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The number of single family homes sold for the month of November, 2008 in Phoenix (the Arizona Regional Multiple Listing Service) was 3,893.  As you can see on the chart, sales slowdown is typical for this time of year.  Year over year unit sales for single family homes increased by approximately 26%.  The number of listings for November was 50,755, representing about a 4% inventory decrease from 2007.  The average days on market for November was 110.  The average sales price for ARMLS was $209,280, with the median price coming in at $155,000.

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If you are considering buying or selling, or would like more information on sales activity in your area, you can email me at Nathan@ezlistaz.com, or call 480-529-6329.

Google has come out with their top search lists for the year of 2008.  It’s quite interesting really, especially the trendsetters rankings.  These lists give us a window into the minds of the masses (a small glimpse into the future???), and gives us the year in review.

Looking back, what keywords did you google this year?

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For Arizona, the East Valley ( the cities of Chandler, Gilbert, Mesa, and Tempe) single family home sales for the month of November was 823 total units.  The average sales price was $227,466.  These sold homes had an average market time of 106 days.  The total number of single family homes listed, as of December 5th, 2008, is 7,710.   There are approximately 9.4 months worth of inventory at the current pace of buying.

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Are you considering buying or selling a home?  Contact Nathan@ezlistaz.com, or dial 480-529-6329 for a no obligation home buying/selling consultation. 

Number of home sales in the East Valley - Phoenix

The number of East Valley (Chandler, Gilbert, Mesa, and Tempe) sales for the month of July came in at 1,284 units (the average sales price was $245,194 with an average days on market of 117). Up from 1,146 units sold for the month of June.  The number of monthly sales are still holding steady, well above 1,000 units.  The number of homes currently listed, as of August 3rd, is 9,555.  At the current pace of buying there is about 7.5  months of inventory on the market for the East Valley. 

Queen Creek Number of Sales for July

The number of single family homes sold in July was 372, up from last month’s total at 360 units. Homes are still affordable in Queen Creek, and buyer’s are still willing to purchase at these prices.  July’s average sales price was $169,068.  The average days on market for homes sold were 97, falling significantly from last month’s 123 average days on market.  At the current level of buying, there is approximately 4.5 months worth of inventory in Queen Creek.

If you’re considering selling, or currently looking for a real estate agent to sell your home, please email Nathan@ezlistaz.com, or phone 480-529-6329.

… in a nutshell…

FHA Mortgage Refinance and Insurance Program

This would assist troubled homeowners by allowing them to refinance to a lower mortgage with an affordable rate.  It’s a voluntary program to both the borrower and the existing mortgage holder.  The existing mortgage holder would need to agree to release the lien at an amount less than owed.  There will eligibility requirements that both borrower and mortgage holder will have to meet.  In addition the new loan may not exceed 90% of the appraised value of the home.  No second liens will be allowed for at least 5 years.  HUD will be entitled to 50% of the appreciation in the appraised value of the property (HUD will be entitled to 100% of the first year’s appreciation).

Federal Housing Finance Agency to Oversee Fannie Mae and Freddie Mac

This will be a new independent agency to oversee, and regulate Fannie Mae and Freddie Mac.

The Treasury Department will also be granted emergency authority to purchase securities, including equity, and will also increase the existing credit lines of both Fannie Mae and Freddie Mac.

Mortgage Disclosures

The Truth in Lending Act requires delivery of certain disclosures 7 days prior to loan origination.  These disclosures must include examples of how payments would change with a rate adjustment.  The maximum possible payment must be disclosed.  The borrower must receive these disclosures before paying any significant loan fees.

Loan Originators Must Be Licensed

The licensing can be either State or federally regulated, as necessary.  All individuals involved in originating loans must be licensed and registered with the State or HUD.  Minimum standards must be met, including education (and continuing education), and testing. 

FHA to Raise Loan Limits

Limits will be raised to a minimum of $271,000, and the minimum down payment will increase to 3.5% of the purchase price.

Other Noteworthy Inclusions

$3.9 billion in community grants to purchase abandoned and foreclosed properties.

The extension of servicemembers foreclosure protections from 90 days to 9 months.

Creation of credit and housing counseling programs

A first time homebuyer tax credit and increase of the standard deduction for property taxes.

There are other provisions to this Act.  Please feel free to visit this website http://banking.senate.gov/public/_files/HousingandEconomicRecoveryActSummary.pdf

for more information.