Phoenix Arizona Real Estate market update

Comparing April 2011 to April 2012 (all areas and types)

• Active Listings (excluding AWC): 13,117 versus 27,052 last year - down 52%
• Active Listings (including AWC): 20,781 versus 34,594 last year - down 40%
• Pending Listings: 11,996 versus 13,326last year - down 10%
• Monthly Sales: 8,480 versus 9,452 last year - down 10%
• Monthly Average Sales Price per Sq. Ft.: $95.79 versus $83.61 last year - up 14.6%
• Monthly Median Sales Price: $137,000 versus $110,000 last year - up 24.5%
• S&P/Case-Schiller® Home Price Index is reporting that the Greater Phoenix area had the largest increase for big cities (comparing March 2011 to March 2012) at an annual appreciation rate of 6.1%
• On May 25^th the median sales price for all areas and types hit $145,000 which is the highest value since December of 2008 and is 33% above May 25^th of 2011!
• Zillow is forecasting that home values in Phoenix will rise by 6.5% between March of 2012 and March of 2013…the highest in the nation!
• On May 22^nd there were 6,446 residential properties in Maricopa County whose current owner is a bank or lender of some type. This represents 0.53% of the homes that exist in the County!
• On May 15^th for the first time since 2008 we had fewer than 1,000 lender owned properties listed for sale and without a contract on ARMLS…the peak was 14,237 in January of 2009!!

Data from " The Cromford report"

The time to buy is NOW

www.arizonahomesbynorma.com

http://www.youtube.com/watch?v=EmCEuuEORoM&feature=g-vrec

Fannie Mae Homepath financing.

www.arizonahomesbynorma.com

HOUSE prices are going UP !  We have waited 7 years to hear those words.

Some banks are working on new programs to help home owners modify their loans and keep their homes. If you get a loan modification letter from your bank, don't ignore it but make sure to verify the information.

More short sales are getting approved and fewer foreclosures are now on the market.

The time to buy is now!

www.arizonahomesbynorma.com

Williams Realty Sonoran Living. Fund raising event to benefit the Kyrene Schools Family Resource Center. Giving back to the community.
RED Day 20120

JPMorgan sees $2 billion loss from trades gone bad

JPMorgan sees $2 billion loss from trades gone bad

http://money.msn.com/home-loans/article.aspx?post=650bd1a1-fa1f-41ce-86b3-6f40cb38a181

Pay attention! dont fall prey of other scams. If you get a letter from Bank of America. Verify the information. You can do that by calling the phone number on your mtge statement. They will be able to verify if you were sent a letter  offering you mtge. reduction.

http://www.arizonahomesbynorma.com/listings/areas/50962/propertytype/SINGLE/listingtype/Resale%20New/

Maricopa County closed 7,465 properties in April, 2012. 1,392 were REO which is 19%, 1883 were Short Sales at 25% and the rest were normal transactions at 4,193 which is 56%. Active listings in Maricopa County are at 10,205 which is made up of only 960 REO  at 9%, 837 are Short Sales at 8% and the rest are normal at 8,409 or 83%. The problems still are in the pending numbers. 18,022 are awc or pending. 2,008 are REO at 11% and 5,530 are normal at 30% and the rest are Short Sales at 10,689 or 59%!