Urban Life

April Real Estate Market News and Information Greater Phoenix

Our good friend Sarah Moran from Equity Title just sent the real estate market news and update for April 2011.

I like Sarah's approach to performing real estate market analysis and home price projections. Like me, she is based in supply and demand therory and she includes social connectors when possible. This report is a broad one with real estate market information Phoenix, Scottsdale, Mesa, Gelendale, Tempe and most other cities in the Greater Phoenix region. Thus, it is supply and demand based as social consideration such as job growth is too regional to be use when painting with a broad brush.

That said, here is the real estate market news for April 2011 provided by Equity Title and Sarah Moran:

Hello!

Here is the Market Update through the end of March 2011. Please note that the Valley Wide graph represents all of the MLS. The table below that graph just represents recordings for new and re-sales for Maricopa County.

Good News: Total active listings have dropped by another 2883 units over the beginning of last month. As of yesterday, we sit at 36,883 Actives, which is the lowest amount in April for the last two years! Good news for sales, too: Sales are up to 9135 for the last 30 days, as of yesterday. We are currently sitting at a 3.8 months of supply.Traditionally, 3.8 months of supply is considered a Balanced Market! Wow!

Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales currently represent 20% of the Closings and 38% of the active Listings for a 8.3 Months of Supply ~ This has dropped from the 9.8 months of supply we had in February. Distressed Sales (Short Sales and REOs combined) accounted for 66% of the total sales for March.

Closings are Increasing: There were 9118 closings in March 2011 vs. 8657 closings in March 2010 ~ which equates to a 5% increase over last year (even without the Tax Credit)! 

Reality Check: The Median Sold Price for Maricopa County for March 2011 was $120,100. In March 2006, the Median Sold Price was $260,000! In March 2000, the Median Sold Price was $132,000. Use this at your listing appointments to help explain what has happened to our market and get realistic list prices!

We currently sit at a 3.8 months of supply in the valley. This may seem balanced but the high-end market continues to be stagnant. In the entire MLS, only 88 properties sold for $1+ million for the month of March. An astounding 94% of the closed MLS Sales for March were less than $400,000!

Please click on the link below to take you to the Graphs. You can save/print/email them from there! Use these with all of your clients, SOI and Open Houses! Everyone wants to know what is happening in Real Estate - Be the authority!! Remember that you can always go to www.eta-az.com and click on Market Update for this info as well!

 

CLICK HERE FOR CURRENT GRAPHS

 

MONTHS OF SUPPLY

East Valley: 3.7

NorthWest: 3.6

Paradise Valley: 15.8

Luxury ($1mil+): 15.8 (WOW! This has dropped drastically!)

Southwest: 3.4

Peoria/Glendale: 4.5

Camelback Corridor: 5.0

Cave Creek: 6.4

Ahwatukee: 3.9

Scottsdale: 6.1

Apache Junction: 2.6

Fountain Hills: 4.4

Buckeye: 3.1

Desert Ridge & Tatum Corridor: 3.3

 

44 Monroe Condos in Downtown Phoenix Update News

There is a lot of interest now that the new owner of 44 Monroe has announced condos will be available soon at this downtown Phoenix condo tower. We are posting updates on 44 Monore on our downtown real estate site, urbanconnectionrealty.com.

If you want the latest news and updates you can check our website or we can add you to our 44 Monore email update list. Just toss us an email at 44Monroe@UrbanConnectionRealty.com.

Below are links to articles we've written about the re-emergence of 44 Monroe.

Downtown Phoenix 44 Monroe Condo News and Information

44 Monroe Condos For Sale Fall 2010

Gene Urban
The Urban Team
Realty Executives
602-234-5777

44 Monroe Is Making Its Comeback This Fall

We just announced on our sister site the newest info and news about 44 Monroe in downtown Phoenix. The short story is that you'll be able to buy a condo at 44 Monroe sooner than later... probably by the end of Ocober if all goes as planned.

Check out the full story on our downtown real estate site as we discusss:

44 Monroe Condos For Sale Fall 2010

Best to you,

Gene Urban
The Urban Team at Realty Executives
602-234-5777

Search for Homes in Squaw Peak

The Urban Team has joined up with Security Title Agency to provide a real estate search page just for people looking to buy or sell a home, house, or condo in the Squaw Peak area, AKA Piestua Peak.

If you just want to see what’s for sale in residential real estate in Squaw Peak AZ, go to our new site located at: http://www.azcommunitydirectory.com/136892-Phoenix-Squaw-Peak-AZ-RESCmty.aspx

Hope you enjoy. Any feedback you have about the Squaw Peak site would be appreciated. Your input helps us be better.

Gene Urban
http://www.UrbanConnectionRealty.com

Do you need help with a short sale or foreclosure in Phoenix?

There is a lot of confusion for homeowners facing foreclosure or short sale in the Phoenix AZ area. We get phone calls and emails every day with short sale and foreclosure questions like:

• Will I be responsible for the loan deficinecy?
• How do I negotiate with my lender?
• How long does it take to sell a home by short sale?
• What is HAFA?
• My loan modification didn't work so what do I do now?
• Can I stop a foreclosure with a short sale?
• The house I am renting is going to foreclosure, what are my rights?

We like helping people answer these questions or pointing them to people who can help. In times like these we need to do what ever we can to help each other. Below is a list of some places you can find answers to your questions about short sales and foreclosure. If you don't see something that addresses your specific questions or concerns, pop us an email at Gene@UrbanTeamAZ.com or give us a call at 602-234-5777. Most of the time we have answers and if not we'll do our best to point you to a caring pro.

Short Sale Information and Help:

Short-Sale-Phoenix.com is a site dedicated to information about short sales in the Phoenix area. There are dozens of articles from news sources around the country, a step by step guide for selling homes by short sale, contact information for attorneys and much more.

Information About Avoiding Foreclosure:

Know Your Options is a new site put out by Fannie Mae. designed to inform homeowners of the various options avialble to them. It is acutally a pretty good site, but remeber it was put together by the government so they spin things a bit.

Legal Help With Foreclosures & Bankruptcies:

Your local bar association can help you find an attorney who specializes in foreclosure and bankruptcy law. We have found a couple local sources that our clients said were excellent as well. They are:

Nagle Law Group
4530 E. Shea Boulevard, Ste. 140
Phoenix, AZ  85028
602-595-6951
robert.nagle@naglelaw.com or stuart.pack@naglelaw.com

Hymson, Goldstein & Pantiliat, PC
14646 N. Kierland Blvd., Ste 255
Scottsdale, AZ 85254
480-991-9077

We really do hope this information is of help. We spend hours each week studying information about short sales and foreclosures; It can be overwhelming.

Best to you,

Gene Urban & Ron Urban
The Urban Team
602-234-5777

we are bothers... we will treat you like family

How to negotiate a short sale in Phoenix, AZ

One of the big questions from people selling their home by short sale is how to negotiate with their lender. If you have tried talking with a bank or loan servicing company, chances are it was frustrating, not very productive and maybe even a nightmare.

Negotiating with lenders is tough for one simple reason... a massive number of variables and rules. Plus, you are dealing with the bureaucracy of a bank/lender. For most people, navigating the short sale waters is pretty much impossible and one mistake can close down the process.

So, what can you do? We have found a great solution. You may think we are going to say, hire a Realtor to negotiate with your lender. That would be a BIG NO in our book. Very few real estate agents have the skill and experience to negotiate with a lender. In our experience it takes several dozen transactions before you have a clue of what to do.

We have, however, found a wonderful third party company who does exceptional work. The principle in the firm is a woman who teaches agents best practices for negotiating short sales. She has been involved with hundreds of short sale transactions helping home owners sell their home. Plus, she has hired former mortgage industry professionals to do the negotiating. Her firm is called Buy and Sell Smart.

On our short sale web site, www.short-sale-phoenix.com,  we have a bit more information about the gang at Buy and Sell Smart and contact information. Simply use this link to go to our page on negotiating a short sale in Phoenix, Scottsdale and other Arizona cities.

We'd like to be clear about something here. We get no referral fee from them. We've written this post because a lot of people are frustrated, angry and don't know where to turn. Finally, we have an answer and we're delighted to share it with people thinking about a short sale in the Phoenix area.

We hope this information helps you if a short sale is in your future.

Gene Urban and Ron Urban
The Urban Team at Realty Executives
602-234-5777

 

 

Banks and PMI Companies Use Lies & Intimidation

Some banks and mortgage insurance companies are using lies and intimidation tactics to scare home owners conducting short sales to sign promissory notes in Arizona.

Yesterday, one of our clients received an email from their lender filed with lies and mis-truths in an effort to have them sign a promissory note or face foreclosure on their home. Luckily, they followed our advise and had an attorney on their side to protect their rights under Arizona law. Below is the actual email from the lender.

The pmi company will allow this sale to proceed, however they will require that the home owner sign an interest free promissory note of $35,000. The term would be 180 payments @ $194.44/mo. If the home owner decides to accept this option, deficiency rights can be waived and we can proceed with the short sale and there will be a lesser impact on the home owner's credit rating. If the home owner does not wish to participate, I will be required to close the file and the home will need to proceed with foreclosure.  Please note, in the event of foreclosure both the lender and the pmi company can reserve the right to pursue the home owner for deficiency.  All aspects of the home owner's situation have been taken in to account by the pmi company.

The email is filled mis-truths. Under Arizona law, our client is protected under anti-deficiency statues and neither the lender or the pmi company can pursue them after the trustee sale/foreclosure. NOTE: This is not the case for all homeowners, yet our client does qualify under the law.

Tactics such as this are sadly common. Since many homeowners do not seek legal counsel, a very bad idea in our opinion, they may not know their rights and can be taken advantage of by such threats.

The bottom line… if you are attempting a short sale, make sure and hire an attorney to protect you against the lies, threats and deception lenders and PMI companies are using. If you live in the greater Phoenix area, our web site, Short-Sale-Phoenix.com has an attorney resource page.

Be careful out there and protect yourself…

Gene Urban
The Urban Team at Realty Executives
602-234-5777

44 Monroe in Downtown Phoenix Condos

The trustee sale of 44 Monroe earlier this month happened quietly and not much has been said in the news. Your Urban Team dug into the event and offers our opinion at what is happening with 44 Monroe.

We've posted our findings on our sister site, UrbanConnectionRealty.com for your reading enjoyment. Link to Urban Connection article on 44 Monroe.

If you have any questions about 44 Monroe, please feel free to drop us a line or toss an email our way.

Best to you,

Gene Urban
The Urban Team at Realty Executives
602-234-5777 x1

Our past posts on 44 Monroe in Downtown Phoenix:

August 2008: http://www.urbanlifeblog.com/2008/08/44-monroe-a-loo.html

January 2010: http://www.urbanlifeblog.com/2010/01/44-monroe-in-downtown-phoenix-faces-foreclosure.html

What is Happening With Phoenix Real Estate April 2010

We just posted our monthly Phoenix real estate market update for April 2010 for all of you who wonder what's happening with real estate and the housing market in Phoenix.

The real estate market update can be found on our sister site, UrbanConnectionRealty.com.

Mike Orr of Cromford Report fame puts this information together for u. His analysis and thoughts are the best we've found. We've been working with Mike for several years now and he really helps keep us on top of the information curve. We hope you enjoy and please feel free to contact us with any questions or thoughts.

Gene Urban
The Urban Team at Realty Executives
602-234-5777

HAFA, Short Sales and Government Koolaid

There has been a lot of talk about HAFA,  Home Affordable Foreclosure Alternatives Program (HAFA). For those who don't know, HAFA, is a government program touting to reform short sales, making them more streamline and doable. In truth it is government Koolaid at its finest.

Personally, I had high hopes for this bit of policy until the reality of it came to light. It is so full of loopholes, opt-outs and poor thinking that it would be funny if it didn't give false hope to so many who need the real thing. Let's look at some of the BIg Problems as I see them.

• The guidelines are simply that, guidelines. It is not law, only a suggestion on how banks and loan servicers should handle short sale applications. Since it is not law, there is no requirement to play. Gutless and non enforceable language is how I see it.
• Homeowners have to attempt a loan modification and be denied before the guidelines can kick in. This is a real BIG problem as loan mods are expensive, time consuming, frustrating and seldom granted. According to one expert, most people can't afford a loan modification and when denied are days or weeks away from foreclosure.
• The guidelines have little if any upside to the banks, lenders and investors. Since it is an opt-in program, they have little motivation to participate. I don't know about you, but I haven't seen too many articles touting the compassionate nature of the banking industry. To the contrary, they are generally bottom liners and the HAFA guidelines do not favor their bottom line.

Our advise, as short sale knowledgeable real estate guys, is to work with an attorney who really knows short sales and a realtor with a lot of knowledge. We believe you should have your attorney help you submit your short sale package to the lender and handle all conversations. NOTE: Make sure the firm you hire has a dedicated short sale division and a strong track record. Short sales are not for the inexperienced or weak at heart. They demand a lot of knowledge and skill sets many do not possess.

If you want to learn more about short sales, we have a web site dedicated to short sales, www.short-sale-phoenix.com, that includes a FAQ section, numerous articles and referrals to qualified legal counsel who can help negotiate your short sale.

That concludes this rant about short sales. Hope it helps and please, please don't drink the government koolaid on this one. It may help some senators and congress people get votes, but it is unlikely to help get your short sale done.

Gene Urban
The Urban Team at Realty Executives
602-234-5777

www.UrbanTeamAZ.com
www.Short-Sale-Phoenix.com
www.UrbanConnectionRealty.com