Phoenix Real Estate

Ron Wilczek — Sun Jun 19, 2011 6:10 pm

Author: Ron Wilczek

Posted: Sun Jun 19, 2011 6:10 pm

Phoenix Real Estate sales were up 14% in February 2010.

February only had 28 days, but that was enough time to beat January's total home sales in Metro Phoenix. Real estate residential sales increased from 5,812 in January to 6,613 home sales in February 2010. Need we ask why? The answer continues to be last minute shopping for the tax credit fueled by low interest rates. Expect more of the same during the next few months.

Read the chart in this manner: 6,613 homes sold in February in Metro Phoenix . Real estate defined as "normal" sales (not bank owned property or short sales) accounted for 2,463 sales, or 37.2% of the total. 4,150 sales were foreclosure related which comprised 62.8% of the total.

Here's another interesting statistic. Year over year sales, commonly known as YOY (a common industry comparison standard), have been up for 21 consecutive months (not completely shown by the chart ). YOY essentially compares the sales in February 2010 to the sales in February 2009, the sales in January 2010 to the sales in January 2009, and so on. In other words, Phoenix real estate sales have consistently been improved from the previous year.

It's also interesting to note that foreclosures (bank owned or REO property and shorts sales) officially accounted for over 1/2 all sales in the Phoenix real estate market beginning in October 2008. They have surged as high as 75.9% but have yet to drop below the 50% mark. My chart goes back to June 2007 for anyone who wants a longer term perspective.

My next post will evaluate the number of foreclosure sales and their makeup in terms of how many were lender owned properties and how many were short sales.

Phoenix Real Estate Forum

Tempe, Scottsdale, Mesa, Glendale, Chandler, Gilbert, homes

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

Listings remain stable

Ron Wilczek — Sun Jun 19, 2011 6:10 pm

Author: Ron Wilczek

Posted: Sun Jun 19, 2011 6:10 pm

Phoenix Real Estate Market remains dominated by Phoenix foreclosures.

The number of active listings in and around metropolitan Phoenix remained virtually unchanged from February to March of 2010. As depicted in the chart, property listings hit a several year low in September 2009. They have been slowly on the rise since that time. The chart also indicates the dramatic difference since 2008 when listings were over 50,000, thereby accounting for the swing in the market from a complete buyer's market to a market that has occasionally been referred to as a seller's market in Phoenix. Real estate listings in some locations around the Valley have sparked a seller's market because of extreme competition for low priced Metro Phoenix foreclosures. It's no real surprise because real estate prices in the Phoenix housing market are at their lowest levels in 10-years AND interest rates are still low.

The chart also shows that 41.2% of all listings in the Phoenix area are foreclosures. I am defining foreclosures as bank owned homes and short sales.

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

Ron Wilczek — Sun Jun 19, 2011 6:10 pm

Author: Ron Wilczek

Posted: Sun Jun 19, 2011 6:10 pm

Phoenix Real Estate Market- Record Setting December, 2009?

Yes, it's true. We had 7,670 residential sales in the Phoenix real estate market last month, though it wasn't quite the all-time high. December 2004 was the only month in this last decade that had higher sales, and that was by less than 200 homes. Is that an amazing feat for the Phoenix real estate market? Definitely, considering that December is historically one of the lower sales months in the entire year as people turn towards holiday shopping and parties. It's also an impressive feat considering all of that doom and gloom reporting on the national economy.

Take a look at these numbers from the Arizona Regional MLS.

MONTH - SALES
2009 - 7,670
2008 - 5,630
2007 - 3,347
2006 - 5,311
2005 - 6,527
2004 - 7,829
2003 - 6,311
2002 - 5,954
2001 - 4,531
2000 - 3,907

Additionally, 2009 recorded the third highest residential sales in the last decade. 2004 and 2005 (boom years) were the only two years with higher residential sales in the Phoenix real estate market.

33,014 more homes were sold in 2009 than in 2008, or a 55.7% increase!

YEAR - SALES
2009 - 92,292
2008 - 59,278
2007 - 54,231
2006 - 74,106
2005 - 104,133
2004 - 98,294
2002 - 68,411
2001 - 62,523
2000 - 55,400

There are currently 33,278 homes for sale in Metro Phoenix. Real estate sales are off to a pretty good start in January 2010 after a great December 2009.

Phoenix real estate blog

Phoenix homes and foreclosures

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

Phoenix Real Estat

Ron Wilczek — Sun Jun 19, 2011 6:10 pm

Author: Ron Wilczek

Posted: Sun Jun 19, 2011 6:10 pm

Phoenix real estate market closes 7,586 sales in November 2009

The 7,586 residential sales recorded in November 2009 are 559 sales less than those recorded in October 2009. This reduction in sales is considered both normal and cyclical in the Phoenix real estate market. Sales peaked in June 2009 when 9,358 home sales were recorded.

The chart indicates a steady increase in home sales beginning in February and lasting until the peak in June. The steady decrease began in July and continues to date. Although not indicated on the chart, the year over year (YOY) sales in the Phoenix real estate market have now increased for two consecutive years. Sales in October 2007 were 3, 421 and sales in October 2008 were 5,267.

The Town of Maricopa was the only municipality in the Phoenix real estate market that was contrary to the decline in home sales. The Town of Maricopa experienced a slight increase in sales from 224 home sales in October to 235 homes sales and November 2009, a 5% increase.

Around the Phoenix real estate market, Scottsdale was the only other city with home sales consistent with October 2009. Scottsdale experienced a decrease of just under 2%.

I've been on other projects and slow to update these reports. Merry Christmas to all!

More about the Phoenix real estate market

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

Phoenix Real Esta

Ron Wilczek — Sun Jun 19, 2011 6:10 pm

Author: Ron Wilczek

Posted: Sun Jun 19, 2011 6:10 pm

Residential listings increased for the third consecutive month in the Phoenix Real Estate Market to begin December 2009. That translates into more homes for sale.

The increase in homes for sale began in October 1st, 2009 and has continued for the last three months (in pink). The 3-month total increase in the number of homes for sale is 1,482 -- or 4.8% from October 1, 2009 -- from when the Phoenix real estate market was at two-year low in the number of residential homes for sale.

The demand for homes in the Phoenix real estate market has been particularly strong in 2009. The demand is due in part to the low prices of foreclosure homes for sale, low interest rates, and the home buyer tax credit. According to CromfordReport.com (who does extensive reporting on the Phoenix real estate market and homes for sale):

The big news in our pending home sales situation is the dramatic contrast with the national picture. The NAR today released the news that pending listings for home sales were 19.8% higher than a year ago. For Greater Phoenix real estate the equivalent increase is currently 102%. In fact a few days ago on October 30 we set an all time record of 107%. Demand is clearly at an exceptional level for real estate.

The increase in the number of homes for sale is a normal seasonal pattern in the Phoenix real estate market and does not indicate a significant change. If normal annual trends continue, the active listing count will peak in November and then decline toward the end of the year. I will post about November real estate sales in the next few days.

Phoenix real estate

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

Ron Wilczek — Thu Jun 16, 2011 6:10 pm

Author: Ron Wilczek

Posted: Thu Jun 16, 2011 6:10 pm

$8000 Tax Credit Fraud under IRS Scrutiny

According to the Wall Street Journal, the IRS is reportedly examining more than 100,000 suspicious claims for the $8000 dollar tax credit and is investigating 167 "criminal schemes" involving the credit. IRS officials declined last week to describe the suspected schemes or provide additional details. However, they did say they have identified the different types of potential fraud and matched them against their compliance program.

We could speculate about how people are trying to commit fraud with the $8000 tax credit. Perhaps they are modifying closing statements, commonly known as HUD-1's to make it appear the house was purchased in the correct tax year. Perhaps they are taking incorrect tax advice from their accountants. Perhaps people are modifying HUD-1's to make it appear that they bought a house -- when in fact they did not. Regardless, the IRS taking it very seriously.

The IRS says it has received more than one million claims for the $8000 tax credit. Housing industry experts estimate the credit helped to generate at least 350,000 additional home sales. The $8000 tax credit to set to expire on November 30, 2009 but leaders in the housing industry are lobbying Congress to extend it.

It would seem that widespread abuse would be relatively easy because of the loose standards for claiming the credit. In other words, the IRS never set anything in place with title and escrow companies to document the tax credit at time of sale. Free money has had a history of attracting people with dishonest intent, and $8,000 is a good deal of money. This is just the kind of trouble that will delay or eliminate the proposed extension of the program, or even it's conversion to the much talked about "$15,000 tax credit." It's always sad when dishonest people potentially destroy a good program they can benefit the masses.

On the other hand, does our country really need an extension of the $8000 credit, or even a new $15,000 tax credit? Has our country, which already has enough debt to choke 20 medium-sized countries, need to be giving out more money it doesn't have? It does seem that many citizens have developed an attitude of "entitlement" and expect the government to just keep giving out more and more money. But I digress...

According to the IRS website , the IRS successfully prosecuted its first fraudulent tax credit case in July 2009. A Jacksonville, Fla. tax preparer, James Otto Price III, pled guilty to falsely claiming the $8000 tax credit on a client's federal tax return. Price faces the possibility of up to three years in jail, a fine of as much as $250,000, or both.

A quote from the IRS's website:

"We will vigorously pursue anyone who falsely tries to claim this or any other tax credit or deduction," said Eileen Mayer, Chief, IRS Criminal Investigation. "The penalties for tax fraud are steep. Taxpayers should be wary of anyone who promises to get them a big refund.

Metro Phoenix homes for sale

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Source: First Time Home Buyer Tax Credit Extension

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The provision for public and collective goods and housing de

Devontae — Thu Jan 06, 2011 5:04 am

Author: Devontae

Posted: Thu Jan 06, 2011 5:04 am

The deficiencies in the real estate market in supplying public and collective goods have been discussed widely in different forums.� Since the provision for these goods such as roads, bridges, car parks, common open areas and national parks is the responsibility of the state, and because they cover large areas or have location specific significance, central planning is inevitable.� Indeed, government bodies are also responsible for other infrastructure services, such as parks, sewerage, schools and water supply.� These aspects will have to be integrated into a land-use plan for the particular area.
�
A planning authority with a national jurisdiction has other advantages to deal with the future of public services and land use patterns.� Thus if a private firm is entirely responsible for a particular development, it is restricted to working within the existing road map, the pattern of which was probably established before the herald of motor transport.� In this way the road layout becomes ossified in an inefficient form.� In sharp contrast, the co-operation between the private developer and a local authority with wide planning powers would allow the road system to be altered to meet the needs of modern transport and also the upkeep of the environment.� The same approach holds good when developing a Home in Kerala .
�
Greater coordination between the public and the private agencies has ensured streamlined sustainable urban development processes.� Many a time encroachment into hitherto secured areas has taken place due to ignorance and also due to misinformation.� Thus some builders that started work in fragile land areas that was actually part of a protected area, had to abandon the project after sinking several crores into it.� This has happened in many of the districts in Kerala.� The very recent example is happenings in the popular hill station in Munnar.�

Tempe Homes and News

Ron Wilczek — Wed Apr 07, 2010 6:08 pm

Author: Ron Wilczek

Posted: Wed Apr 07, 2010 6:08 pm

We live in Tempe and so do many of our friends. We though the results of this Tempe Resident Survey would be interesting. We found it in the Tempe News Room.

"City of Tempe residents have voiced positive feelings and offered constructive feedback about the services, programs and facilities provided in their community.

In October 2009, more than 800 residents weighed in on questions focusing on water service, parks, trash collection, public safety and more. Their ratings give the City of Tempe important information about how well it is providing services. For the third year in a row, the City of Tempe rated above average in almost every area that was assessed in the survey. Complete 2009 survey results are available at www.tempe.gov/government.aspx - click on the link under the "Statistics" heading.

Kansas-based ETC Institute conducted the survey and compared Tempe to its database of cities across the country. Survey respondents expressed overall satisfaction levels of 90 percent that's 34 percent above the national average. The Tempe City Council will discuss the survey results at their 6 p.m. Issue Review Session this Thursday, March 25. The meeting is in Council Chambers, 31 E. Fifth St. Highlights of the 2009 survey include:

Satisfaction with the condition of sidewalks rated 33 percent above the national average (78 percent in Tempe vs. 56 percent in U.S.)
Satisfaction with the quality of recreation centers rated 30 percent above the national average (83 percent in Tempe vs. 53 percent in U.S.)
Satisfaction with condition of streets rated 26 percent above the national average (80 percent in Tempe vs. 54 percent in U.S.)
Satisfaction with the overall appearance of the city rated 20 percent above average (85 percent in Tempe vs. 65 percent in U.S.)"

Tempe Real Estate Agents

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Source: Homes for Sale in Tempe AZ

Homes for Sale in Tempe AZ

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Tempe, Phoenix Real Estate News

Ron Wilczek — Wed Apr 07, 2010 6:08 pm

Author: Ron Wilczek

Posted: Wed Apr 07, 2010 6:08 pm

Tempe Housing Improvement Program accepting pre-applications from residents

Pre-applications are being accepted for the Tempe's Housing Improvement Program. This program provides deferred or low-interest amortized loans to income-qualified homeowners to correct code violations, existing deficiencies or other hazardous conditions in their home.

To be eligible, the applicant must be a Tempe resident, the owner-occupant of the home to be rehabilitated and meet program income limit guidelines. Grants are also available for home modifications for persons with disabilities and/or emergency repairs that affect the health, life or safety of the occupants.

To request a pre-application, or for more information, contact the Tempe Housing Improvement Services Division at 480-858-2154 (TDD: 480-350-8913) or visit the office at 21 E. Sixth Street, Suite 214, Tempe, AZ 85281 (Tempe News room)

Tempe Honors Young People

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Source: Homes for Sale in Tempe AZ

Homes for Sale in Tempe AZ

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Phoenix Real Estate Foreclosure Listings - April 2010

Ron Wilczek — Wed Apr 07, 2010 6:08 pm

Author: Ron Wilczek

Posted: Wed Apr 07, 2010 6:08 pm

Phoenix foreclosures remained relatively constant for yet another month. The drop in the total number of listings was only 587 listings from March 1st to April 1st in Phoenix. Foreclosures (bank owned or REO properties and short sales) dropped 345 listings. The big news expects to be the total number of homes sold for March 2010. Home sales may reach the 9,000 mark, making March the largest residential sales month since last July.

Read the chart this way:
"Residential listings in The Phoenix area totaled 34,461 to begin April 2010, a drop of 587 from March. 14,087 of those listings are foreclosure listings in Phoenix. Foreclosures make up 40.9% of the total listings.

Talk of "shadow inventory" still looms on blogs and in the news.

The second chart shows the breakdown between the normal listings and the foreclosure listings in the Phoenix area. Read the chart this way:
"20,374 listings are "normal listings that have been on the market for an average of 172 days. 14,087 listings are foreclosure listings that have been on the market an average of 102 days."

Short sales have dragged that number higher as bank owned homes slip off the market much sooner than short sales in Metro Phoenix. Real estate with short sales continues to be an adventure.

Short Sale Roulette

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Source: Phoenix Foreclosures
Phoenix Foreclosures and other Major Cities

Phoenix Real Estate Listings - April 2010

Ron Wilczek — Wed Apr 07, 2010 6:08 pm

Author: Ron Wilczek

Posted: Wed Apr 07, 2010 6:08 pm

The number of active listings in the Phoenix real estate market remained relatively constant for yet another month. The drop in the number of listings was only 587 listings from March 1st to April 1st. The big news expects to be the total number of homes sold for March 2010. It looks as though home sales may approach the 9,000 mark, making March the biggest residential sales month since last July.

Read the chart this way:
"Residential listings in The Phoenix area totaled 34,461 to begin April 2010, a drop of 587 from March. 14,087 of those listings are foreclosure listings (bank owned or REO properties and short sales). Foreclosures make up 40.9% of the total listings.

Talk of "shadow inventory" still looms on blogs and in the news.

The second chart shows the breakdown between the normal listings and the foreclosure listings. Read the chart this way:
"20,374 listings are "normal listings that have been on the market for an average of 172 days. 14,087 listings are foreclosure listings that have been on the market an average of 102 days."

Short sales have dragged that number higher as bank owned homes slip off the market much sooner than short sales in Metro Phoenix. Real estate with short sales continues to be an adventure.

Short Sale Roulette

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

Phoenix Real Estate -Short Sales or Roulette

Ron Wilczek — Sat Mar 20, 2010 6:10 pm

Author: Ron Wilczek

Posted: Sat Mar 20, 2010 6:10 pm

I constantly get buyer clients asking me about the pros and cons of short sales. In fact, I've received so many questions I created a short sale page on my website and I refer clients to that page. I'm sure I'm not the only realtor who has done that in this market.

I'll tell you that I've had my share of successful short sales, both on the selling and buying side. I've also had my share of short sales that have blown up because 1.) a HELOC demanded a promissory note and the seller refused to sign it OR 2.) a bank wouldn't let go of an unreasonably high BPO. [Side note: If the realtor who did the BPO for my short sale on Desert Cove Rd in Glendale is reading this -- your BPO WAS too high and the house sold for $10,000 less as a REO] Since I have a fairly analytical mind (which can be a curse in a marriage) I decided to see if I could figure out the statistical probabilities of a short sale closing escrow.

My bachelor's degree is in business administration and I did well in quantitative analysis. However, I did not want to create a thesis. I was just seeking a simple way to convey the success rate of short sales to my clients. Here's what I came up with: divide the number of closed short sales in one month by the combined total of the closed short sales plus the canceled short sales. Expressed mathematically:

closed short sales / (closed short sales + cancelled short sales) = % of success

I used only canceled short sales and not those that "expired" or were "temporarily off market." I reasoned that expired short sales could simply be re-listed, were generally caused because the listing realtor lost track of time, and that most of them received an extension. I did not count those that were "temporarily off market" because they would probably end up as either closed or canceled.

Here's my conclusion based on 12 months of statistics from the Arizona Regional Multiple Listing Service: There is a slightly better chance closing a short sale than winning at a roulette table. Remember that roulette has a 50% chance of winning if you play either "odd/even" or "red/black."

The 12 month chart shown below illustrates that an average of 53.7% of short sales close. Read the chart in this manner: "4,150 foreclosures sales (bank owned and short sales combined) occurred in February 2010. 1,438 of those sales were short sales. 1,167 short sales were canceled in February 2010. Therefore, 55.2% of short sales were successfully closed in February 2010." You will also note that the success of short sales has been greater in the last six months than in the first six months of the period.

I can already hear all of the short sale experts across America claiming a much higher success rate. I have a higher success rate too. However, I present these numbers for your information or your humor -- whichever you prefer. Actually, I kind of like the roulette analogy and have already used it twice today. Next time a client asks you if they should consider buying short sales say to them "red or black?"

Selling Your Home

Home Buyers, Mortgage, Inspectors, Credit

Phoenix Foreclosures - March 2010

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Source: Phoenix Foreclosures
Phoenix Foreclosures and other Major Cities

Phoenix Real Estate February 2010

Ron Wilczek — Wed Mar 17, 2010 6:10 pm

Author: Ron Wilczek

Posted: Wed Mar 17, 2010 6:10 pm

Phoenix Real Estate sales were up 14% in February 2010.

My next post will evaluate the number of foreclosure sales and their makeup in terms of how many were lender owned properties and how many were short sales.

Phoenix Real Estate Forum

Tempe, Scottsdale, Mesa, Glendale, Chandler, Gilbert, homes

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

Phoenix Foreclosures, Eviction Laws, Homeowner Rights

Ron Wilczek — Tue Mar 16, 2010 6:10 pm

Author: Ron Wilczek

Posted: Tue Mar 16, 2010 6:10 pm

A Forcible Entry and Detainer is an action that a new property owner (the foreclosing bank) can take if the existing occupant refuses to leave after appropriate notice (90 day notice of Trustee Sale)in Metro Phoenix. Foreclosure occupants could be either a tenant or original owner of property that was sold at a Phoenix foreclosure or trustee's sale. Foreclosure eviction laws are subject to change, but this article is current In Arizona as of March 2010. This article was prepared with the help of a good friend, Georgi Stratton. Her contact info is on the bottom of the post.

The tenant/occupant receives a written demand to vacate the property. The term of the period to vacate is dictated by the type of occupancy - whether commercial or residential and whether a tenant or an owner that was foreclosed on. This term normally is either 5 or 7 days, unless the contract states otherwise. After the 5-7 days expire and the tenant/occupant still refuse to leave then a complaint for a forcible detainer action can be filed. The statutes provide for a very short notice period before a court hearing.

The sole issue at the court hearing is whether or not the tenant/occupant has the right to possession. If they do not then they will be found guilty of a forcible entry and detainer. The court will enter an order directing the tenant/occupant to vacate within 5 judicial days. After that period has expired the Sheriff's office can then evict the tenants/occupants, remove their personal property and give the rightful owner possession and control of the property.

It would be wise for the rightful owner to change the locks and take steps to protect the property.

Typically the seller must vacate the home within 7 to 14 days after a Trustee Sale (auction). Often the bank will offer the homeowner a $1,000 - $2,000 relocation fee if the homeowner moves within several days and leaves the home is good condition. If a foreclosed homeowner in the Phoenix area is being forced out without a moving fee or several days to move, the homeowner has rights. Inform the lender's representative that you request a moving fee or are requiring them to file a Forcible Entry and Detainer Action. If they refuse to comply with either of these or if you feel your rights are being infringed upon, contact the local Sheriff for enforcement of current metropolitan Phoenix foreclosure eviction laws.

If the lender has to file a Forcible Entry and Detainer Action, you will not be able to get any cash for moving expenses.

Georgi Stratton ,Paralegal - Director of Short Sales,  Winsor & Coleman, PLC Direct: 480.695.6565 Fax: 480.699.8853 Email: georgistratton@yahoo.com

Phoenix Foreclosures 41% of Active Market

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Source: Phoenix Foreclosures
Phoenix Foreclosures and other Major Cities

Phoenix Foreclosures Still Dominate March 2010 Market

Ron Wilczek — Sun Mar 14, 2010 6:10 pm

Author: Ron Wilczek

Posted: Sun Mar 14, 2010 6:10 pm

Metro Phoenix foreclosures still 41% of active market

The number of active listings and number of Metro Phoenix foreclosures remained virtually unchanged from February to March of 2010. As seen in the chart, listings hit a several year low in September 2009.  They have been gradually increasing since that time.  The chart also indicates how far active listings have dropped since 2008, thereby accounting for the swing in the market from a complete buyer's market to a market that has evened out.  In some locations around the Valley the market is even closer to being a seller's market because of extreme competition for low priced Metro Phoenix foreclosures.

Phoenix Real Estate

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Source: Phoenix Foreclosures
Phoenix Foreclosures and other Major Cities