Another Great Home for Sale in Lane at Bel Esprit!

Beautiful home located in Lane at Bel Esprit. Realistic sellers on price ~ This is NOT a short sale or REO! This 3 bedroom + loft can easily be converted to a 4 bedroom home. Backyard offers pebbletech play pool, stucco and painted walls, covered patio and colorful flowering. Inside you will find faux wood floors, gas fireplace, wood blinds, custom painting and decorative lighting. The kitchen offers raised panel cabinets, microwave and gas cooking. Home is convenient to 101 & 51 Freeways plus Desert Ridge, PV Mall, Kierland and a quick jump to downtown.

For more information and pictures, click on:

http://www.thecameronteam.com/Phoenix_Scottsdale_Arizona_McDowell_Mountain_Ranch_Dc_Ranch_listings/4A919DDF-FB0D-A776-AF3C6FB850C0AEDD.shtml

GDP DROPS BY .3%, LESS THAN .5% EXPECTED

Finally, it is here. The recession. We have been hearing about it for a year or so and it finally arrived. The good thing about the arrival is that the departure is now on the horizon. We all knew it was coming. Now, let's not be shocked, let's push through it.
GDP dropped by .3% for the 3rd quarter, less than what economist forecast of .5% drop. As this real estate market continues to recover, it will help us pull out of the recession. Remember, home sales here in the valley are up 102% when comparing September 2008 to September 2007. These are signs of a turn around. Oh, how about 2 of my listings getting multiple offers and selling over list price this week. Priced slightly aggressive, they attracted multiple offers and will sell higher than the last sales. How is that for a pricing strategy???



Signs of Recession: Growth Shrinks, Consumers Retreat

AP 30 Oct 2008 09:43 AM ET
The economy jolted into reverse during the third quarter as consumers cut back on their spending by the biggest amount in 28 years, the strongest signal yet the country has slipped into recession.
The broadest barometer of the nation's economic health, gross domestic product, shrank at a 0.3 percent annual rate in the July-September quarter, the Commerce Department reported Thursday.
It marked the worst showing since the economy contracted at a 1.4 percent pace in the third quarter of 2001, when the nation was suffering through its last recession.
The latest GDP reading marked a rapid loss of traction for the economy, which logged growth of 2.8 percent in the second quarter, and is sure to buttress the belief of many economists that the nation is in the throes of a painful downturn.
The deterioration reflected a sharp retrenchment by consumers, whose spending accounts for the largest chunk of national economic activity.
Consumers ratcheted back their spending at a 3.1 percent pace in the third quarter, the most since the second quarter of 1980, when the country was in the grip of recession.
GDP measures the value of all goods and services produced within the United States and is the broadest barometer of the country's economic health.
The rest of the Story: http://www.cnbc.com/id/27453297

FED CUTS RATES .5%

The federal reserve went to work for the consumer, or should I say the borrower. They say this won't make that much of a difference in the Economy, I disagree. Lower interest rates increase buyer's purchase power with homes. They also feed the consumer, now credit cards, Lines of Credit payments and car payments are lower. This will give the consumer more discretionary spending to help revive the economy.

Fed Cuts Rates Half Point To Lowest Level in 4 Years
AP 29 Oct 2008 04:28 PM ET
The Federal Reserve slashed a key interest rate by half a percentage point as it seeks to revive an economy hit by a long list of maladies stemming from the most severe financial crisis in decades. AP
The central bank on Wednesday reduced its target for the federal funds rate, the interest banks charge on overnight loans, to 1 percent, a low last seen in 2003-2004.
read the rest of the story: http://www.cnbc.com/id/27436237

Sheena Dr - Awesome Rental in McDowell Mountain Ranch for $ 2100!

Fantastic McDowell Mountain Sonoran Fairways Golf Course Subdivision. South back yard with grassy area. Kitchen and family room connected for just the right about space to cook and entertain without being isolated from family and friends. Gas fireplace in family room. Great eat-in kitchen with granite tops and tile floors. Central portion of the home has formal dining and living. Master bedroom is split to the west side of the house with an extraordinary master bath and walk-in closet lined with cedar. Community features two heated pools and spas, lighted tennis courts and lots of recreational trails.

For more information and pictures, click on:

http://www.thecameronteam.com/Phoenix_Scottsdale_Arizona_McDowell_Mountain_Ranch_Dc_Ranch_listings/49D0E3B7-AE35-3B4A-3CCE392A8F4DB9C7.shtml

BFH, Brown Family Homes goes out of business

This is sad to see. BFH is a long standing good builder here in the valley. I have sold dozens of their homes over the years. I have always been impressed by their quality and integrity. Another good company down due to how other companies, wall street, run their business. I don't know the whole story...
Just my opinion
Jeff Cameron

Local builder goes out of business
Construction lender cut credit for Brown Family
by J. Craig Anderson - Oct. 28, 2008 12:00 AMThe Arizona Republic
Tempe-based home builder Brown Family Communities closed its doors Friday after more than three decades in the business.
Company founder Dave Brown said he was forced to cease operation and lay off all 60 employees because the company's construction lender, which he didn't want to name, was unwilling to extend additional credit to build new homes or finish homes under construction.
Brown said that means customers currently in the process of buying a Brown Family home would not be allowed to close the deal.
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Instead, the bank will keep those homes as collateral. Brown said that he would refund every customer's deposit.

Read the rest of the story: http://www.azcentral.com/business/articles/2008/10/28/20081028biz-homebuilder1028.html?&wired

DURABLE GOODS JUMPS

This economy continues to show incredible strength considering all the other activities...


Surprise rise in durable goods may help stocks10/29/08 08:44 EDT
By TIM PARADIS
NEW YORK (AP) - A surprise gain on big-ticket manufacturing goods is adding to already upbeat sentiment on Wall Street a day after an enormous surge in stocks. Stocks are poised to open higher.
The Commerce Department reported Wednesday that orders for durable goods - items like cars, appliances and machinery that are expected to last at least three years - rose 0.8 percent in September. Orders had ben expected to fall 1.5 percent.
The report comes as investors are awaiting an afternoon decision on interest rates from the Federal Reserve. The Dow Jones industrial average jumped 889 points Tuesday ahead of the Fed's move, its second-largest point gain.
Dow futures are up 58 at the 9,147 level.

Graythorn Dr - Beautiful Bank Owned w/Quick Close in Desert Mountain!

Priced to SELL! This Chupaloosa Model is light bright and open. Featuring gorgeous mountain views from its mountain top location. Kitchen offers granite counters, built in fridge and island. Two master bedrooms, four fireplaces, one in each room - great room and on patio, private patio w/ in ground spa.Built-in Bar-B-Q next to patio fireplace. Views all across the back of this home, the great room and from each bedroom. Near the Sonoran Fitness Center. Parking and turn-around space available. Seclusion and privacy in a Desert setting. No golf membership at this price!!!

For more information and pictures, click on:

http://www.thecameronteam.com/Phoenix_Scottsdale_Arizona_McDowell_Mountain_Ranch_Dc_Ranch_listings/2F95D84C-E28E-22F2-8459833B4AC7B46B.shtml

SEPTEMBER EXISTING HOME SALES SURGE

Yes, existing homes sales are up 5.5% from September compared to August, but what is more important is September 2008 existing home sales here in Metro Phoenix are up over 100% compared to September 2007 sales. WHY IS THIS NOT BEING REPORTED IN THE NEWS????

September existing home sales up 5.5 percent By MARTIN CRUTSINGER, AP

A real estate trade group says sales of existing homes rose by the largest amount in more than five years in September. The data is a possible glimmer of hope that the housing slump could be starting to bottom out.
The National Association of Realtors said Friday that sales of existing homes rose by 5.5 percent in September compared to August, the best showing since a 5.6 percent increase in July 2003, during the five-year housing boom.
Even with the gain in sales, prices kept falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago.

Karen Drive - Beautiful home priced to sell in McDowell Mountain Ranch !!

Decorator design and fancy upgrades dress this home. This great room floor plan is an excellent use of space and a split floor plan. Gourmet kitchen offers Slab Granite counters, Stainless Steel appliances, Undermount sink, Pendant lighting and a Gas cooktop. Custom paint and window coverings throughout the home. Vaulted ceilings and a built in Entertainment center with flush mounted speakers for surround sound, make this great room grand. Upgraded sculpted carpeting and stone like tile floors throughout. The back yard is fun, built in BBQ, Gas firepit, Banco and putting green to practice your game. Master offers built in closet organizer for ultimate use of space. The 2 car garage has a water softener to fight the hard water. This home is perfectly turn key!

For more information and pictures, click on:

http://www.thecameronteam.com/Phoenix_Scottsdale_Arizona_McDowell_Mountain_Ranch_Dc_Ranch_listings/2A6F675B-C3A6-5362-A03DB7C72BBBEA18.shtml

1st Street - Great deal on 3 bedroom, 2.5 bath Condo !!

Priced like a 'short sale' or 'foreclosure' but NOT Either, we can close in 30 days! This home offers a private entry on the south side of the building, over looking the Spa. Inside find a gourmet kitchen with Slab Granite counters and stainless steel appliances, and yes fridge, washer and dryer included. Patio off the kitchen breakfast room. 3 spacious bedrooms and 2.5 baths include a Jack n Jill set up. Ceiling fans, Two tone paint, Tile flooring and upgraded carpet dress this property. Perfect for the college roommates or someone loving the Urban lifestyle, this home is just off the heart of Mill avenue.3 Car garage and plenty of storage. My seller's loss is Your buyer's Gain!
For more information and pictures, click on: http://www.thecameronteam.com/listings/25D5AA27-E7C0-0A7D-3BB9C78EA09C0049.shtml

Interest Rates Back Down!

30 Year Conventional Fixed Rate Loan is at 5.75% today! Please call or email me for more information.

Staci McCarville
Prospect Mortgage
480-778-2614
staci.mccarville@prospectmtg.com

Mortgage Interest Rates depend on credit score, loan amount, loan to value ratio, and more. Please call to get a personalized rate quote.

61st Way - Beautiful home is now Back on the Market !!

Original owner has kept this home in beautiful condition. Over sized back yard with large covered patio, self cleaning over sized Paddock play poll and grassy play area. Open floor plan with kitchen over looking family room. Family room offers built in cabinets and gas fireplace Neutral colors tile floors. 4th bed used as huge walk in closet-easy conversion back. Masters offers separate tub & shower plus large walk in closet and access to poll. 3 car garage w/epoxy floors, cabinets and service door. Beautiful home looking for a new family. Exterior repainted in 2007. Great location near Kierland, Promenade, Desert Ridge and 101 access.
For more information and pictures, click on:
http://www.thecameronteam.com/Phoenix_Scottsdale_Arizona_McDowell_Mountain_Ranch_Dc_Ranch_listings/B74E9D16-0579-EF57-641630245927D719.shtml

Adams Street - 4 bedrooms & 2.5 baths all for $110,000 !!

Priced to Sell! Located in SouthGlen, this home is the perfect starter home! With 4 bedrooms and 2.5 baths there is plenty of space. Beautiful stone like tile floors enhance the first level. Large over-sized lot has plenty of room for lots of fun! Patio with ramada for BBQ and enjoying the outdoors. Upstairs find the only balcony/deck in the subdivision. 2 car garage for plenty of storage!
For more information and pictures, click on:
http://www.thecameronteam.com/Phoenix_Scottsdale_Arizona_McDowell_Mountain_Ranch_Dc_Ranch_listings/06A4C26C-DA01-BC15-EB7D17D2A87412DD.shtml

Redfield Rd - Wow, Beautiful 4 Bedroom w/Great Resort Like Backyard !

This House Has It All And Is Totally Turn Key. Over 1/4 Acre Cul-De-Sac Lot. Inside: Split Master, 3 Bdrm + Den w/ Blt-Ins. Gourmet Kitchen Offers Double Ovens, Granite Counters, Raised Panel Maple Cabinets, Blt-In Micro & R/O Water. Great Kitchen Overlooks Family Room Offering Blt In Ent. System, Gas Fireplace & Surround Sound. Resort Like Yard Offers Both A Grassy Play Area And Fenced Pebble Tech Play Pool & Spa. Yard Enhanced w/ Automatic Awning & Waterfall. Plus Use The Pool All Year With Gas Or Solar Heater. Don't Forget The 3 Car Garage w/ Epoxy Floor & Cabinets. Plantation Shutters, 18' Stone Like Tile, & Classy Closets.
For more information and pictures, click on: http://www.thecameronteam.com/Phoenix_Scottsdale_Arizona_McDowell_Mountain_Ranch_Dc_Ranch_listings/25AC3598-C742-B33C-FD882A91ED3E5853.shtml

93rd Way - Fantastic townhome in DC Ranch!

Fantastic townhome in DC Ranch. This property previously sold for $861K. This 3 bedroom 3 bath also offers a loft and deck to enjoy the views. It includes awsome upgrades such as: Granite slab counters, Travertine floors, Travertine surrounds in bath and showers. The gourmet kitchen offers Stainless steel appliances, gas cooking, raised panel maple cabinets, granit slab counters and travertine backsplash. Paver front courtyard offers great views of the McDowell Mountains. ****Proof of funds for cash deal or Buyer must be approved by Aurora 1-877-793-8973 ask for Ann Decell. Special programs and $250 CC credit**** buyer to verify all facts and figures.
For more information and pictures, click on: http://www.thecameronteam.com/Phoenix_Scottsdale_Arizona_McDowell_Mountain_Ranch_Dc_Ranch_listings/F716BC3E-E7AF-6E91-060980CAAAACD53C.shtml

METRO PHOENIX HOME SALES JUMP BY 102%

Funny thing, I have not seen any articles in the newspaper or heard anything reported on the news about the rise in home sales. Last September the Arizona Regional Multiple listing Service, ARMLS, recorded 2,747 home sale closings. For September of 2008, ARMLS recorded 5,549 home sale closings. That is an increase of 102%. Some people refer to the news as liberal, I believe they are just "Doom and Gloom." The financial markets across the globe are going through a difficult time that was started by real estate. But the recover has begun. Some parts of the valley are down under the 6 month level of supply. The transition below 6 month supply of homes is where we transition from a buyers market to a sellers market. The worst is not here yet, but the recovery has begun.
Just my opinion, Jeff Cameron

FHA Minimum Down Payment Increase

The minimum required investment of a home buyer utilizing a FHA insured mortgage will from 3% to 3.5%. The effective date is January 1, 2009 according to the revised Mortgagee Letter 2008-23, available on www.fha.gov.

Please call or email me with questions.

Staci McCarville
480-778-2614
staci.mccarville@prospectmtg.com

RATE CUTS ACROSS THE WORLD

This saves everyone with an adjustable rate mortgage, credit cards and line of credit on a monthly basis. This is better than a tax rebate. Between these types of actions and lower gas prices, the consumer can step up and help us through this mess...Jeff Cameron


Fed Orders Emergency Interest Rate Cut
posted: 13 MINUTES AGOcomments: 493
filed under: Financial Crisis
Acting in concert with central banks around the globe, the Federal Reserve says it is slashing its key interest rate by a half-point to 1.50 percent. The move continues a string of aggressive actions by Ben Bernanke and the Fed to cope with the worst financial crisis since the 1929 stock market crash. On Tuesday, the Fed said that it would buy massive amounts of "commercial paper" -- a short-term financing option many firms rely on to fund day-to-day operations.

Read the full article here: http://money.aol.com/news/articles/_a/bbdp/fed-orders-emergency-interest-rate-cut/204500

Contrywide Loans to be Modified

I read this article in the republic and wanted to share with everyone. If you have a Countrywide loan, call your lender and see if you can get a loan modification. You don't have to be in foreclosure of trouble to get the modification...Jeff Cameron

Countrywide loans to be modified

13,000 mortgage holders on Ariz. Eligible for program

By J. Craig Anderson
THE ARIZONA REPUBLIC

Thousands of formers Countrywide Financial customers on the brink of foreclosure will be eligible for lower mortgage payments in the coming months, thanks to a settlement agreement.
Borrowers with subprime and other adjustable-rate loans will be eligible for significant loan modifications beginning in December, Arizona Attorney General Terry Goddard’s office said Monday.
The deal requires Bank of America to modify the loans of struggling borrowers to make their homes.
About 13,000 Arizona mortgage holders are eligible for loan modifications under the agreement, said Susan Segal, Goddard’s public-advocacy division chief.

BofA agrees to modify Countrywide mortgages

The modifications would be based on what each borrower can afford, Segal said, and most borrowers would end up with fixed–rate loans. Some also would get a reduction in the loan’s principal, she said.
In cases where foreclosure already has occurred or cannot be prevented, Segal said the borrowers would be eligible for relocation assistance from Bank of America.
A group of attorneys general representing Arizona, Texas, Ohio, Iowa and Washington state, agreed not to pursue any legal action against the former Countrywide based on its “alleged use of deceptive practices in their mortgage lending business.”
“There is no admission of guilt.” Segal said about the agreement.
Still, it could take weeks or months for every eligible borrower to get a loan modification, she said.
Countrywide is supposed to launch the program Dec. 1 but has said it will need about 60 days to prepare.
Segal said the bank has committed to a staff of 3,200 loss mitigation specialist to provide service to all of the affected customers nationwide.
Six other states, including California, have worked out their own loan-modification deals with Countrywide, formerly the nation’s No. 1 sub-prime lender and overall largest mortgage lender, in exchange for dropping consumer-protection lawsuits.
Segal said similar deals with other subprime and “alternative” mortgage lenders should be forthcoming.

How to get help

The Arizona Attorney General’s office suggests that customers of the former Countrywide Financial open all letters pertaining to their mortgage in coming weeks for further information about loan modifications.

They can also call:

Bank of America
(Acquired Countrywide in June)
800-669-6607

Arizona Attorney General Office
602-542-5763

Arizona Foreclosure Help line
877-448-121

6 Bedrooms w/Huge Yard plus Pool in Beautiful McDowell Mountian Ranch!!

Spacious, storage, views, upgrades great pool and great community...what else are you looking for? This home offers it all. Beautifully upgraded home in Eagle Ridge at McDowell Mountain Ranch. Backing to a wash, you can see Camelback mountain, city lights and the McDowell mountains. The back yard offers fenced play pool with raised patio and Flagstone deck, on the other side of the fence find a large grassy play area of turf. Inside offers beautiful Granite Slab counters, gas Fireplace and elegant upgrades. Currently used as 4 beds + bonus room + office, this home could offer 6 beds. Walk out Deck so you can watch Fireworks from home on July 4. Three Car Garage for plenty of storage or toys. Awesome community offering great neighbors, fantastic schools, hiking trails, shopping and dining.
For more information and pictures, click on:
http://www.thecameronteam.com/listings/D3528C8A-E542-754B-3B8C91C3E591AEAC.shtml