Posts
CONGRATULATIONS JEFF!!!
Jeff was named #12 in the Top 20 of SW Region for Keller Williams Realty International! Please help me to congratulate him on his hard work, patience, and persistence!
Tuesday, March 31, 2009
PLEASE ALL JOIN ME IN CONGRATULATING JEFF!
Jeff was named #12 in the Top 20 of SW Region for Keller Williams Realty International! Please help me to congratulate him on his hard work, patience, and persistence!
Monday, March 30, 2009
Great Home in McDowell Mountain Ranch Just Reduced in Price AND Approved by Countrywide!
GET OFFER IN ASAP!!!! ***3/30 Approved with Countrywide Mortgage at 565,000. GET OFFER IN ASAP!!*** This Home is located in Sienna Canyon @ McDowell Mountain Ranch, known for large lots with a view. This home is located on a cul-de-sac street and backs to preserve, offering mountain & city light views. Enjoy the resort like backyard with fenced & heated pebbletech pool & spa, built in BBQ, grassy play area and huge covered patio. Inside find soaring vaulted ceilings and a gourmet kitchen with granite counters, cherry cabinets built in fridge, gas cook top, double ovens & huge island over looking family room with gas fireplace. Master plus den & 2 full baths down, upstairs find 3 more beds, bonus/play room, large loft, deck over looking valley. Your client will love this home, lot, yard & community.
GREAT New Listing In Mesa Brought To You By The CameronTeam!!!
WOW!!! This amazing custom estate is truly one-of-a-kind, and is located on an acre estate in gated community with magnificent mountain views. Features include; upgraded custom cabinets, granite countertops, top of the line appliances & gas range, travertine flooring throughout with detailed faux painting and stone work throughout the home. Every bedroom has its on private balcony and bathroom! HUGE private patio. A great private location close to the 202 and 60. This one is definitely a must see!All offers are subject to IndyMac Banks Senior management approval and any offers or counter offers by Indymac bank are not binding unless the entire agreement is ratified by all parties. Any cash offers, must include proof of funds & buyer agrees to pay $75 doc fee at closing. No SPDS or CLUE.
Wednesday, March 25, 2009
Thursday, March 19, 2009
PHOENIX NEIGHBORHOOD STABILIZATION PROGRAM
DO YOU QUALIFY FOR MONEY FROM THE CITY OF PHOENIX TO PURCHASE A HOME???? There are a lot of stimulus programs out there to assist buyers today. Below is information on Phoenix's plan. Let me know if you have questions. There is also Bond money available, I posted that information on a previous post.
Phoenix Neighborhood Stabilization Program (NSP)
The City of Phoenix will receive $39.4 million in Neighborhood Stabilization Program Funds (NSP) resulting from the Housing and Economic Recovery Act of 2008 (HERA). The funding will be used to implement a Neighborhood Stabilization Program to address abandoned and foreclosed properties through acquisition, rehabilitation, demolition, redevelopment and financial incentives.
The proposed Phoenix Neighborhood Stabilization Program, Substantial Amendment to the US Department of Housing and Urban Development Consolidated Plan and 2008 Annual Action Plan is available through the links below.
http://phoenix.gov/nsd/nspa.html
Phoenix Neighborhood Stabilization Program (NSP)
The City of Phoenix will receive $39.4 million in Neighborhood Stabilization Program Funds (NSP) resulting from the Housing and Economic Recovery Act of 2008 (HERA). The funding will be used to implement a Neighborhood Stabilization Program to address abandoned and foreclosed properties through acquisition, rehabilitation, demolition, redevelopment and financial incentives.
The proposed Phoenix Neighborhood Stabilization Program, Substantial Amendment to the US Department of Housing and Urban Development Consolidated Plan and 2008 Annual Action Plan is available through the links below.
http://phoenix.gov/nsd/nspa.html
Wednesday, March 18, 2009
The Cameron Team Just Listed A Great Home On Tatum & Bell!!
Beautiful home well cared for located on a hard to find cul de sac lot! Priced only $95K less then the same floor plan a few doors down. Realistic seller priced for today's market. Nice yard with several fruit trees, full length covered patio and easy to care for desert landscaping. Recently the owner has replaced the water heater, quiet garage door opener and faucets in both bathrooms/kitchen have been replaced.
Tuesday, March 17, 2009
HOME CONSTRUCTION JUMPS 22%
This is just the beginning, and let me be clear this is not over. It will still take a while for the economy to turn around. However, this started in housing in 2006 as inventory swelled. It took till after the election for any one to admit there was a recession. Now, with home sales double a year ago and at ALL TIME HIGHS here in the metro Phoenix area, it is the beginning of the end of the recession!
Do you want to wait 2 or 3 years to see homes prices jump before buying? If you can afford to buy a home, now is the time to take advantage of this market.
www.ArizonaBankDeals.com
Just my opinion...Jeff Cameron
Do you want to wait 2 or 3 years to see homes prices jump before buying? If you can afford to buy a home, now is the time to take advantage of this market.
www.ArizonaBankDeals.com
Just my opinion...Jeff Cameron
METRO PHOENIX WEEKLY SALES RESULTS MARCH 17, 2009
Good Morning Arizona, sales continued at a brisk rate last week. We did not beat the shocking number of 2,034 that happened 2 weeks ago, but a strong showing with 1,901 sales. Remember those are Single Family Homes, SFH, that went under contract last week. That is an incredible number and now that we have posted 4 straight weeks with outstanding sales, it is time to declare a trend and not an outlier. Let's get to the rest of the numbers. Available SFH dropped to 39,339 and Pending hit a record high of 11, 418. For the closings year to date, we have 11,699.
As I stated before, these high sales are no big deal if they are a one hit wonder. However, now that this trend is staying consistent we can begin to forecast sales for the year. Based on the closings for January and February, which does not include these huge numbers of the past 4 weeks, we are on track to close 70,000 single family homes. That would be our 3rd best year for SFH home sales to 2004 and 2005. This housing recovery is underway. It is time to be in on it and take advantage of these low prices!
Remember, see those foreclosure homes before most brokers at www.ArizonaBankDeals.com
and
for those in trouble by this market, know your rights www.NoForeclosureAZ.com
Have a wonderful Day!
Just my opinion...Jeff Cameron
As I stated before, these high sales are no big deal if they are a one hit wonder. However, now that this trend is staying consistent we can begin to forecast sales for the year. Based on the closings for January and February, which does not include these huge numbers of the past 4 weeks, we are on track to close 70,000 single family homes. That would be our 3rd best year for SFH home sales to 2004 and 2005. This housing recovery is underway. It is time to be in on it and take advantage of these low prices!
Remember, see those foreclosure homes before most brokers at www.ArizonaBankDeals.com
and
for those in trouble by this market, know your rights www.NoForeclosureAZ.com
Have a wonderful Day!
Just my opinion...Jeff Cameron
LOAN MODIFICATION PROGRAM COUNTRYWIDE (BANK OF AMERICA)
When in trouble with your mortgage payments the first avenue one should explore is Loan Modification. You can get a full package on Loan Modification at www.NoForeclosureAz.com Below is information about Countrywide Loan Modification programs. Please review and I hope you find this helpful!
Jeff Cameron
Countrywide Financial (Bank of America) Program
What is the Countrywide Financial (Bank of America) Program? The Homeownership Retention Program for Countrywide Customers Program will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principle reductions for nearly 400,000 Countrywide customers nationwide.
When does it Begin? The program begins Dec. 1, 2008, and has no end date specified.
Who is eligible? Borrowers eligible for loan modifications under this program must have received a qualifying subprime mortgage or a pay-option adjustable rate mortgage (ARM) prior to Dec. 31, 2007, and the property must be a one- to four-unit owner-occupied residential property. In addition, certain other requirements are set out in the program:
The borrower is 60 days or more delinquent, and the current loan-to-value ratio is 75 percent or greater;
The borrower is current today but becomes 60 days or more delinquent at any time prior to June 30, 2012, and the loan-to-value ratio at the time of the modification is 75 percent or greater;
The borrower has a subprime hybrid ARM and the borrower is current but reasonably likely to become 60 days or more delinquent as a consequence of a rate reset, and the loan-to-value ratio at the time of the modification is 75 percent or greater;
The borrower has a pay-option ARM and the borrower is current but reasonably likely to become 60 days or more delinquent as a consequence of a rate reset or payment recast based on negative amortization, and the loan-to-value ratio at the time of the modification is 75 percent or greater.
Modifications would be designed to achieve sustainable payments at a 34 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance.
In addition, customers may be eligible for the early payment default benefit of this program if: The customer has a Countrywide-originated first lien loan; the loan was funded on or prior to Dec. 31, 2007; the customer's primary residence is the property that secures the loan; the customer has made three or fewer payments over the life of the loan (the borrower's state may expand eligibility); and the customer has either lost his home to foreclosure or is at least 120 days in arrears on mortgage payments.
Who should I contact? Countrywide will begin its proactive outreach to eligible borrowers on Dec. 1, 2008. You can reach the Homeownership Retention Division at (800) 669-6650.
What costs do I have to pay? Countrywide will waive late/delinquency fees for missed payments when modifying loans and will not charge modification fees to borrowers in the participating states.
When possible, Countrywide will waive prepayment penalties in connection with any workout or refinance, whether or not the new loan is originated with Countrywide.
What options does the Homeownership Retention Program offer? Countrywide will first offer eligible borrowers an FHA refinance under the HOPE for Homeowners Program. If not eligible for that program, Countrywide will offer these specific programs based on product type.
Subprime 2-, 3- 5-, 7- and 10-Year Hybrid ARM borrowers will receive an unsolicited extension/restoration of the introductory rate for five years and an invitation to contact Countrywide for additional relief if affordability concerns persist. Borrowers who cannot afford the introductory rate will be considered on a streamlined basis for a five-year interest rate reduction to as low as 3.5 percent (based on the affordability equation) and a conversion to a fixed-rate mortgage at the end of five years.
Pay-option ARM borrowers accepting a streamlined loan modification option will have the negative amortization feature eliminated from their loan. The mortgage interest rate will be reduced to as low as 2.5 percent, and the loan will be converted into either a fixed-rate mortgage or a ten-year interest-only loan. For single property owners who currently have no equity in their homes, Countrywide will write-down the principal balance to as low as 95 percent of the current value of the property to restore an equity position.
Subprime Fixed-Rate borrowers will receive a streamlined loan modification, by reducing the mortgage interest rate to as low as 2.5 percent and converting the loan into a fixed-rate or 10-year interest only loan with affordable step rate increases and lifetime cap.
Foreclosure Relief Program: Countrywide will allocate up to $150 million nationally under a foreclosure relief program to provide relief for borrowers whose loans were originated directly by Countrywide (or through brokers) with owner-occupied properties who have either experienced a foreclosure sale or are 120 days or more delinquent as of the date of this agreement. These borrowers will be eligible for the payment if they made three or fewer payments over the life of the loan (or meet more inclusive criteria determined by each state). The funds will be allocated for each state through a pro-rata formula based on the number of eligible borrowers with a Countrywide-originated first mortgage.
How can I learn more about the program and start the application process?
The Homeownership Retention Program is not available until Dec. 1, 2008. Please visit the Countrywide Financial Web site for more information at http://my.countrywide.com/media/FinancialAssistance1.html
Jeff Cameron
Countrywide Financial (Bank of America) Program
What is the Countrywide Financial (Bank of America) Program? The Homeownership Retention Program for Countrywide Customers Program will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principle reductions for nearly 400,000 Countrywide customers nationwide.
When does it Begin? The program begins Dec. 1, 2008, and has no end date specified.
Who is eligible? Borrowers eligible for loan modifications under this program must have received a qualifying subprime mortgage or a pay-option adjustable rate mortgage (ARM) prior to Dec. 31, 2007, and the property must be a one- to four-unit owner-occupied residential property. In addition, certain other requirements are set out in the program:
The borrower is 60 days or more delinquent, and the current loan-to-value ratio is 75 percent or greater;
The borrower is current today but becomes 60 days or more delinquent at any time prior to June 30, 2012, and the loan-to-value ratio at the time of the modification is 75 percent or greater;
The borrower has a subprime hybrid ARM and the borrower is current but reasonably likely to become 60 days or more delinquent as a consequence of a rate reset, and the loan-to-value ratio at the time of the modification is 75 percent or greater;
The borrower has a pay-option ARM and the borrower is current but reasonably likely to become 60 days or more delinquent as a consequence of a rate reset or payment recast based on negative amortization, and the loan-to-value ratio at the time of the modification is 75 percent or greater.
Modifications would be designed to achieve sustainable payments at a 34 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance.
In addition, customers may be eligible for the early payment default benefit of this program if: The customer has a Countrywide-originated first lien loan; the loan was funded on or prior to Dec. 31, 2007; the customer's primary residence is the property that secures the loan; the customer has made three or fewer payments over the life of the loan (the borrower's state may expand eligibility); and the customer has either lost his home to foreclosure or is at least 120 days in arrears on mortgage payments.
Who should I contact? Countrywide will begin its proactive outreach to eligible borrowers on Dec. 1, 2008. You can reach the Homeownership Retention Division at (800) 669-6650.
What costs do I have to pay? Countrywide will waive late/delinquency fees for missed payments when modifying loans and will not charge modification fees to borrowers in the participating states.
When possible, Countrywide will waive prepayment penalties in connection with any workout or refinance, whether or not the new loan is originated with Countrywide.
What options does the Homeownership Retention Program offer? Countrywide will first offer eligible borrowers an FHA refinance under the HOPE for Homeowners Program. If not eligible for that program, Countrywide will offer these specific programs based on product type.
Subprime 2-, 3- 5-, 7- and 10-Year Hybrid ARM borrowers will receive an unsolicited extension/restoration of the introductory rate for five years and an invitation to contact Countrywide for additional relief if affordability concerns persist. Borrowers who cannot afford the introductory rate will be considered on a streamlined basis for a five-year interest rate reduction to as low as 3.5 percent (based on the affordability equation) and a conversion to a fixed-rate mortgage at the end of five years.
Pay-option ARM borrowers accepting a streamlined loan modification option will have the negative amortization feature eliminated from their loan. The mortgage interest rate will be reduced to as low as 2.5 percent, and the loan will be converted into either a fixed-rate mortgage or a ten-year interest-only loan. For single property owners who currently have no equity in their homes, Countrywide will write-down the principal balance to as low as 95 percent of the current value of the property to restore an equity position.
Subprime Fixed-Rate borrowers will receive a streamlined loan modification, by reducing the mortgage interest rate to as low as 2.5 percent and converting the loan into a fixed-rate or 10-year interest only loan with affordable step rate increases and lifetime cap.
Foreclosure Relief Program: Countrywide will allocate up to $150 million nationally under a foreclosure relief program to provide relief for borrowers whose loans were originated directly by Countrywide (or through brokers) with owner-occupied properties who have either experienced a foreclosure sale or are 120 days or more delinquent as of the date of this agreement. These borrowers will be eligible for the payment if they made three or fewer payments over the life of the loan (or meet more inclusive criteria determined by each state). The funds will be allocated for each state through a pro-rata formula based on the number of eligible borrowers with a Countrywide-originated first mortgage.
How can I learn more about the program and start the application process?
The Homeownership Retention Program is not available until Dec. 1, 2008. Please visit the Countrywide Financial Web site for more information at http://my.countrywide.com/media/FinancialAssistance1.html
Tuesday, March 10, 2009
Friday, March 6, 2009
ANOTHER SOURCE FOR THE MARKET STATS HERE IN METRO PHOENIX
A friend of mine shared these stats from another broker in town. I wanted to post them to show a second source for the market activity. This is the same facts, res-stated showing the market is shifting from a Strong Buyers market towards neutral. As this occurs, price declines will stop and eventually price appreciation will begin again! Thank you to Karl Stauffer for his weekly market update.
Just my opinion...Jeff Cameron
Karl Stauffer's Weekly Market Update
Weekly Inventory Level Comparison
©2009 Karl Stauffer
As of Friday, February 27th, 2009.
We are starting to see some dramatic changes in our market. Available supply of Single Family Detached homes dropped below 40,000 this week to 39,828. That, coupled with 5907 closings in the previous month left the market supply at 6 3/4 months.
The last time we were below 40,000 SFD for sale was March 2007.
The last time we had over 5900 Closes was May 2007.
The last time we had over 10,000 Pendings was June 2005.
For those of you that read the papers, I will restate the above information in a more dramatic current headline format;
AVAILABLE SUPPLY OF HOMES PLUMMETS AS CLOSING RATE SOARS!
This is how the media would report it if they were interested in paying attention to some positive housing market news.
Phoenix continues to be the best market in the Vally right now at 5 1/4 months followed by the West Valley and the SE Valley at 6 and 6 1/2 months respectively.
The higher end continues to lag due to a lack of realistic financing above conforming amounts of $417,000.
The comparison of current active listing change is based on the previous week's inventory. Supply numbers are based on the number of closings in the previous month, divided in to the total number of active listings. This data is for Single Family Detached homes only and does not include patio homes, condos, or town homes.Phoenix is searched as a single entity. The West Valley is Surprise, Peoria, Sun City, Glendale, El Mirage, Youngtown, Litchfield Park, Avondale, Goodyear, Buckeye, and Tolleson. NE Valley is Scottsdale, Paradise Valley, Fountain Hills, Cave Creek, and Carefree. SE Valley is Tempe, Mesa, Gilbert, Apache Junction, Queen Creek, and Chandler.
MLS Statistics
Breakdown by Area
Overall Market. Inventories are down 2% from last week. Total of 39828 active listings with 5907 closings in the last month. About an 6 3/4 month supply.
Phoenix. Inventories are down 2% from last week. Total of 9140 active listings with 1753 closings in the last month. About a 5 1/4 month supply.
West Valley. Inventories are down 3% from last week. Total of 10064 active listings with 1675 closings in the last month. About a 6 month supply.
NE Valley.
Inventories are unchanged from last week. Total of 5728 active listings with 328 closings in the last month. About a 17 1/2 month supply.SE Valley.. Inventories are down 3% from last week. Total of 9000 active listings with 1446 closings in the last month. About a 6 1/4 month supply. Scottsdale over $1m. Inventories are unchanged from last week. Total of 1497 active listings with 34 closings in the last month. About a 44 month supply.Scottsdale under $1m. Inventories are down 1% from last week. Total of 2491 active listings with 204 closes in the last month. About a 12 1/4 month supply. ParadiseValley.. Inventories are down 1% from last week. Total of 562 active listings with 15 closes in the last month. About a 37 1/2 month supply.
I hope you find this information useful.
Sincerely,
Karl Stauffer
Designated Broker
NXT Generation Real Estate
(480) 656-4441
karl@nxtgenerationrealestate.com
Just my opinion...Jeff Cameron
Karl Stauffer's Weekly Market Update
Weekly Inventory Level Comparison
©2009 Karl Stauffer
As of Friday, February 27th, 2009.
We are starting to see some dramatic changes in our market. Available supply of Single Family Detached homes dropped below 40,000 this week to 39,828. That, coupled with 5907 closings in the previous month left the market supply at 6 3/4 months.
The last time we were below 40,000 SFD for sale was March 2007.
The last time we had over 5900 Closes was May 2007.
The last time we had over 10,000 Pendings was June 2005.
For those of you that read the papers, I will restate the above information in a more dramatic current headline format;
AVAILABLE SUPPLY OF HOMES PLUMMETS AS CLOSING RATE SOARS!
This is how the media would report it if they were interested in paying attention to some positive housing market news.
Phoenix continues to be the best market in the Vally right now at 5 1/4 months followed by the West Valley and the SE Valley at 6 and 6 1/2 months respectively.
The higher end continues to lag due to a lack of realistic financing above conforming amounts of $417,000.
The comparison of current active listing change is based on the previous week's inventory. Supply numbers are based on the number of closings in the previous month, divided in to the total number of active listings. This data is for Single Family Detached homes only and does not include patio homes, condos, or town homes.Phoenix is searched as a single entity. The West Valley is Surprise, Peoria, Sun City, Glendale, El Mirage, Youngtown, Litchfield Park, Avondale, Goodyear, Buckeye, and Tolleson. NE Valley is Scottsdale, Paradise Valley, Fountain Hills, Cave Creek, and Carefree. SE Valley is Tempe, Mesa, Gilbert, Apache Junction, Queen Creek, and Chandler.
MLS Statistics
Breakdown by Area
Overall Market. Inventories are down 2% from last week. Total of 39828 active listings with 5907 closings in the last month. About an 6 3/4 month supply.
Phoenix. Inventories are down 2% from last week. Total of 9140 active listings with 1753 closings in the last month. About a 5 1/4 month supply.
West Valley. Inventories are down 3% from last week. Total of 10064 active listings with 1675 closings in the last month. About a 6 month supply.
NE Valley.
Inventories are unchanged from last week. Total of 5728 active listings with 328 closings in the last month. About a 17 1/2 month supply.SE Valley.. Inventories are down 3% from last week. Total of 9000 active listings with 1446 closings in the last month. About a 6 1/4 month supply. Scottsdale over $1m. Inventories are unchanged from last week. Total of 1497 active listings with 34 closings in the last month. About a 44 month supply.Scottsdale under $1m. Inventories are down 1% from last week. Total of 2491 active listings with 204 closes in the last month. About a 12 1/4 month supply. ParadiseValley.. Inventories are down 1% from last week. Total of 562 active listings with 15 closes in the last month. About a 37 1/2 month supply.
I hope you find this information useful.
Sincerely,
Karl Stauffer
Designated Broker
NXT Generation Real Estate
(480) 656-4441
karl@nxtgenerationrealestate.com
Thursday, March 5, 2009
Arizona Housing Finance Authoirty- Down Payment Assistance Program!
Down Payment Assistance Program
The major stumbling block for many first-time homebuyers is the lack of sufficient funds for the downpayment and closing costs involved in the purchase of the home. The amount of assistance available under this program is adjusted based on the homebuyer's income:
Above 80% Area Median Income (AMI): up to 5% of the purchase price or appraisal whichever is less. 60-80% AMI: up to 10% of purchase price or appraisal, whichever is less, plus up to $3,000 for closing costs.~Below 60% AMI: up to 15% of purchase price or appraisal, whichever is less, plus up to $3,000 for closing costs.
~Maximum of $20,000 in combined assistance.
If the buyer is above 80% AMI, the assistance must be used with either the MRB or MCC programs. Buyers with incomes at or below 80% AMI must participate in homeownership counseling classes. These classes or meetings are free and are held at various times and in various locations around the state, excluding Maricopa and Pima Counties.
The amount of assistance is dependent on five factors:
1) Amount of household income.
2) Purchase price of the house or appraised value, whichever is less.
3) Actual closing costs on the house.
4) Amount of household savings and assets.
5) Other gifts or assistance the buyer may be receiving.
For more information on this program please visit http://www.housingaz.com/azhfa/dpap.aspx
The major stumbling block for many first-time homebuyers is the lack of sufficient funds for the downpayment and closing costs involved in the purchase of the home. The amount of assistance available under this program is adjusted based on the homebuyer's income:
Above 80% Area Median Income (AMI): up to 5% of the purchase price or appraisal whichever is less. 60-80% AMI: up to 10% of purchase price or appraisal, whichever is less, plus up to $3,000 for closing costs.~Below 60% AMI: up to 15% of purchase price or appraisal, whichever is less, plus up to $3,000 for closing costs.
~Maximum of $20,000 in combined assistance.
If the buyer is above 80% AMI, the assistance must be used with either the MRB or MCC programs. Buyers with incomes at or below 80% AMI must participate in homeownership counseling classes. These classes or meetings are free and are held at various times and in various locations around the state, excluding Maricopa and Pima Counties.
The amount of assistance is dependent on five factors:
1) Amount of household income.
2) Purchase price of the house or appraised value, whichever is less.
3) Actual closing costs on the house.
4) Amount of household savings and assets.
5) Other gifts or assistance the buyer may be receiving.
For more information on this program please visit http://www.housingaz.com/azhfa/dpap.aspx
Wednesday, March 4, 2009
NEW FIRST TIME HOME BUYER TAX CREDIT
I have had many calls and questions about the first time home buyer credit. This information was supplied by Jan Havill of Bank of America. Jan can be reached at 480.624.0392 Or janet.l.havill@bankofamerica.com
First‐time Homebuyer Tax Credit
Housing and Economic Recovery Act of 2008
First Time Home Buyer Credit
Amount of Credit
Ten percent of cost of home, not to exceed $8000
Eligible Property
Any single‐family residence (including condos, co‐ops) that will be used as a principal residence.
Benefits
For homes purchased in 2009, you must repay the credit only if the home ceases to be your main home within a 36-month period beginning on the purchase date.
Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively).
First‐time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
Recapture
You must repay the credit ONLY if the home ceases to be your main home within the 36-month period beginning on the purchase date.
Effective Date
Purchases in the United States after January 1, 2009
Termination
December 1, 2009
Who Cannot Claim the Credit
Refer to IRS Form 5405 (revised 2-09) for exclusions.
“2009 is the Year of Recovery…..One Home at a Time!”
14648 N. SCOTTSDALE RD. SUITE 250 SCOTTSDALE, AZ 85254 480-624-0392
janet.l.havill@bankofamerica.com
Tuesday, March 3, 2009
March Madness Real Estate Report!
Its March Madness and believe me the real estate market is MAD. Welcome and thank you for viewing my The Monthly Real Estate update by me Jeff Cameron of Keller Williams.
What is happening. I will tell you it is crazy. I have never seen it busier! So let's get to the numbers.
1. SFH sales for last week crossed the 2,000 mark with 2,034 sales recorded in the MLS. Let me explain and give you perspective to these numbers. They are taken from ARMLS, the multiple listing service for the Metro Phoenix area. I take a reading every Monday and check the activity for the week.
Last weeks sales of 2,034 are the highest I have recorded. For example, this week last year was 1,007. We have doubled the sales from last year. In 2007 it was 1,186, remember this was right before the Sub Prime bank crash. In 2006 we recorded 1,356. I was not recording back in early 2005 or before. But these are exciting numbers.
2. February Home Closings. In February we closed on 4,817 single family homes. This is the 3rd highest level of closings for a February ever, with 2004 and 2005 above. And remember this is follow by January's adjusted 4,273 home closings; the second highest ever, second to January 2005.
3. Pending Home Sales. There are now over 10,000 homes Pending here in the Metro Phoenix area. These are homes that are under contract and most will close in the next 30 days. This is the highest I have recorded. For example, for all of last year there were only 3 weeks that I recorded Pending home sales in the 8,000's. Also, the absorption rate as measured by Pending home sales has dipped below 4 months at 3.9 months of inventory based on Pending homes. Great number.
4. Inventory level. As of this morning, there were 39,802 single family homes showing for sale in the ARMLS system. This is the lowest since February of 2007, prior to Sub Prime I when the banks started disclosing their troubles and eliminated the Sub Prime mortgages, thus making lending less available. Remember, after Sub Prime I, sales of single family homes plunged over 35%.
These numbers are fantastic. This whole problem is about supply and demand. High supply of homes, low supply of buyers and loans. We are seeing the shift in home supply, going down. We are seeing the shift in buyer demand, increasing. We are seeing the increases in availability of mortgages. All of this points to a bottom in the real estate market here in metro Phoenix. The bottom will occur at different times in each sub market here in the valley.
So, there you have the monthly market update. Remember I will record the numbers weekly on my blog at thecameronteam.com and then email each monthly report. If you have any questions, please call me for a personal review of your market.
Thank you all again for your referrals, Please keep sending them. Also, I know some of your are hurting in this market or have friends that hurting. We have set up a website to get YOUR questions answered about Loan Modifications, Short Sales and we can even get an attorney to answer legal questions for our clients for FREE. This is all available through the web site www.NoForeclosureAZ.com This site is private and confidential. Please use it or pass it on to someone that may be in need of answers for today's issues.
For those in a position to take advantage of this market, first time home buyers, Investors, or even those move up buyers, we have great connections with banks for Foreclosure homes. You can see the bank deals before most agents and brokers at www.ArizonaBankDeals.com
Thanks for your time and have a wonderful day.
What is happening. I will tell you it is crazy. I have never seen it busier! So let's get to the numbers.
1. SFH sales for last week crossed the 2,000 mark with 2,034 sales recorded in the MLS. Let me explain and give you perspective to these numbers. They are taken from ARMLS, the multiple listing service for the Metro Phoenix area. I take a reading every Monday and check the activity for the week.
Last weeks sales of 2,034 are the highest I have recorded. For example, this week last year was 1,007. We have doubled the sales from last year. In 2007 it was 1,186, remember this was right before the Sub Prime bank crash. In 2006 we recorded 1,356. I was not recording back in early 2005 or before. But these are exciting numbers.
2. February Home Closings. In February we closed on 4,817 single family homes. This is the 3rd highest level of closings for a February ever, with 2004 and 2005 above. And remember this is follow by January's adjusted 4,273 home closings; the second highest ever, second to January 2005.
3. Pending Home Sales. There are now over 10,000 homes Pending here in the Metro Phoenix area. These are homes that are under contract and most will close in the next 30 days. This is the highest I have recorded. For example, for all of last year there were only 3 weeks that I recorded Pending home sales in the 8,000's. Also, the absorption rate as measured by Pending home sales has dipped below 4 months at 3.9 months of inventory based on Pending homes. Great number.
4. Inventory level. As of this morning, there were 39,802 single family homes showing for sale in the ARMLS system. This is the lowest since February of 2007, prior to Sub Prime I when the banks started disclosing their troubles and eliminated the Sub Prime mortgages, thus making lending less available. Remember, after Sub Prime I, sales of single family homes plunged over 35%.
These numbers are fantastic. This whole problem is about supply and demand. High supply of homes, low supply of buyers and loans. We are seeing the shift in home supply, going down. We are seeing the shift in buyer demand, increasing. We are seeing the increases in availability of mortgages. All of this points to a bottom in the real estate market here in metro Phoenix. The bottom will occur at different times in each sub market here in the valley.
So, there you have the monthly market update. Remember I will record the numbers weekly on my blog at thecameronteam.com and then email each monthly report. If you have any questions, please call me for a personal review of your market.
Thank you all again for your referrals, Please keep sending them. Also, I know some of your are hurting in this market or have friends that hurting. We have set up a website to get YOUR questions answered about Loan Modifications, Short Sales and we can even get an attorney to answer legal questions for our clients for FREE. This is all available through the web site www.NoForeclosureAZ.com This site is private and confidential. Please use it or pass it on to someone that may be in need of answers for today's issues.
For those in a position to take advantage of this market, first time home buyers, Investors, or even those move up buyers, we have great connections with banks for Foreclosure homes. You can see the bank deals before most agents and brokers at www.ArizonaBankDeals.com
Thanks for your time and have a wonderful day.
Monday, March 2, 2009
INVENTORY OF SINGLE FAMILY HOMES IN PHOENIX DROPS BELOW 40,000
For the first time since March of 2007, inventory levels are below 40,000 here in the metro Phoenix area. This morning there are 39,969 single family homes for sale in the Metro Phoenix area as measured in ARMLS.
Inventory levels continue to decline as sales surge. Sales of single family homes in the metro Phoenix area have jumped to over 1,800 sales for last week. How high is that? From March of 2005 through June of 2005; 1800 to 1900 single family homes closed escrow on average per week. WE ARE BACK TO HOME SALE LEVELS OF 2005!
The end of the housing decline is near. You will only know it is over when you see it in the rear view mirror. I sold another listing yesterday for FULL price as buyers fought for the home. The home had been on the market for 3 months!
Just my opinion...Jeff Cameron
Inventory levels continue to decline as sales surge. Sales of single family homes in the metro Phoenix area have jumped to over 1,800 sales for last week. How high is that? From March of 2005 through June of 2005; 1800 to 1900 single family homes closed escrow on average per week. WE ARE BACK TO HOME SALE LEVELS OF 2005!
The end of the housing decline is near. You will only know it is over when you see it in the rear view mirror. I sold another listing yesterday for FULL price as buyers fought for the home. The home had been on the market for 3 months!
Just my opinion...Jeff Cameron
Sunday, March 1, 2009
OUR BLOG CROSSES THE 10,000 VIEWS MARK
We set our blog up about 18 months ago to make it easier to communicate with our friends, family, clients and the public. Today we crossed the 10,000 views mark. Over 10,000 times people have gone to our blog for information. That is awesome. Thank you and keep coming. Oh, by the way, we didn't set the counter until about 3 or 4 months into blogging!
SURGING HOME SALES IN METRO PHOENIX, FEB NUMBERS ARE OUT
SURGING HOME SALES IN METRO PHOENIX, FEB NUMBERS ARE OUT
Here we are the first of March. The market is on FIRE. That does not mean prices are firming or going up, but bottoms are on the horizon in many areas. The last couple of weeks have seen the banks ease lending requirements: FNMAE increases investor loan limits from 4 to 10; FHA increases loan limit from $246K to $346K; FNMAE stopping lenders from negotiating Realtor commissions below 6% on Short Sales.
These actions are just taking place and have not affected the market yet. However, weekly home sales for past couple of weeks are at 4 year highs. Homes under contract, the Pending homes, reached over 10,000 last week for the first time in 4 years. Only 6 weeks in 2006 through 2008 recorded levels over 8,000 homes Pending.
January had the second highest level of home sales recorded for the month, second only to 2005; even after being adjusted down. Now the numbers are out for February. Preliminary numbers show 4,817 single family homes closing in February, 2009. See the Chart below. You can click on the chart to make it larger. Last months single family home sales were the 3rd highest ever recorded, 3rd to February 2004 and February 2005.
If you are looking for a sign to enter this market, it won't get any clearer than this!
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