The Phoenix area real estate is rising from the ashes just like its namesake, the mytical bird.
The lowest priced homes, under $100,000 are selling withind a few days, often with multiple offers.
Bank owned homes, (REO) ar also selling very well. REO new listings have been averaging 4,000 per month. Pending sales in this category are [...]

Pending home sales are up 7% nationwide.
Credit Suisse reports real estate buyer activity is up 20-28% in the Phoenix market. Much of the activity is first-time buyers and investors. I have said often it is the first-time buyer who will lead the way and get us out of this recession.
Investors are paying CASH. It is [...]

As I mentioned in Friday’s post, the use of the first time buyer tax credit toward BUYING A HOME,  is a work in progress.
A very knowledgeable loan originator, Jeff Belonger in Cherry Hill NJ just posted a very good explaination of the rules as they are today. Rather than re-invent the wheel, see Jeff’’s post [...]

The Consumer Confidence Index improved 14% over the low in February. I have said for a year that confidence, more than anything else except affordability creates housing demand. Both measures are excellent today.
Nationally and locally, resale inventory is dropping(5% in the Phoenix metro, I’ll post June 1 with more detail on Sun City Neighborhood and [...]

My Promise to Home Buyers
•1  Help with the qualification process
•2    Recommend 3 local lenders
•3    Identify suitable properties
•4    Set appointments and show qualifying properties
•5    Prepare buyers estimated closing costs on selected property
•6    If a new home is selected, help review the Public Report and developers contracts
•7    If a resale home [...]

A few pieces of good news for the day.

The Home Affordability Index is the best it has been in the 18 years of its existence. 73% of homes for sale were affordable by the median  income family($64,000 as of this writing)
Mortgages were still artificially low, subsidized by the Federal Reserve. This can’t go on forever [...]