foreclosed Phoenix homes
FORECLOSURES MAY CAUSE RENTS TO RISE FOR PHOENIX HOMES
In Foreclosure Crisis – Demand for Single Family Homes in Phoenix rises, Arizona Republic article May 3, 2010 reports there has been a 40% drop in desirable rental homes in the Phoenix, Arizona metro area. The high demand for these homes is due in part to the significant number of those loosing their Phoenix homes by foreclosure. Phoenix area apartment complexes still are having a tough time attracting tenants, but rental agencies managing Phoenix single family homes have waiting lists. A year ago, investors were buying a few thousand Phoenix homes each month and turning them into rentals. But now, lenders are holding on to more of their foreclosed Phoenix homes while they work on a backlog of delinquent mortgages. If this trend continues, average Phoenix rents will rise.
Contact Sam Elam, Associate Broker with Prudential Arizona Properties for more information or visit http://www.SamElam.com
FANNIE MAE RESURRECTS PAYING BUYER CLOSING COSTS
FANNIE MAE EXTENDS HOME BUYER CLOSING COST ASSISTANCE PROGRAM THROUGH JUNE 30, 2010!
Fannie Mae extends their home buyer assistance incentive program of paying home buyer closing costs up to 3.5% of the sales price through June 30, 2010 when you buy one of their foreclosed Phoenix homes. Fannie Mae Closing Cost Assistance and Appliance Incentive is extended through June 30, 2010 to coincide with the expiration of the $8000 First Time and $6500 Existing Home Buyer Tax Credit Program. Even if you do not qualify for the Tax Incentive program you can get your home buyer closing costs paid when you buy a Fannie Mae foreclosed Phoenix home.
Foreclosure home buyers are given the option to use the 3.5% closing cost incentive to pay closing costs and purchase new Whirlpool appliances at the discretion of the home buyers.
Eligibility requirements include:
1- Foreclosed property sale must close on or before June 30, 2010
2- Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied) — but investors are excluded.
The incentive reinforces Fannie Mae’s commitment to stabilizing communities and assisting buyers purchase a foreclosed Phoenix home. For more information about this incentive, visit HomePath.com, read the press release or contact a Fannie Mae listing broker.
Contact Sam Elam with Prudential Arizona Properties to help you purchase one of the foreclosed homes in Chandler, Gilbert, Mesa, Phoenix, Scottsdale, Tempe or Queen Creek and have Fannie Mae pay much, if not all, of your closing costs before this program expires!
Phoenix Homes Sales Soar in March 2010
PHOENIX HOMES SALES SOAR IN MARCH 2010
Arizona Regional MLS (ARMLS) data shows March 2010 Phoenix Homes Sales of 8969 properties is a 39% increase over February 2010 sales numbers and a 19% increase over sales a year ago during March 2009! We’re not “out of the woods” yet, but indicators point to an improving Phoenix real estate market.
OTHER GOOD NEWS
The number of Traditional (non-distressed) Sales of Phoenix homes matched the number of sales of REO or Foreclosed Phoenix homes with each representing 40% of March sales. Short sales lagged at 20% of Sales.
This indicates buyers are looking for homes that are a very good value and are salable – as the tax credit deadline of April 30, 2010 deadline to have the property in escrow rapidly approaches.
Phoenix Average and Median Home Sales Prices increased slightly and remain above where they were when the Phoenix real estate market bottomed out in the Spring of 2009.
Builders continue to build new homes since buyers are willing to pay a substantial premium to purchase a brand new home. As a result, the number of actively selling new home subdivisions reversed direction and have increased modestly and so have the number of Spec homes being built in anticipation of buyer purchases.
WHAT CAN WE EXPECT?
If the jobs market stabilizes and starts to improve, buyer demand for homes remains strong after the tax incentives expire this month, interest rates remain low since the government stopped buying mortgage backed securities in March, lenders don’t saturate our resale market with foreclosed REO properties, and Freddie Mac/Fannie Mae and responsible banks continue to rehab foreclosed homes before putting them up for sale, we should continue to see an improving Phoenix real estate market. That’s a lot of “ifs”. We’ll just have to wait and see what happens next month. Stay tuned!
Sam Elam, ABR, CRS, GRI, e-PRO, Associate Broker, Prudential Arizona Properties http://www.SamElam.com