Here is a quick look at comparable MLS data from this December-07 to December-06.
No doubt this January will be a key month, we should see continued improvement
in the number of "SOLD" homes. I feel this to be an important number to all of us.

December 2006

MLS-Tempo
Active		41,271
Over 30 days		35,562	86%
Sold in December-06		5,478

December 2007

MLS-Tempo
Jan-01 Active Listings		52,177
Over 30 days		46,350	89%
Sold in December-07		3,466
Pending		3,040

Arizona S.E. Valley Houseing Inventory Chart 12-10-2007




As you can see we still have a lot of inventory on hand which I feel is a great thing if you are a buyer.

Bush Mortgage Plan Will Freeze Certain Subprime Interest Rates for 5 Years

Associated Press - December 2007

The Bush administration has hammered out an agreement to freeze interest rates for certain subprime mortgages for five years to combat a soaring tide of foreclosures, congressional aides said Wednesday. Read More...

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Market Trend 10-31-2007

Home values soar across the Valley

The Valley's resale housing market slowed in September, recording 7,780 sales.

That's down from the 11,275 resales recorded in August, according to the Arizona Real Estate Center.

Third-quarter recorded sales totaled 27,850, which is slightly below the second quarter's 28,760 resales, but well ahead of last year's 20,560 sales. Read More...

Read More...

I would like to see a little stronger guidelines with realtors advertising . One that really gets me is if we don't sell your home we will buy it... COME ON! Number one, we the public have seen enough scams to know this is most likely too good to be true, and you know that saying, If it is too good to be true it most likely is.

We just had a article in the Arizona Republic not long ago that a couple bought a new home with their current home on the market with a we will buy your home con. The homeowners contract was coming to a close the home owner thought that if the agent did not sell the home he would buy it... NOT. When the home owner had already put a large deposit on a new home and it was time for the realtor to buy their home, they received a letter in the mail, I am sorry but at this time we can not buy your home. People, please do not fall for all of that gimmicky advertising, fire us, we will buy your home and so on.

The name of the game is find a good real estate company with solid agents that will work hard for you and earn the money. Their are no short cuts, it cost so much to market a home properly, the realtor has to pay the other side the only thing these gimmicks will do is end up costing you money in the end. Nothing is free and if you get a realtor to work for next to nothing that is exactly what you will get.

Wednesday, October 31,
Inman News

Another drop in interest rates last week pushed refinancing activity to its highest level in nearly eight months, the Mortgage Bankers Association reported today.
The MBA's market composite index, a measure of total mortgage application volume, gained 3.8 percent last week on a seasonally adjusted basis from the week before, thanks to a 9.2 percent spike in the index that tracks refinancings.
Borrowers took advantage of the second straight week of falling interest rates, in which the average contract interest rate on 30-year fixed-rate mortgages dipped to 6.15 percent from 6.21 percent, the average 15-year fixed fell from 5.86 percent to 5.79 percent, and the average rate on one-year adjustable-rate mortgages (ARMs) dropped from 6.1 percent to 5.93 percent.
Points, or loan-processing fees expressed as a percent of the total loan amount, averaged 1.05 on the 30-year loans, 1.1 on the 15-year, and 0.93 on one-year ARMs -- compared with 1.13, 1.06 and 0.92, respectively, in the previous week. These points include the origination fee and are based on loan-to-value ratios of 80 percent.
Consumers seem to be holding off on buying homes, as the index that tracks purchase-loan activity dropped for the second straight week, MBA reported. The index last week was down 0.7 percent on a seasonally adjusted basis from the previous week, following a 3.1 percent decline at mid-month.
MBA reported that the refinance share of loan applications rose to 49.6 percent last week from 47 percent at mid-month, and the ARM share inched up from 14.2 percent to 14.7 percent.
The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.

There has been lots of talk lately about home auctions. Word of caution, if you don't flip homes for a living, don't do it, 9 times out of 10 you'll get burned. The auction steeps are heating up in Arizona and without mentioning names their are two companies that buy everything worth buying even if it means paying too much to make sure you stay away. If they let it pass to you...You will be most likely be there a very long time before being able to sell. What I am hearing is that the market is down, true in certain areas, so with all of the homes going into foreclosure they have to be even cheaper at the auction. Wrong, you will be much better off getting a good realtor and going after a deal. They are out there, you will be safer and have a lot less headache doing it the traditional way. Some people might not agree with me thinking I am trying to get more business for myself; but the truth be known, I was a home flipper for years and know how hard it is to number one fix a home you get off the steps and number two, I have been burned a couple of times myself. Being in the home flipping business I was able to take the good with the bad; trying to buy a single home for yourself...tread very carefully. The auctioneers love a crowd because for most people a personal home is an emotional experience and being in a crowd only heightened the emotion. Look at ebay, why do we over pay for goods on ebay all the time...Emotion. What I can advise if you are going to try it, work out a deal with a local realtor that works in the area you are looking for the property in. They will know if it is too high per square foot and what the area might bring in return. Needless to say you will probably not see what you are bidding on before and if you do you have probably broken in. A realtor can help with price but that does not dictate what the repairs will be so bid appropriately and good luck to the adventurous.

People who own their own homes experience many benefits that renters don’t. Numerous studies have shown that homeowners are more likely to be involved in their communities, build wealth, and increase their educational level. Owners of homes are also less likely to be involved in crime or to depend on public assistance. Simply the stability offered by living in one place, and taking pride in the ownership of one’s home, can boost the standard of living. The wealthy know that a homes’ value will increase over time, and can reduce their taxable income.

Housing prices in Arizona are low, inventory up and I am seeing many investors coming in to take advantage of it. What the investors know is that people need places to live, period. Over time the home values will increase. People getting in now know over a short period of time they will have a strong possibility of living rent free and maybe walking away with some money in their pocket. Where renting you leave with no monetary value at all. If you are waiting for the bottom...Good Luck, by time it comes you will have missed it.

When there are a lot of homes for sale and it takes a long time to sell them – that's a "buyer's market." In most of the country, that's the current situation. If it is a buyer's market where you live and you're looking to buy a home, you are in a strong position to negotiate for lower prices and incentives. Read More...