Posts by author:

Gary Peruzzini

Phoenix Residential Prices …..

are increasing rapidly, as  listings continue to decline and demand remains strong. The median  sales price increased again (from the prior month) by 6% to $138,000, and the average sales price rose by 5% to $189,000. In April, there were 8,435 sales, which is in line with the12-month average.  New listings declined by 3% to [...]

Read the full article →

March 2011 vs. March 2012

This chart compares a single month March 2011 to March 2012. It is plain to se that the volume of listings have decreased dramatically. Short sales have increased by 50% and REO [real estate owned by banks] have decreased by 75%. I have been hearing about shadow inventory but the term shadow is perfect for [...]

Read the full article →

FHA Delaying Disputed Debt Rule

The Federal Housing Administration (FHA) rule preventing potential borrowers with outstanding collections debt of $1,000 or more from getting an FHA-insured loan is on hold until July 1. The original rule was posted here and outlined the original time lines and conditions which are now revised The rule, which many in the industry warn would [...]

Read the full article →

Sales Up – Supply Down-Prices Are Rising

Increases in monthly home sales (demand) and declines in existing and new listings (supply) is putting upward pressure on prices.  The average list price of $229,700 increased $41,000 in February since July 2011, and the median list price of $144,900 increased $20,000 since August.  The average concluded sales price rose to $166,600, a gain of [...]

Read the full article →

Another Major Change Qualifying for FHA

EFFECTIVE 4/01/12 Currently, borrowers do not have to pay off collections on their credit report, ONLY judgments.  Effective 4/01/12, IF the collections cumulatively total $1000 or more, THEY MUST either be paid off in full at closing OR the borrower has to have an approved payment plan with the collection agency for repayment, must provide [...]

Read the full article →

VA Financing and New Home Builders

A survey of 188 home building executives last month turned up a very interesting, and disturbing, finding.  More builders are shying away from selling homes to Vets because VA appraisers have become so conservative that the homes rarely close.  In addition, the low appraisals impact the value of future community sales, costing the builders significant [...]

Read the full article →

Phoenix Real Estate – Year in Review 2011

STAT 2011 Year in Review.This report focuses on the state of the Valley’s recovery over the last twelve months, placing the gains and losses over the year in perspective. Overall, the tale is positive SALES Sales rebounded in 2011 enthusiastically, topping out at 101,436, the second highest total sales of the decade. It was surpassed [...]

Read the full article →

December Sales Highest Level Past 12 Months

As of December 2011, the median home sale price again increased, the number of foreclosures and listings declined, and monthly sales reached a near record pace in metro Phoenix. The median price of a metro Phoenix home rose to $117,000 in December, its highest level since November 2010 and the first December since 2005 that [...]

Related Posts with Thumbnails
Read the full article →

← Previous Entries