Showing posts with label foreclosed homes. Show all posts
Showing posts with label foreclosed homes. Show all posts
Thursday, August 12, 2010
Wednesday, May 13, 2009
The leatest on the AZ housing front
There's good news and bad news for the Valley's housing market.
The good news is it's getting a little easier to sell your house because there are a lot fewer foreclosures to compete against.
"You may find quite a bit of interest, but the real problem is getting them qualified for the lending," said Dr. Jay Butler, director or realty studies at ASU.
He said the bottom may be in sight, but the market could stay there for a while. "It's going to be difficult to recover and it's really going to vary tremendously from area to area."
Butler said programs to help people keep their homes are helping lower the number of foreclosures on the market, but he's concerned that the Phoenix housing market is not yet reflecting the current job market.
"Without jobs you don't have income and without income you don't buy homes," Butler said.
Foreclosures made up about 51 percent of home resales in March. In April, that number dropped to 27 percent, yet the total number of resales climbed.
"Unfortunately we're sort of entering this period of the classic foreclosure which is where people lost jobs or income and now simply really cannot afford the home they're in," said Butler.
Arizona is one of only six states where home sales didn't drop the first quarter of this year.
"Well, I think we've probably got the bottom in sight largely because in some areas you'd really find it hard to go any lower," said Butler.
Realty Trac's Darren Blomquist said, while the news is encouraging, he doubts the crisis is over.
"Believe it or not, there's still a lot of homeowners out there in Arizona and other markets who are very susceptible to foreclosures, still," he said.
He agreed with Butler that the jobs market -- the high unemployment rate -- will force more foreclosures.
"From the previous year, Arizona's still trending upward in terms of foreclosure activity," he said.
"There's very high numbers of properties that are just starting the foreclosure process. So we'd expect that down the road in a few months those same properties will end up in the final stage of foreclosure, which we call reo, so that will continue to keep the numbers high for most of the rest of this year."
The good news is it's getting a little easier to sell your house because there are a lot fewer foreclosures to compete against.
"You may find quite a bit of interest, but the real problem is getting them qualified for the lending," said Dr. Jay Butler, director or realty studies at ASU.
He said the bottom may be in sight, but the market could stay there for a while. "It's going to be difficult to recover and it's really going to vary tremendously from area to area."
Butler said programs to help people keep their homes are helping lower the number of foreclosures on the market, but he's concerned that the Phoenix housing market is not yet reflecting the current job market.
"Without jobs you don't have income and without income you don't buy homes," Butler said.
Foreclosures made up about 51 percent of home resales in March. In April, that number dropped to 27 percent, yet the total number of resales climbed.
"Unfortunately we're sort of entering this period of the classic foreclosure which is where people lost jobs or income and now simply really cannot afford the home they're in," said Butler.
Arizona is one of only six states where home sales didn't drop the first quarter of this year.
"Well, I think we've probably got the bottom in sight largely because in some areas you'd really find it hard to go any lower," said Butler.
Realty Trac's Darren Blomquist said, while the news is encouraging, he doubts the crisis is over.
"Believe it or not, there's still a lot of homeowners out there in Arizona and other markets who are very susceptible to foreclosures, still," he said.
He agreed with Butler that the jobs market -- the high unemployment rate -- will force more foreclosures.
"From the previous year, Arizona's still trending upward in terms of foreclosure activity," he said.
"There's very high numbers of properties that are just starting the foreclosure process. So we'd expect that down the road in a few months those same properties will end up in the final stage of foreclosure, which we call reo, so that will continue to keep the numbers high for most of the rest of this year."
Saturday, September 27, 2008
Arizona gets federal cash on foreclosure impact
Arizona is getting federal money to help communities cope with the effects of foreclosures.
The Governor's Office says the Department of Housing and Urban Development will provide $38 million to the Arizona Department of Housing.
According to the Governor's Office, the neighborhood grant money can be used by local governments and non-profits to buy foreclosed homes, rehabilitate them and make it available to home buyers.
That helps communities by reducing the number of vacant homes, a step that helps combat crime.
I'm not so sure how this will be conducted. This story leaves me with a lot of questions to tell the truth.
The Governor's Office says the Department of Housing and Urban Development will provide $38 million to the Arizona Department of Housing.
According to the Governor's Office, the neighborhood grant money can be used by local governments and non-profits to buy foreclosed homes, rehabilitate them and make it available to home buyers.
That helps communities by reducing the number of vacant homes, a step that helps combat crime.
I'm not so sure how this will be conducted. This story leaves me with a lot of questions to tell the truth.
Friday, September 12, 2008
Foreclosed homes in Phoenix nearly half of all sales last month according to ASU
That's a two percent increase from July and more than double the 20 percent of sales recorded in August 2007.
Sales of foreclosed homes in the metro Phoenix area made up nearly half of all existing homes sold in the area last month, a new study shows.
Of the 7,505 resale home transactions recorded in Maricopa County in August, 44 percent were bought out of foreclosures, according to the Realty Studies department at Arizona State University. That's a two percent increase from July and more than double the 20 percent of sales recorded in August 2007.
There's no end in sight for the housing market slump, according to the director of Realty Studies at ASU's Polytechnic campus in east Mesa.
``Most potential buyers still confront a weak economy, slumping levels of confidence and tighter underwriting guidelines,'' Jay Butler said. ``Thus, the local housing market still contains considerable uncertainty over when any potential strengthening can be expected.''
The federal government takeover of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. (Fannie Mae and Freddie Mac) has driving mortgage prices down, bad economic news is keeping buyer sentiment low, Butler said.
The median price of a home bought out of foreclosure in August was $161,875, compared with a non-foreclosure price of $193,550. A year ago the median prices were $220,010 and $258,000 respectively.
Prices varied widely by location. In North Scottsdale, the median price in August for a foreclosed property was $545,000, while the traditional market was $525,000. In South Scottsdale the splits were $219,855 and $242,000, respectively. In Maryvale, traditional transactions were $98,000 and foreclosures were $123,580.
The steep drop in prices is beginning to bring out investors expecting to see prices rebound in the next few years, Butler said.
Interest is especially high in the lower-priced ranges because more capital is available for those homes, he said.
Sales of foreclosed homes in the metro Phoenix area made up nearly half of all existing homes sold in the area last month, a new study shows.
Of the 7,505 resale home transactions recorded in Maricopa County in August, 44 percent were bought out of foreclosures, according to the Realty Studies department at Arizona State University. That's a two percent increase from July and more than double the 20 percent of sales recorded in August 2007.
There's no end in sight for the housing market slump, according to the director of Realty Studies at ASU's Polytechnic campus in east Mesa.
``Most potential buyers still confront a weak economy, slumping levels of confidence and tighter underwriting guidelines,'' Jay Butler said. ``Thus, the local housing market still contains considerable uncertainty over when any potential strengthening can be expected.''
The federal government takeover of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. (Fannie Mae and Freddie Mac) has driving mortgage prices down, bad economic news is keeping buyer sentiment low, Butler said.
The median price of a home bought out of foreclosure in August was $161,875, compared with a non-foreclosure price of $193,550. A year ago the median prices were $220,010 and $258,000 respectively.
Prices varied widely by location. In North Scottsdale, the median price in August for a foreclosed property was $545,000, while the traditional market was $525,000. In South Scottsdale the splits were $219,855 and $242,000, respectively. In Maryvale, traditional transactions were $98,000 and foreclosures were $123,580.
The steep drop in prices is beginning to bring out investors expecting to see prices rebound in the next few years, Butler said.
Interest is especially high in the lower-priced ranges because more capital is available for those homes, he said.
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