle of Windgate Ranch!!
With Special Guests:
The Chadwicks
Wednesday, March 12, 2008
WORK OUTS AND LOAN MODIFICATION
The new biggie in real estate is loan "Work outs" and "Modifications." The Federal Reserve Chairman, Ben Bernanke, stated publicly last week for banks to be more aggressive with these tools. It spooked the market that he publicly stated banks need to consider lowering the loan amount in places where the value of a home has dropped below what is owed on the mortgage. It spooked the market because the market is already having a difficult time value the mortgage backed securities with all the foreclosures. If they start lowering the amount owed on the good notes, what are they worth????
So, let's get back to loan WORK OUTS. What are they. Work outs are when a buyer is running into trouble and may look at a short sale or a foreclosure. Technically, before selling or walking away form the home the borrower should be talking with the mortgage company. Finding out if there is anything they can "work out" before walking away or selling short. Work outs can be many different things such as:
lowering the loan amount
forgiving past due payments
lowering the interest rate
extending a date for a loan adjustment
extending the date for a foreclosure on the home
When it comes to LOAN MODIFICATIONS we usually see a different story. This is a case where the lender wants to keep a borrower comfortable in their home and not drive them to thinking of not paying the mortgage, short sale or foreclosure. You should all call your bank and talk about a loan modification. Loan modifications include the similar adjustments:
Lowering loan amount
Lowering an interest rate
Extending the time frame to a rate adjustment
These are all good actions for the borrower. Call today and ask for the loan modification department. You may be able to lower your rate, lower your loan amount or extend the time to your next adjustment.
So, let's get back to loan WORK OUTS. What are they. Work outs are when a buyer is running into trouble and may look at a short sale or a foreclosure. Technically, before selling or walking away form the home the borrower should be talking with the mortgage company. Finding out if there is anything they can "work out" before walking away or selling short. Work outs can be many different things such as:
lowering the loan amount
forgiving past due payments
lowering the interest rate
extending a date for a loan adjustment
extending the date for a foreclosure on the home
When it comes to LOAN MODIFICATIONS we usually see a different story. This is a case where the lender wants to keep a borrower comfortable in their home and not drive them to thinking of not paying the mortgage, short sale or foreclosure. You should all call your bank and talk about a loan modification. Loan modifications include the similar adjustments:
Lowering loan amount
Lowering an interest rate
Extending the time frame to a rate adjustment
These are all good actions for the borrower. Call today and ask for the loan modification department. You may be able to lower your rate, lower your loan amount or extend the time to your next adjustment.
SHORT SALES, THE BANKS ARE SHOOTING THEMSELVES IN THE FOOT
You have probably heard of "short sales," they are a big part of today's market. Sellers are trying to sell their home rather than get foreclosed on. Sounds like a good idea and "the right thing to do." Better to sell now, than get foreclosed on...run up the bank costs, let the home go into further disrepair and have a larger amount of losses for the bank to charge off on your credit.
We all seem to get it, doing a short sale helps the banks. Then why are the banks being so difficult?
Last month one of my buyers wrote an offer on a home listed as a short sale. It stated in the listing the price was already accepted by the bank. We negotiated $505k on a home listed for $539K. Everything was submitted to the bank. At the time there were no homes for sale in Desert Ridge, Aviano, under $600k. Well now that has changed. This home backing to 40th Street, probably a future busy street when Mayo Blvd and the Highway go through. The bank had an opportunity with my buyer to unload this home.
4 weeks later, which is pretty quick, they countered at $554,500. My buyers walked and bought a much better deal in Fireside at Desert Ridge. GOOD LUCK, NATIONAL CITY MORTGAGE!! You passed on a great opportunity. We would have paid $530K if you would have just responded in a timely manner. Take the home back and sell it after foreclosure. Let's see, with a 1% holding cost, in 4 months you will break even if you get your price. I don't think you will have it on the market in 4 months, you move to slow!!!!
We all seem to get it, doing a short sale helps the banks. Then why are the banks being so difficult?
Last month one of my buyers wrote an offer on a home listed as a short sale. It stated in the listing the price was already accepted by the bank. We negotiated $505k on a home listed for $539K. Everything was submitted to the bank. At the time there were no homes for sale in Desert Ridge, Aviano, under $600k. Well now that has changed. This home backing to 40th Street, probably a future busy street when Mayo Blvd and the Highway go through. The bank had an opportunity with my buyer to unload this home.
4 weeks later, which is pretty quick, they countered at $554,500. My buyers walked and bought a much better deal in Fireside at Desert Ridge. GOOD LUCK, NATIONAL CITY MORTGAGE!! You passed on a great opportunity. We would have paid $530K if you would have just responded in a timely manner. Take the home back and sell it after foreclosure. Let's see, with a 1% holding cost, in 4 months you will break even if you get your price. I don't think you will have it on the market in 4 months, you move to slow!!!!
Tuesday, March 11, 2008
FEDERAL RESERVE REACTS TO CREDIT CRISIS, PUMPS $200 BILLION INTO SYSTEM
The reaction to the Margin Calls last week had put tremendous pressure on the financial markets and the Federal Reserve just stepped up to ease the pressure. So far, the stock market is happy. Stocks are up over 2%. Is this a knee jerk reaction or will the market continue up?? It is always interesting to see how the markets react over time.
Hopefully this will bring interest rates back down. However, the bond market it getting killed today. Which typically brings rates up, however, interest rates are not fully linked to the bond market. Where the 10 note was you would expect mortgage rates as low as 5%.
This often bothers me. Mortgage rates don't always follow the bond rates down, but they seem to always follow bond rates up. Let's see what happens today???
Here is the AP report:
Fed Offers More Help to Banks
By JEANNINE AVERSA,
AP
Posted: 2008-03-11 09:31:41
Filed Under: Banking
WASHINGTON (March 11) - The Federal Reserve on Tuesday announced it is ramping up efforts to provide more relief to cash-strapped financial institutions, a coordinated action with other central banks aimed at easing a global credit crises that threatens to push the U.S. economy into its first recession since 2001. The Fed said it will make up to $200 billion in cash available to cash-strapped financial institutions. "Pressures in some of these markets have recently increased again," the Fed said in a statement. "We all continue to work together and will take appropriate steps to address those liquidity pressures." The other banks involved are the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank. In addition, the Fed has authorized increases in existing programs called "swap lines" with the European Central Bank and the Swiss National Bank "These arrangements will now provide dollars in amounts of up to $30 billion and $6 billion to the ECB and the SNB respectively," the Fed said, extending the term of these swap lines through Sept. 30.
Read the full report at this link: http://money.aol.com/news/articles/_a/fed-offers-more-help-to-banks/20080311093009990001
Hopefully this will bring interest rates back down. However, the bond market it getting killed today. Which typically brings rates up, however, interest rates are not fully linked to the bond market. Where the 10 note was you would expect mortgage rates as low as 5%.
This often bothers me. Mortgage rates don't always follow the bond rates down, but they seem to always follow bond rates up. Let's see what happens today???
Here is the AP report:
Fed Offers More Help to Banks
By JEANNINE AVERSA,
AP
Posted: 2008-03-11 09:31:41
Filed Under: Banking
WASHINGTON (March 11) - The Federal Reserve on Tuesday announced it is ramping up efforts to provide more relief to cash-strapped financial institutions, a coordinated action with other central banks aimed at easing a global credit crises that threatens to push the U.S. economy into its first recession since 2001. The Fed said it will make up to $200 billion in cash available to cash-strapped financial institutions. "Pressures in some of these markets have recently increased again," the Fed said in a statement. "We all continue to work together and will take appropriate steps to address those liquidity pressures." The other banks involved are the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank. In addition, the Fed has authorized increases in existing programs called "swap lines" with the European Central Bank and the Swiss National Bank "These arrangements will now provide dollars in amounts of up to $30 billion and $6 billion to the ECB and the SNB respectively," the Fed said, extending the term of these swap lines through Sept. 30.
Read the full report at this link: http://money.aol.com/news/articles/_a/fed-offers-more-help-to-banks/20080311093009990001
INTEREST RATES JUMP, WHAT'S GOING ON NOW???? "MARGIN CALL" CRISIS WHAT IS THAT????
Well we experienced the "Sub-Prime" crash last March and what I referred to as "Sub-Prime II" that I now know as "Alt-A" crash, last August. Each caused a liquidity crisis. Which simply meant, "due to market fears us banks are holding onto our money." Each caused interest rates to go up and for the pool of different available loans to borrowers to shrink. And Shrink dramatically. It also caused banks to make it more difficult to qualify for a mortgage in today's market. Together, this caused home sales to crash!
Last week we experienced a different issue. Now it's the "Margin Call" crisis, still affecting liquidity. This time it did not cause a crash, but it did cause interest rates to jump nearly .5% last week.
Prior to last week I had no idea who Thornburg Mortgage was and had very limited exposure to Carlyle Capital Group. But they caused the rate jump. Mainly because their bonds dropped in value and triggered a Margin Call. OK, I thought a margin call was when you bought stocks on margin and the stocks dropped to a certain level that required you to deposit more money or sell the stock. This margin call is different... and in a way the same.
These financial institutions or "investors" were buying mortgage backed securities and then reselling them to other investors. However, the way it worked in their contracts was that should securities drop to a certain value, they had to buy them back. That was the Margin Call. If they, Thornburg or Carlyle, were unable to buy them back then the investors could sell them on the open market to raise the capital.
Due to the uncertainty in the value of these mortgage backed securities, other buyers are not willing to pay much for them. When this Margin Call occurred it flooded the market with questionable securities and dropped prices for all of them. Anytime you flood the market with a product it drives prices down, just like our housing market today.
Last week we experienced a different issue. Now it's the "Margin Call" crisis, still affecting liquidity. This time it did not cause a crash, but it did cause interest rates to jump nearly .5% last week.
Prior to last week I had no idea who Thornburg Mortgage was and had very limited exposure to Carlyle Capital Group. But they caused the rate jump. Mainly because their bonds dropped in value and triggered a Margin Call. OK, I thought a margin call was when you bought stocks on margin and the stocks dropped to a certain level that required you to deposit more money or sell the stock. This margin call is different... and in a way the same.
These financial institutions or "investors" were buying mortgage backed securities and then reselling them to other investors. However, the way it worked in their contracts was that should securities drop to a certain value, they had to buy them back. That was the Margin Call. If they, Thornburg or Carlyle, were unable to buy them back then the investors could sell them on the open market to raise the capital.
Due to the uncertainty in the value of these mortgage backed securities, other buyers are not willing to pay much for them. When this Margin Call occurred it flooded the market with questionable securities and dropped prices for all of them. Anytime you flood the market with a product it drives prices down, just like our housing market today.
Monday, March 10, 2008
WEEKLY SALES REPORT, PHOENIX METRO AREA MARCH 10, 2008
Sales continue to improve as we move into the selling season. Once again we topped the 1,000 home sales mark, with 1,023 homes selling over the past week. This is exciting to see. We, The Cameron Team, put 4 homes under contract over the past 11 days. It feels good to have the market picking up. We are also seeing increased showings at our listings.
Inventory levels are up 7% since the beginning of the year. That may sound high, but when you consider over the same period in 2007 and 2006, inventory levels jumped 16% and 47% respectively. With those facts in mind, growth in inventory of 7% is pretty low. This is the selling season and those who want to sell are on the market.
Another statistic I watch is months of inventory based on Pending sales. At the beginning of the year this reached a high of 14.6 months, today that number has dropped to 8.2 months. I look forward to it dropping below 6 months.
Inventory levels are up 7% since the beginning of the year. That may sound high, but when you consider over the same period in 2007 and 2006, inventory levels jumped 16% and 47% respectively. With those facts in mind, growth in inventory of 7% is pretty low. This is the selling season and those who want to sell are on the market.
Another statistic I watch is months of inventory based on Pending sales. At the beginning of the year this reached a high of 14.6 months, today that number has dropped to 8.2 months. I look forward to it dropping below 6 months.
Sunday, March 9, 2008
WINNER OF THE FEBRUARY EMAIL CONTEST
We have a winner. Sorry this was not posted earlier. The winner is Mark Willets. Mark answered the February email contest correctly and was then drawn from a group of correct responders.
CONGRATULATIONS MARK!!! You have won this commemorative Plaque for Super Bowl XLII. Thanks again for participating!
CONGRATULATIONS MARK!!! You have won this commemorative Plaque for Super Bowl XLII. Thanks again for participating!
Friday, March 7, 2008
JOBS REPORT IS OUT, DOWN 63,000 FOR FEBRUARY
Not the news I wanted to start the day with, but it is what is. The jobs report was released by the labor department and not only did we loose 63,000 jobs in February but there were downward revisions for the last couple of months. Losses in January were increased from 17,000 to 22,000 and December job gains were cut in half from 82,000 to 41,000. As you can see, the report is very inconsistent. However, this report states there are 109,000 less jobs than we thought were there yesterday.
One of the strengths to our economy is the low unemployment. We are still in a good position, the question is "where are we headed?"
The sinking dollar is also helping our economy. It is making our goods more competitive with the rest of the world. Not the way I prefer to increase our competitiveness, but it still helps the economy.
Read the full report: http://www.cnbc.com/id/23518353
One of the strengths to our economy is the low unemployment. We are still in a good position, the question is "where are we headed?"
The sinking dollar is also helping our economy. It is making our goods more competitive with the rest of the world. Not the way I prefer to increase our competitiveness, but it still helps the economy.
Read the full report: http://www.cnbc.com/id/23518353
Thursday, March 6, 2008
FHA RAISES LOAN LIMITS IN MARICOPA COUNTY
The limit for an FHA loan was raised today to $346,250 for Maricopa county. I believe this is up from $271,000. Do you believe I remember when the FHA limit was raised to $101,000. Boy a lot has changed.
This is good news for our market, or at least the market from $270,000 to $350,000. It will make it easier for borrowers to obtain loans in that price range.
This is good news for our market, or at least the market from $270,000 to $350,000. It will make it easier for borrowers to obtain loans in that price range.
Wednesday, March 5, 2008
TIME TO "WORK OUT" YOUR LOAN
Even if you are not in trouble, this may be a time for you to reduce your mortgage without paying an extra dime. Property values are dropping and what we need to happen is to stop the flow of foreclosures. It is time to call your mortgage company and ask to re-work your loan. You may be able to reduce your loan amount by 10 or 15%.
It can't hurt to try. If you are have financial problems, the first step is to talk to the lender and see if they can re-work your loan. Re-working a loan consists of lowering interest rates, extended time to the next adjustment and lowering the balance of the mortgage.
Please read more from AOL:
Fed chief sees housing problem as serious economic threat
Scott Lanman and Steve MatthewsBloomberg NewsMar. 4, 2008 05:54 PM
WASHINGTON - Bernanke's call for banks to forgive portions of mortgages at risk of defaulting goes beyond the stance of the Bush administration and even previous Fed comments, indicating that he sees housing as a serious threat to the economy that can't be addressed by fiscal or monetary policy alone. During a speech to bankers in Orlando, Florida on Tuesday, the Fed chief highlighted the threat posed by home values falling below mortgage balances, something Treasury Secretary Henry Paulson played down as recently as Monday. Bernanke said the "recent surge" in delinquencies has been "closely linked" to the slide of home equity and warned that the housing crisis could deepen.
The idea that lenders may benefit in the long run by accepting less than full payback of mortgage loans goes further than even recent Fed proposals. The Fed's Feb. 27 report to Congress called for lenders to "pursue prudent loan workouts" through means such as modifying mortgage terms and deferring payments.
'Won't Dictate'
"We're not going to dictate" how lenders should alter mortgage contracts, Treasury spokeswoman Brookly Mclaughlin said in an e-mailed response to questions. "If lenders find that in some cases a principal write-down is less costly than foreclosure, then that is an option they have the incentive to consider."Mortgage servicers "should have a clear basis for concluding" that borrowers are unable to make their payments, "rather than simply being unwilling to do so" before reducing loan principal, the American Securitization Forum said.The forum, whose members include Goldman Sachs Group Inc. and Citigroup Inc., lobbies for investors, traders, underwriters, accounting firms, ratings companies and other institutions involved in the creation and sale of mortgage-backed securities. The group commented in a statement Tuesday.Democrats in Congress have said relying on lenders to alter loan terms hasn't yielded enough progress and are pushing for a stronger government response.
Deeper Crisis
Bernanke warned Tuesday that the housing crisis may deepen."Delinquencies and foreclosures likely will continue to rise for a while longer," Bernanke said in the comments to the Independent Community Bankers of America. A surfeit of homes for sale indicates "further declines in house prices are likely," he said.Bernanke spoke in a state that's among the worst affected by the housing collapse. Miami home prices have dropped 17.5 percent in the past year, the most of 20 large U.S. cities, according to the S&P/Case-Shiller index. Foreclosures in Florida jumped at more than double the nationwide pace, rising 158 percent in the past year, according to RealtyTrac.
Subprime Rates
Subprime borrowers are about to see their mortgage rates increase more than 1 percentage point, he said. "Declines in short-term interest rates and initiatives involving rate freezes will reduce the impact somewhat, but interest-rate resets will nevertheless impose stress on many households."In the past, homeowners could refinance, though that option is now "largely" gone because sales of bonds backed by subprime mortgages "have virtually halted," Bernanke said. "This situation calls for a vigorous response."Bernanke didn't comment on the outlook for interest rates. Traders expect the Federal Open Market Committee to lower the benchmark rate by 0.75 percentage point by or at the panel's next meeting on March 18, based on futures prices.Fed Vice Chairman Donald Kohn told lawmakers today that officials are considering whether "we have adequate insurance" against the risks of a deeper downturn in growth. He also reiterated policy makers' call for banks to raise capital, and added that they ought to review their dividend plans.
'Reluctant' Lenders
"Lenders tell us that they are reluctant to write down principal," Bernanke said. "They say that if they were to write down the principal and house prices were to fall further, they could feel pressured to write down principal again."The Fed chairman countered that by reducing the amount of the loan, this "may increase the expected payoff by reducing the risk of default and foreclosure."Bernanke also urged investors in mortgage bonds to accept "short payoffs" of loans by allowing borrowers to refinance at a lower principal.For investors, a reduction in principal that's "sufficient to make borrowers eligible for a new loan would remove the downside risk" of further write-downs or defaults, Bernanke said. Investors may be able to share in future gains in home prices under some plans, he said, citing a proposal by the Office of Thrift Supervision.Paulson, by contrast, has declined to endorse the OTS plan. John Reich, director of the OTS, last month proposed a program where borrowers would refinance mortgages at current home values. The lender would receive a "negative equity" certificate that could be redeemed if the house is sold.
No Response
The Treasury chief on Monday stressed that it's the responsibility of borrowers to get in touch with lenders if they're facing payment problems. He said 80 percent of homeowners who were sent letters by the Hope Now alliance of mortgage servicers haven't responded.The number of U.S. homeowners entering foreclosure rose 75 percent in 2007, with more than 1 percent in some stage of foreclosure during the year, according to RealtyTrac Inc. of Irvine, California. For the year, more than 2.2 million default notices, auction notices and bank repossessions were reported on about 1.3 million properties.Monday, the Fed and other regulators sent letters to institutions they supervise, encouraging the banks to report on their efforts to modify mortgages at risk of default."This will make it easier for regulators, the mortgage industry, lawmakers and homeowners to assess the effectiveness of these efforts," Fed Governor Randall Kroszner said in a statement on Monday.
It can't hurt to try. If you are have financial problems, the first step is to talk to the lender and see if they can re-work your loan. Re-working a loan consists of lowering interest rates, extended time to the next adjustment and lowering the balance of the mortgage.
Please read more from AOL:
Fed chief sees housing problem as serious economic threat
Scott Lanman and Steve MatthewsBloomberg NewsMar. 4, 2008 05:54 PM
WASHINGTON - Bernanke's call for banks to forgive portions of mortgages at risk of defaulting goes beyond the stance of the Bush administration and even previous Fed comments, indicating that he sees housing as a serious threat to the economy that can't be addressed by fiscal or monetary policy alone. During a speech to bankers in Orlando, Florida on Tuesday, the Fed chief highlighted the threat posed by home values falling below mortgage balances, something Treasury Secretary Henry Paulson played down as recently as Monday. Bernanke said the "recent surge" in delinquencies has been "closely linked" to the slide of home equity and warned that the housing crisis could deepen.
The idea that lenders may benefit in the long run by accepting less than full payback of mortgage loans goes further than even recent Fed proposals. The Fed's Feb. 27 report to Congress called for lenders to "pursue prudent loan workouts" through means such as modifying mortgage terms and deferring payments.
'Won't Dictate'
"We're not going to dictate" how lenders should alter mortgage contracts, Treasury spokeswoman Brookly Mclaughlin said in an e-mailed response to questions. "If lenders find that in some cases a principal write-down is less costly than foreclosure, then that is an option they have the incentive to consider."Mortgage servicers "should have a clear basis for concluding" that borrowers are unable to make their payments, "rather than simply being unwilling to do so" before reducing loan principal, the American Securitization Forum said.The forum, whose members include Goldman Sachs Group Inc. and Citigroup Inc., lobbies for investors, traders, underwriters, accounting firms, ratings companies and other institutions involved in the creation and sale of mortgage-backed securities. The group commented in a statement Tuesday.Democrats in Congress have said relying on lenders to alter loan terms hasn't yielded enough progress and are pushing for a stronger government response.
Deeper Crisis
Bernanke warned Tuesday that the housing crisis may deepen."Delinquencies and foreclosures likely will continue to rise for a while longer," Bernanke said in the comments to the Independent Community Bankers of America. A surfeit of homes for sale indicates "further declines in house prices are likely," he said.Bernanke spoke in a state that's among the worst affected by the housing collapse. Miami home prices have dropped 17.5 percent in the past year, the most of 20 large U.S. cities, according to the S&P/Case-Shiller index. Foreclosures in Florida jumped at more than double the nationwide pace, rising 158 percent in the past year, according to RealtyTrac.
Subprime Rates
Subprime borrowers are about to see their mortgage rates increase more than 1 percentage point, he said. "Declines in short-term interest rates and initiatives involving rate freezes will reduce the impact somewhat, but interest-rate resets will nevertheless impose stress on many households."In the past, homeowners could refinance, though that option is now "largely" gone because sales of bonds backed by subprime mortgages "have virtually halted," Bernanke said. "This situation calls for a vigorous response."Bernanke didn't comment on the outlook for interest rates. Traders expect the Federal Open Market Committee to lower the benchmark rate by 0.75 percentage point by or at the panel's next meeting on March 18, based on futures prices.Fed Vice Chairman Donald Kohn told lawmakers today that officials are considering whether "we have adequate insurance" against the risks of a deeper downturn in growth. He also reiterated policy makers' call for banks to raise capital, and added that they ought to review their dividend plans.
'Reluctant' Lenders
"Lenders tell us that they are reluctant to write down principal," Bernanke said. "They say that if they were to write down the principal and house prices were to fall further, they could feel pressured to write down principal again."The Fed chairman countered that by reducing the amount of the loan, this "may increase the expected payoff by reducing the risk of default and foreclosure."Bernanke also urged investors in mortgage bonds to accept "short payoffs" of loans by allowing borrowers to refinance at a lower principal.For investors, a reduction in principal that's "sufficient to make borrowers eligible for a new loan would remove the downside risk" of further write-downs or defaults, Bernanke said. Investors may be able to share in future gains in home prices under some plans, he said, citing a proposal by the Office of Thrift Supervision.Paulson, by contrast, has declined to endorse the OTS plan. John Reich, director of the OTS, last month proposed a program where borrowers would refinance mortgages at current home values. The lender would receive a "negative equity" certificate that could be redeemed if the house is sold.
No Response
The Treasury chief on Monday stressed that it's the responsibility of borrowers to get in touch with lenders if they're facing payment problems. He said 80 percent of homeowners who were sent letters by the Hope Now alliance of mortgage servicers haven't responded.The number of U.S. homeowners entering foreclosure rose 75 percent in 2007, with more than 1 percent in some stage of foreclosure during the year, according to RealtyTrac Inc. of Irvine, California. For the year, more than 2.2 million default notices, auction notices and bank repossessions were reported on about 1.3 million properties.Monday, the Fed and other regulators sent letters to institutions they supervise, encouraging the banks to report on their efforts to modify mortgages at risk of default."This will make it easier for regulators, the mortgage industry, lawmakers and homeowners to assess the effectiveness of these efforts," Fed Governor Randall Kroszner said in a statement on Monday.
Home Remodeling & Staging EXPO
April 12th, 2008 2-6 PM
10654 E. Palm Ridge Dr. Scottsdale, AZ 85255
Last EXPO was such a success we are doing it again!
What is the Home Remodeling & Staging EXPO?
A chance for you to view a remodeled home and meet the pros that do the work. You can ask them questions, and there will be special discounts available from that event only.
In today's real estate market many people are deciding to stay in their existing home and remodel. The EXPO gives you the opportunity to get ideas, ask questions, and schedule appointments.
Our last EXPO was great! Many people Jeff met with over the past years were disappointed that they did not go. Here are some pics from last year's event.
Tuesday, March 4, 2008
McDowell Mountain Ranch...SOLD SOLD SOLD
The Cameron Team has another home under contract! Our listing at 10560 E. Firewheel Dr. in McDowell Mountain Ranch is now pending! The buyers love this home and we are all looking forward to a successful close of escrow in the beginning of April. Congratulations to the Flach's for getting their home SOLD!!
JUST LISTED IN McDOWELL MOUNTAIN RANCH...SIENNA CANYON
We listed another home for sale in McDowell Mountain Ranch!This gorgeous home is located on a cul-de-sac lot with only one direct neighbor. The address is: 10654 E. Palm Ridge Dr. Scottsdale, AZ 85255.
Wow, Wow, Wow! That's All You'll Say As You Drive Up. Premium Cul-De-Sac Lot With Views Of Sanctuary G. C. And Camelback Mtn. Paver Entry With Walkup Steps, Paver Front Patio And Stone Facade. Dramatic Entry With Inlaid Custom Design In The 24in Travertine Flooring. Custom Interior With Built-In Entertainment Center, Surround Sound In/Out Inc Master And Den, Stone Accent Fireplace And Island. Bosch Dishwasher, Completely Remodeled Master Bath With Travertine, New Cabinets And Custom Closet. Guest Bath With Refinished Cabs And Granite. Outside Oasis With Pebbletech Pool And Spa, Waterfall Slide, Custom Coated Deck, Dcs Bbq, Misting System, Play Area/Putting Green.
Some of you may be familiar with this beautiful home, that's because it is the home of the Cameron family. They have remodeled and upgraded this home to be absolutely awesome! There are so many upgrades to list, you would just have to see to believe.
IF YOU OR SOMEONE YOU KNOW WOULD BE INTERSTED IN THIS HOME OR IS LOOKING TO PURCHASE (OR SELL) IN THE MCDOWELL MOUNTAIN RANCH COMMUNITY, TAKE A LOOK AT THIS HOME AND OUR OTHERS! CONTACT US FOR MORE INFORMATION. WE WOULD LOVE TO HELP!VISIT OUR WEBSITE FOR MORE ABOUT OUR LISTINGS! http://www.thecameronteam.com/
BEAUTIFUL HOME IN ARCADIA Under Contract....
Well we listed this home on Wednesday March 27th and it sold in 3 days!! This great home in the awesome Arcadia location was priced to sell and that got it SOLD!
The address is: 6326 E. Earll Dr. Scottsdale, AZ 85251
You can see the virtual tour of this home by clicking this link: http://www.visualtour.com/show.asp?T=1409394
Beautiful Home Located In Arcadia Neighborhood Shinning With Pride Of Ownership! Close To Everything - Downtown Phx, Airport, Zoo, Botanical Gardens, Bike Paths, Hiking, Scottsdale Waterfront And Over 600 Restaurants! Enjoy City Living In A Quiet Neighborhood! Located On An Oversized Corner Lot W. Lots Of Grassy Play Areas! This Home Boasts Wood Floors, Floor To Ceiling Windows, Fireplace And French Doors To Lovely Yard With Extended Patio Covered In Saltillo Tile! Master Bath Totally Redone Offers Travertine Accents! Recently Converted To 2 Car Garage! Also, A Large Laundry Room With Storage Cabinets And Sink! Don't Forget The View Of Camelback Mountain!
Our sellers are happy and looking forward to a successful sale in mid April.
SOLD TO OUR BUYER IN DESERT RIDGE FIRESIDE
The Cameron Team has another home under contract. Our buyers, The Macias', have found a wonderful spec home through Pulte Homes in Fireside at Desert Ridge. This home is located at 3921 E. Half Hitch Place in Phoenix. Rather than waiting for a new home to be built, they get all the ammenities of purchasing a new home and get a great price! Congratulations to them for this new purchase decision! They are looking forward to a successful close of escrow at the end of March.
NEW LISTING, DESERT HILLS BEAUTY ON 1.25 ACRES
We have another great home for sale!
Located in Desert Hills on 1.25 Acre Lot is this awesome horse property. The address is: 1239 E. Galvin St. Phoenix, AZ 85086.
This Is Not A Short Sale....Beautiful, Clean 3 Bedroom, 2 Bath Home With Horse Lover's Dream Riding Arena! It's Huge With Lights And 5 inches Of Sand Footing, New Exterior No Climb Fencing, Round Pen, 3 Partially Covered Stalls, Huge Front Yard Turn Out With Large Separate Tack Room And Wash Rack. This Is The Perfect Set Up...There's Plenty Of Space For Everyone! Home Has Newer Carpet And Tile, Paint, Garage Cabinets, Fenced Courtyard Out Back With Barbeque And Stone Fire Pit. You Can't Find All Of This Plus A Riding Arena This Size For This Price Anywhere! This Home Is A Must See!! Located In Desert Hills Area On 1.25 Acre Lot.
IF YOU OR SOMEONE YOU KNOW IS LOOKING TO PURCHASE A HOME IN THE DESERT HILLS AREA, PLEASE TAKE A LOOK AT THIS GREAT HOME AND OUR 2 OTHER CURRENT LISTINGS IN THAT AREA, AND CONTACT US FOR MORE INFORMATION. WE WOULD LOVE TO HELP!
Located in Desert Hills on 1.25 Acre Lot is this awesome horse property. The address is: 1239 E. Galvin St. Phoenix, AZ 85086.
This Is Not A Short Sale....Beautiful, Clean 3 Bedroom, 2 Bath Home With Horse Lover's Dream Riding Arena! It's Huge With Lights And 5 inches Of Sand Footing, New Exterior No Climb Fencing, Round Pen, 3 Partially Covered Stalls, Huge Front Yard Turn Out With Large Separate Tack Room And Wash Rack. This Is The Perfect Set Up...There's Plenty Of Space For Everyone! Home Has Newer Carpet And Tile, Paint, Garage Cabinets, Fenced Courtyard Out Back With Barbeque And Stone Fire Pit. You Can't Find All Of This Plus A Riding Arena This Size For This Price Anywhere! This Home Is A Must See!! Located In Desert Hills Area On 1.25 Acre Lot.
IF YOU OR SOMEONE YOU KNOW IS LOOKING TO PURCHASE A HOME IN THE DESERT HILLS AREA, PLEASE TAKE A LOOK AT THIS GREAT HOME AND OUR 2 OTHER CURRENT LISTINGS IN THAT AREA, AND CONTACT US FOR MORE INFORMATION. WE WOULD LOVE TO HELP!
The Cameron Team Listed Another Home For Sale!
We have another home listed for sale!!
This home is located in the Johnson Ranch of Queen Creek in the StoneGate Community. The address is: 30477 N. Coral Bean Dr. Queen Creek, AZ 85243
It is a beautiful home in a gated community on a golf course lot with neighbors on only one side!! Shows like a MODEL with custom paint, vaulted ceilings, entertainment niche, quality upgraded faucets, ceiling fans, light fixtures, 2 inch blinds throughout, covered patio with outdoor sound, beautiful private pool with rock waterfall! `Stone Gate` community offers - golf, pools, spas, tennis, parks, playgrounds, fishing and beautiful views! A must see, won`t last long, this one is a gem! And check out this beautiful sunrise from the backyard looking over the pool and across the golf course!
Click on this link to see the Virtual Tour of the home, showing the home inside & out.
http://www.visualtour.com/show.asp?T=1407931
IF YOU OR SOMEONE YOU KNOW IS LOOKING TO PURCHASE A HOME IN THE QUEEN CREEK AREA, PLEASE TAKE A LOOK AT THIS HOME AND CONTACT US FOR MORE INFORMATION. WE WOULD LOVE TO HELP!
This home is located in the Johnson Ranch of Queen Creek in the StoneGate Community. The address is: 30477 N. Coral Bean Dr. Queen Creek, AZ 85243
It is a beautiful home in a gated community on a golf course lot with neighbors on only one side!! Shows like a MODEL with custom paint, vaulted ceilings, entertainment niche, quality upgraded faucets, ceiling fans, light fixtures, 2 inch blinds throughout, covered patio with outdoor sound, beautiful private pool with rock waterfall! `Stone Gate` community offers - golf, pools, spas, tennis, parks, playgrounds, fishing and beautiful views! A must see, won`t last long, this one is a gem! And check out this beautiful sunrise from the backyard looking over the pool and across the golf course!
Click on this link to see the Virtual Tour of the home, showing the home inside & out.
http://www.visualtour.com/show.asp?T=1407931
IF YOU OR SOMEONE YOU KNOW IS LOOKING TO PURCHASE A HOME IN THE QUEEN CREEK AREA, PLEASE TAKE A LOOK AT THIS HOME AND CONTACT US FOR MORE INFORMATION. WE WOULD LOVE TO HELP!
VALLEY HOME SALES HIT A NEW HIGH
For the week that ended March 3, 2008, home sales across the valley registered a level of 1,007. The highest level since June of 2007 and prior to "Sub Prime 2." Each week of this year Sales have increased. Demand is beginning to return to the market.
TOLL BROTHERS SCORES BIG HIT AGAINST THE CITY OF SCOTTSDALE
In 2002, the Arizona State land department put nearly 800 acres of land for sale located north of Bell road and flanking the future (and now existing) Thompson's Peak Parkway. Half of that land was designated for the McDowell Sonoran Preserve. The city charter allows them to only purchase land for preserve when using the preserve fund. The city approached Toll Brothers prior to the auction and reported "with a hand shake deal, we agreed to purchase the preserve section from Toll after the auction." Of course today Toll has stated there was on hand shake agreement.
Toll Brothers paid about $66 million for the entire 800 acres of land. Then Toll stalled on the negotiations. The land was undeveloped while the negotiation went on. The state land department, as I understand, only requires a 10% down payment to hold the land. Toll Brothers wanted more for 383 acres of the land than they paid for the entire 800 acres. Negotiations dragged on, but never in earnest by Toll. They were greedy in my opinion!
The city was forced to condemn the land as property values were sky rocketing. The land was condemned in 2004. Negotiations still dragged on and they went to court.
Now, many builders are writing down the value of their land or just giving it back. Land values have dropped like a lead balloon, or a Led Zeppelin. However, since the condemnation occurred in 2004, the value is frozen at 2004 values. This is probably why Toll has kept the prices at Wingate Ranch so artificially high, as a negotiating tool in court. They aren't selling many homes, but it sure helped in getting a higher price.
Now the Tax payers, you and me and depree, are stuck footing the bill. This is why we need State Land Reform. Builders are sticking it to us. There JURORS awarded Toll Brothers $81.9 million dollars for the land. Toll was willing to take tens of millions less. This is why innocent people in our court systems can't go to court and have to take a plea. The risk is too high. So, innocent people go to jail, rather than risking much longer terms. Most REAL criminals pleas out. Here we have the innocent city of Scottsdale. They say, "hey we can't buy the whole parcel. If, you buy it all we will buy half from you. You get our cooperation and a little profit." The original offers by the city offered plenty of profit.
What is up with Toll. They should donate the land to the city. Most builders have to donate land for schools and parks in the land they purchase. Not Toll, no public land in Wingate Ranch. With their company falling apart and stock price plummeting, I don't see Toll being humane. I bet they take the Corporate Welfare and RUN to the bank.
I don't really see an option for the city. The only wonder I have is if the city released the condemnation now. Then negotiated further and appealed the Jury's verdict. Then next year condemned the land again, I bet it would be worth less than half of what the Jury awarded today.
Toll Brothers paid about $66 million for the entire 800 acres of land. Then Toll stalled on the negotiations. The land was undeveloped while the negotiation went on. The state land department, as I understand, only requires a 10% down payment to hold the land. Toll Brothers wanted more for 383 acres of the land than they paid for the entire 800 acres. Negotiations dragged on, but never in earnest by Toll. They were greedy in my opinion!
The city was forced to condemn the land as property values were sky rocketing. The land was condemned in 2004. Negotiations still dragged on and they went to court.
Now, many builders are writing down the value of their land or just giving it back. Land values have dropped like a lead balloon, or a Led Zeppelin. However, since the condemnation occurred in 2004, the value is frozen at 2004 values. This is probably why Toll has kept the prices at Wingate Ranch so artificially high, as a negotiating tool in court. They aren't selling many homes, but it sure helped in getting a higher price.
Now the Tax payers, you and me and depree, are stuck footing the bill. This is why we need State Land Reform. Builders are sticking it to us. There JURORS awarded Toll Brothers $81.9 million dollars for the land. Toll was willing to take tens of millions less. This is why innocent people in our court systems can't go to court and have to take a plea. The risk is too high. So, innocent people go to jail, rather than risking much longer terms. Most REAL criminals pleas out. Here we have the innocent city of Scottsdale. They say, "hey we can't buy the whole parcel. If, you buy it all we will buy half from you. You get our cooperation and a little profit." The original offers by the city offered plenty of profit.
What is up with Toll. They should donate the land to the city. Most builders have to donate land for schools and parks in the land they purchase. Not Toll, no public land in Wingate Ranch. With their company falling apart and stock price plummeting, I don't see Toll being humane. I bet they take the Corporate Welfare and RUN to the bank.
I don't really see an option for the city. The only wonder I have is if the city released the condemnation now. Then negotiated further and appealed the Jury's verdict. Then next year condemned the land again, I bet it would be worth less than half of what the Jury awarded today.
WHERE ARE THE BLOGS?????
Hello I am still here! The last two weeks have been wonderfully busy. I sold 4 homes and listed 6 properties. I also was forced to buy a new laptop and new camera; they just don't last very long anymore. I am getting caught up and the blogs will return. Keep an eye out, I will keep you informed!
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