The Cameron Team Website

Its 2005 All Over Again! Home Prices are Surging in Metro Phoenix and Scottsdale – Real Estate Market Report for May 2012

Jeff Cameron — Fri, 18 May 2012 15:08:40 +0000

http://www.thecameronteam.com/

Jeff and Lisa Cameron 480-502-7699

Phoenix and Scottsdale Real Estate Market Report May 2012

It’s 2005 All Over Again and Let Me Tell You Why

4 Reasons the Real Estate Market will Continue to Surge in 2012 and for the coming year or 2.

Jeff Cameron with The Cameron Team coming to you from McDowell Mountain Ranch in Scottsdale, AZ. The Real Estate Market is going Crazy as there are 10 buyers for every properly priced home for sale today. This is causing bidding wars at a level even I didn’t expect. This time around it is important to look at the facts and understand why this will continue into the future.

Here are my 4 Reasons the Real Estate Market is on FIRE and will continue to Rise

1. There is no Inventory, both Resale Homes for Sale and New Homes For Sale

2. Jobs, Jobs, Jobs.

3. It may be acting like 2005, but Its Different this time.

4. Consumer Sentiment is rising.

You have heard me report that inventory has been dropping for years. Today, there are 9,998 homes for sale in the metro Phoenix and Scottsdale areas of Arizona. This is less than 1 month’s demand. Over 50,000 resale homes were on the market for sale in 2007-2008.

Over the past couple of weeks, I have shown 7 different subdivisions in the south Gilbert area priced from $250k-300k Base Price, to a family. All had less than a half dozen home sites left and All were writing contracts while we were there.

According to The Phoenix Housing Letter by R L Brown and Greg Burger, new home sales in Gilbert have tripled. In 2008, when there were nearly 50,000 SPEC homes available across the valley, today only 343. Builders need to ramp up their building in the metro Phoenix area. Scottsdale only has 2 subdivisions of new homes for sale. They are selling well. Once they are gone, only custom will be the option for new in Scottsdale. It will take builders 1-3 years to catch back up to building what is needed. I predict another bubble, but not a large one.

Next, 47,000 jobs have been created over the last year. Forecasts have been raised to another 50,000 jobs over the next year. More Jobs is the answer to our recover. It is all about momentum.

This time things are different. Most investors are paying cash or putting large down payments on homes. They are real investors not the faux investors the banks created that dumped us with a 100,000+ empty homes in 2007-2008. It’s harder to get financing for most buyers and especially for investors.

It has been 5 years! Markets don’t go down forever and it is time for ours to rebound. Can you imagine what would happen if this was not an election year? Those bozos in Washington, both sides, just can’t act in the best interest of the country, instead their party’s best interest.

Last, Consumer Sentiment. Jobs are being created. People are making more money and spending more money. Consumer Sentiment is at its highest level since January 2008.

This is Jeff Cameron, Your Realtor for Life!

Please call me to review the market, home values, relocation, investing or just about anything that has to do with Real Estate. 480-502-7699

Its 2005 All Over Again! Home Prices are Surging in Metro Phoenix and Scottsdale – Real Estate Market Report for May 2012 is a post from: The Cameron Team Website

Jobs in Arizona for March 2012 – Metro Phoenix Unemployment Rate drops to 7.5%

Jeff Cameron — Mon, 23 Apr 2012 15:37:40 +0000

The employment report for Arizona was released last week. Unemployment continues to drop as Arizona has reached 8.6% unemployment. there were 18,900 new job created in March throughout Arizona. There are 47,000 more jobs as of the end of March when compared to the same time last year.

Looking deeper into the report at the Maricopa County and Metro Phoenix numbers we see even better results as unemployment dropped to 7.5%. I keep looking for a bump in construction jobs as more new homes are being built. With home values rising, new homes make sense again. Buyers are flocking to the new home subdivisions.

Before heading out to view a new home subdivision, you should bring your realtor. Your realtor will be able to advise you on important details through the new build process. It is wise to check the resale opportunities prior to moving forward on a new build. You want to make a wise and informed decision. In order for the builder to compensate your realtor, the realtor must accompany you on your first visit.

Many people don’t want to bother their realtor when taking a casual stroll through a new home subdivision. Believe me, your Realtor prefers to go to too many subdivisions than to have a problem with a builder and not get paid.

Let’s hope the increase of new home sales begins to add more construction jobs.

Arizona Jobs Report for March 2012 – Click Here to read the full report
Job Gains Across All Sectors; Above Average Gains in Seven of Eleven Sectors
Arizona’s seasonally adjusted unemployment rate
dropped to 8.6% in March after two consecutive
months at 8.7%.  The U.S. unemployment rate also
edged down one‐tenth of a percentage point from
8.3% the previous two months to 8.2% in March.  A
year ago the Arizona rate was 9.6% and the U.S. rate
was 8.9% (see figure 1).
Arizona’s economy added 18,900 Nonfarm jobs or
about 0.8% in March.  This was the largest over‐the‐
month gain in March since 2006, higher than the ten‐
year (‘02‐’11) average of 12,300 and the pre‐
recession (‘98‐’07) average of 18,000.  Since 1990,
Arizona has added jobs in March each year except
2008 and 2009 (see figure 2).
The Private Sector accounted for almost 97% of the
gains, adding 18,300 jobs, which was above the
historic average.  The ten‐year (’02‐’11) average in
March for the Private Sector was 12,700 and the pre‐
recession (‘98‐’07) averag

Jobs in Arizona for March 2012 – Metro Phoenix Unemployment Rate drops to 7.5% is a post from: The Cameron Team Website

Recommendation of Jeff Cameron and The Cameron Team Realtors in Scottsdale AZ by Gaylord Miller

Jeff Cameron — Thu, 19 Apr 2012 14:21:06 +0000

Recommendation of Jeff Cameron and The Cameron Team Realtors in Scottsdale AZ by Gaylord Miller

Hi my name is Gaylord Miller. So, I have known Jeff Cameron for about 15 years. In that time, I think we have bought and sold 15 homes in Phoenix and Scottsdale area.

Last year we bought 2 investment properties which are absolutely phenomenal. Both homes were bank owned and we were competing with other buyers in multiple bid situations and Jeff Cameron got them done. We were the winning bid for both homes. The beautiful part is we are making money on them. I have a positive cash flow on 2 investment homes I bought for a total of $150,000 combined with a minimal downpayment and my positive cash flow exceeds $900 per month!

This year we just purchase a home in Scottsdale for our family. Again, a bank owned foreclosure home that got multiple offers. Jeff worked the listing agent to accept our offer before it became a bidding war. Jeff worked this deal all the way through to us. He got the offer accepted, found a lender to do a rare loan, fought to get things done and then apologized that if would take extensive termite treatment because of the infestation. I thanked him for finding a termite guy to give me an honest true cost to treat the property prior to closing. And I was given that information prior to closing!

Honestly, I cannot tell you enough good things about Jeff Cameron. In addition to the personal friendship and the professional work, he is absolutely phenomenal as a person.

Gaylord Miller

April 18, 2012

5030 E PRESIDIO RD
Scottsdale, AZ 85254

Recommendation of Jeff Cameron and The Cameron Team Realtors in Scottsdale AZ by Gaylord Miller is a post from: The Cameron Team Website

Home Prices Are Rising in Metro Phoenix and Scottsdale – Real Estate Market Report by Jeff Cameron

Jeff Cameron — Wed, 18 Apr 2012 22:07:53 +0000

Home Prices Are Rising in Metro Phoenix and Scottsdale – Real Estate Market Report by Jeff Cameron

The Real Estate Market in Metro Phoenix and Scottsdale is Bouncing!

What do you think of me bouncing on that trampoline?

Hello my friends! I am sorry to be so late this month with the April Market Report. The market has been Crazy and I have been busy, busy, busy! Too busy to be blogging the way I should be. So, let me try to get caught up here.

Today we will Review:

Home Sales in Metro Phoenix and Scottsdale for March 2012
Update on the Foreclosure market and the so called Shadow Inventory
Why new construction will surge this year
Finally, our Give the School a Computer Promotion

Home Sales in March 2012, Here are the numbers:

Available Single Family Homes 11,025 down 11.6% from last month and 23% from January 1^st
Pending Home Sales – Homes under contract 16,976 nearly 1.5 times the number of homes for sale
Closed Single Family Homes in Metro Phoenix and Scottsdale 7,382 up 12% from last month, but down from last year
New to the Market 6,263 vs new sales of 7,705
Price per square foot $84.50 up 4.5% from last month and 9.5% YTD and up 17% from last years low and up 14% from a year ago!

In a nut shell the market is on fire right now. Buyers buy smart and buy now. Sellers, you have to give the time to the market for the market to price your home. That is why with our Premiere Home Launch Program buyers can’t get into the home for nearly a week after it is listed for sale. You see we list and market our listing for sale. We hit all the social media, youtube, facebook and Syndicate our properties across the internet so everyone sees them. Then, our launch is usually on a Saturday, during the launch day there are about 10-15 families touring the home. They bump into each other and know of each other. This helps with the bidding wars. We expect 3-5 offers and sell over list price.

How would you like to sell over list price?

Check out how it works on this video here:

Update on the Foreclosure Situation in Metro Phoenix and Scottsdale – Great news- Remember the number of people in foreclosure forecasts the future

People in Foreclosure for Metro Phoenix and Scottsdale is 15,000 down from 20,000 in November, remember my video on the Cromford report and the Myth of Shadow Inventory
Bank Owned homes equal 6,300 compared to 9,500 I November. Those consist of homes being prepped, homes for sale and homes under contract. 3,300 being prepped + 1,000 for sale and 2,000 pending or under contract.

You see this is great news. We are now seeing banks counter just about every Short Sale. With the market rising, the banks have to counter higher as the home is worth more by the time the get to them.

But that is all changing too. Bank of America has a goal of getting approvals on their short sales in 20 days or less.

Beginning June 15, real estate agents working with distressed homeowners
whose loans are backed by Fannie Mae and Freddie Mac should expect
to receive a decision on a short sale offer within 30-60 days.

The goal is to answer all offers in 30 days.
If there is a unique issue (and there always is) the servicers must answer in 60 days.
If a counter is involved the buyer must answer in 5 days, the servicer in 10 days.

For the complete article:

http://www.dsnews.com/articles/fannie-and-freddie-set-timeline-requirements-for-short-sales-2012-04-17

New Construction will surge in 2012 and into 2013. Our valley needs about 35,000 to 40,000 new homes each year to house the growth in population. Over the past 5 years we have been absorbing the pool of homes left by investors. That pool is very low or close to empty and we need to ramp up building again. This will lead to more jobs and a growing economy.

Last, this month our Promotion to donate Computer to Desert Canyon Elementary School. I met with Jan Posin at the PTO for DCES. They are doing a technology drive this year. I have committed to make a donation for every sale in the relavent area. But WHEN YOU SAY “GIVE THE SCHOOL A COMPUTER” when you hire The Cameron Team to buy or sell your home, we will donate a computer to this drive. So pass the word. Get your friends and family to use us this year and tell us to “GIVE THE SCHOOL A COMPUTER” Currently our donations will buy about 3 computers, and that is with NO One Saying, “GIVE THE SCHOOL A COMPUTER”

Get your friends and family to use us as their realtor. Tell them to tell us, “Give The School A Computer” prior to hiring us and our donation jumps to a full computer.

Home Prices Are Rising in Metro Phoenix and Scottsdale – Real Estate Market Report by Jeff Cameron

Home Prices Are Rising in Metro Phoenix and Scottsdale – Real Estate Market Report by Jeff Cameron is a post from: The Cameron Team Website

A surprising housing development we haven’t seen since 2006 – From Bloomberg

Jeff Cameron — Wed, 28 Mar 2012 16:11:52 +0000

Its starting to spread. People are realizing what we have been experiencing for some time now. Some time, more like 2 years. But it took a while to change consumer sentiment for housing. This market should have rebounded last year, however, everyone keeps being told prices are going down and they do. Not due to supply and demand, but due to consumer sentiment along with Short Seller’s that don’t care their Realtor is selling their home under market.

I am sure this will turn around and bite me in the booty. One of my Short Sales will be countered too high or rejected. Oh well, such is life. I have faced so many set backs over the past 5 years and over come them. There is nothing holding me back today, not with a great positive market where homes are following supply and demand going up in value.

I think you will find this read below interesting. I got it from a friend and client of mine, Jay. He is a financial planner and gets lots of inside financial reports.

I love the first story. It reminds me of a sale I have closing in 2 weeks. My seller chose a lower offer because they were owner occupants. He rejected the higher investor offers. What a nice guy, I wish everyone did that. Well, I wish the agents selling Short Sales would not take the first cash offer and would let the market determine the value of a home. Thus taking the highest and best offer. Why would cash buyers pay more when these listing agents continue down this path.

I spoke with a Short Sale listing agent a couple of weeks ago. I said, he why did you list this home so low. His response. “We know what we are doing, the banks are countering every sale.” Dah, if you don’t know this you shouldn’t be selling a Short Sale. He went on to say, “we get 10 plus CASH offers within minutes of listing the home for sale.” “We let the investors know that there will be a bank counter and they have to agree to pay the higher price and open escrow now.” OK, so this is again nothing new. You are selling a home for $65k and I have buyer willing to pay $80k. The banks are only countering around $70K, still way below value. That is close to 10% below value. Once my buyer closes at $80k, prices might go higher. Only no one will take our higher offer with a loan.

Why is there no one we can report these guys to? I tried calling the Department of Real Estate. What a joke. Sorry commissioner!

If you want to discuss the market with me you can reach me at:

Jeff Cameron

MRW Homes

480-652-2004

jeff@thecameronteam.com

A surprising housing development we haven’t seen

since 2006

Wednesday, March 28, 2012

From Bloomberg:

Matthew and Carina Hensley offered $10,000 more than the asking price for a three-bedroom house in suburban Seattle, then lost out to one of seven other bidders.

Their $270,000 proposal last month came with a family portrait and a letter introducing the couple, their eight-month-old daughter, Harper, and their desire to build a family in the Renton, Washington, house with a yard backing onto a woody hillside.

Bidding wars, absent from most parts of the U.S. residential market since its peak in 2006, are erupting from Seattle and Silicon Valley to Miami and Washington, D.C. The inventory of homes hovers close to a six-year low, while an increase in jobs and record affordability are tempting more buyers. The number of contracts to buy previously owned homes jumped 14 percent in February from a year earlier, the National Association of Realtors reported yesterday.

“We understand there is going to be fierce competition in the offers made for your house but Carina and I both felt very strong about letting you know what it would mean to us if we were given the opportunity to live in your gorgeous and charming house,” wrote Matthew Hensley, 33, a credit union branch manager whose wife is a dental hygienist. Such letters from eager buyers were common during the housing boom.

While listings will probably rise as banks accelerate foreclosures and sellers gain confidence in the market, the U.S. metropolitan areas with the strongest economies may be ready to absorb the additional inventory, said Mark Zandi, chief economist for Moody’s Analytics Inc. in West Chester, Pennsylvania. Low values and interest rates have made buying a better deal than renting in 98 of the largest 100 metropolitan areas, according to Trulia Inc.

‘Better Times Ahead’
“The housing crash is finally giving way to recovery in an increasing number of markets across the country,” Zandi said in an e-mail. “The decline in unsold listings and vacant homes and the increase in rents presage better times ahead

http://www.thedailycrux.com/Article/39915/Housing 3/28/2012

Housing- A surprising housing development we haven’t seen since 2006 Page 2 of 8

for single-family housing.”

The bidding wars seen in such places as Seattle aren’t found everywhere. In metropolitan areas including Atlanta and California’s Riverside and San Bernardino counties, housing remains weak as high unemployment and falling prices deter first-time and move-up homebuyers.

A contraction in supply hasn’t helped increase property values, which are down by a third from their July 2006 peak. Prices, hurt by discounted foreclosures and other distressed sales, will fall 2 percent more this year before rising 1.4 percent in 2013, according to a Moody’s Analytics projection.

Case-Shiller Index

Home prices dropped 3.8 percent in January from a year earlier, the S&P/Case- Shiller index of property values in 20 U.S. cities showed today. The measure is based on a three-month average, which means the January data were influenced by transactions in November and December.

A residential comeback would provide a boost to the U.S. economy. Housing will “contribute modestly” to the economy this year for the first time since 2005, according to Peter de Bruin, an economist at ABN Amro Group Economics in Amsterdam.

Rising demand for homes has cut into the supply, which is already low because many sellers – especially those with negative equity – are waiting for prices to increase before putting properties on the market.

Supply of Homes

About 2.43 million existing homes were listed for sale in February, the fewest for the month since 2005, the year U.S. home sales reached a record 7.08 million, the National Association of Realtors reported March 21. The number of listings rose by 100,000 from January, a seasonal bump that occurred every February since 2000 except for 2008, according to data collected by the Realtors.

The February supply of unsold homes listed for sale was down almost 50 percent from a year earlier in markets such as Miami, Phoenix and Oakland, California, according to Realtor.com, the National Association of Realtors’ official website.

The U.S. inventory of new homes stood at 150,000, a 5.8-month supply, in February, when new houses sold at an annual pace of 313,000, slower than

http://www.thedailycrux.com/Article/39915/Housing 3/28/2012

Housing- A surprising housing development we haven’t seen since 2006 Page 3 of 8

analysts expected, the Census Bureau reported March 23.

The supply of new houses rose from 5.7 months in January “as builders put inventory in place for the spring selling season,” Stephen East, an analyst with International Strategy & Investment Group LLC in St. Charles, Missouri, wrote in a note to investors. “This is the fourth consecutive month inventory has remained below six months’ supply, which is broadly considered supply/demand equilibrium.”

The new-home supply peaked at 12.1 months in January 2009, forcing builders to book losses as the economy fell into recession. While the inventory has declined from that high, the housing market still has hurdles to overcome.

Negative Equity

One hurdle for the residential market is the more than 11 million homes that had negative equity at the end of 2011, meaning more is owed on the mortgage than the house is worth, preventing owners from trying to market their properties, according to CoreLogic.

“A big issue is underwater borrowers,” said Sam Khater, senior economist for CoreLogic Inc. (CLGX), a real estate data provider based in Santa Ana, California. “If they want to move, they’re not flexible with their price. The lowest they can sell at is their mortgage amount. So there’s price stickiness.”

In a sign that demand for new homes remains weak, orders fell 8 percent from a year earlier for the quarter ended Feb. 29 at KB Home (KBH), a Los Angeles- based builder that targets first-time buyers.

“In a recovering market, the results did an absolutely ugly U-turn,” East, the International Strategy analyst, wrote in a note after earnings were released March 23.

Lagging Indicator

The median existing-home price in the U.S. climbed 0.3 percent to $156,600 in February from a year earlier. It was the biggest year-over-year gain since July 2010, when President Barack Obama’s homebuyer tax credit temporarily boosted values.

“Prices are a lagging indicator,” Khater said in a telephone interview. “The key metric to look at are sales numbers.”

Existing homes sold at an annual pace of 4.59 million in February, up 8.8

http://www.thedailycrux.com/Article/39915/Housing 3/28/2012

Housing- A surprising housing development we haven’t seen since 2006 Page 4 of 8

percent from a year earlier and the busiest February since 2007, according to the National Association of Realtors. The February number was down 0.9 percent from January, when an unusually warm winter in much of the country helped increase demand, according to Paul Dales, senior U.S. economist for Capital Economics in London.

‘Demand Picks Up’

“Good weather does not generate extra housing demand – it just brings it forward from future periods,” he wrote in a March 21 note to clients. “But the bigger point is that a genuine upward trend is under way, with sales 9 percent higher than a year ago and 13 percent above levels seen in July.”

Asking prices tend to be higher and inventory tends to be lower from March through May, while sales peak by June and inventory reaches a top in July, said Jed Kolko, chief economist for Trulia, a consumer-oriented real estate information service.

“As housing comes out of hibernation in the spring, demand picks up,” Kolko said in a telephone interview from San Francisco. “Prices peak early in the season and inventory peaks later. Buyers should be more patient, but sellers should move faster.”

Competition Increases

Agents encountered multiple bids on about half of offers in Seattle, Boston, Washington, D.C. and Oregon this year through March 15, said Tim Ellis, real estate analyst for online brokerage Redfin. In the San Francisco area, Redfin agents reported that three of four offers involved competition, he said.

One home in Palo Alto, California, received 38 offers and sold for $1.65 million, or $452,000 more than its asking price, said Ken DeLeon, a real estate broker in Silicon Valley since 2002. Another client paid $2.56 million for a home in 2007 and is listing it for $3 million, with the expectation of receiving higher offers, he said. The seller wants to use the proceeds to buy a home in Saratoga, about 18 miles southeast of Palo Alto, where the market hasn’t heated up yet, DeLeon said.

Prices are hitting all-time highs, above Palo Alto’s 2007 peak levels, in the 94301 and 94306 ZIP codes, as buyers rush to purchase in advance of an expected flood of newly minted millionaires when Facebook Inc. (FB) has its initial public offering, DeLeon said. The Menlo Park-based social-networking company filed paperwork in February for an IPO that may result in a market valuation of $75 billion to $100 billion.

http://www.thedailycrux.com/Article/39915/Housing 3/28/2012

Housing- A surprising housing development we haven’t seen since 2006 Page 5 of 8

‘Hottest Housing Market’

“It’s insane,” DeLeon, who brokered 101 home sales last year valued at $275 million, said in a telephone interview. “It’s probably the hottest housing market in the nation.”

In Phoenix, total listings as of March 23 were down 43 percent from a year earlier to 21,346 homes on the market, according to the Cromford Report, a Phoenix-area market research service. When pending sales are excluded, the number of available homes on the market fell 55 percent from a year ago. Distressed offerings dropped more, with the number of short-sale listings down 84 percent and bank-owned homes off 80 percent.

The average home’s time on the market fell to 90 days from 114 a year earlier, and the median sale price rose to $126,000 from $110,000, according to the Cromford Report.

Shopper Sentiment Improves

Contributing to the higher prices and faster sales pace in Phoenix were high investor-buying activity, normal homebuyers attempting to enter the market, speedier short-sale processes and an improvement in shopper sentiment, said Mike Orr, publisher of the Cromford Report. In a short sale, a property is sold for less than the amount owed on it.

“The inventory decline is accelerating,” Orr, who’s also director of the Center for Real Estate Theory and Practice at Arizona State University’s business school, said in an e-mail.

The key ingredients are in place for a housing recovery in the strongest U.S. job markets, where sales are outpacing new listings and banks have worked through the backlog of foreclosures, Douglas Duncan, Fannie Mae (FNMA)’s chief economist, said in an interview.

The unemployment rates have fallen over the past year by more than one percentage point in the Miami, Phoenix, San Francisco, Seattle and Washington, D.C., areas, according to Bureau of Labor Statistics data.

Listings in Washington fell 27 percent from a year earlier in February, while the median price rose 11 percent to $398,500 and homes sold after an average of 74 days on the market, a 20 percent decline, according to Metropolitan Regional Information Systems Inc., a real estate listing service in Rockville, Maryland.

http://www.thedailycrux.com/Article/39915/Housing 3/28/2012

Housing- A surprising housing development we haven’t seen since 2006 Page 6 of 8

‘Pricing a Little Low’

In neighborhoods such as Capitol Hill, sellers are prompting bidding wars by asking less than they expect to receive, said Sean Aalai, an agent with Lindsay Reishman Real Estate.

“They’re purposely pricing a little low,” Aalai said in a telephone interview. “Buyers walk in and fall in love and the property starts getting bid up.”

Single-family home prices in the Miami area increased 19 percent from a year earlier to a median $175,000 in February, the third consecutive year-over-year increase, the Miami Association of Realtors reported March 21.

The number of listings fell to 5,061 in February, or about six months’ supply, down from a nine-month supply a year earlier, as foreign buyers joined out-of- staters and Floridians seeking to take advantage of low prices, said Ron Shuffield, president of Esslinger Wooten Maxwell Inc., a real estate firm in Coral Gables, Florida.

‘Best Spring Season’

“This has been the best spring season since 2005,” he said in a telephone interview. “The entire world’s buying here. They love the weather.”

The Miami-area inventory of homes selling for less than $100,000 fell to less than three months’ supply in February as investors snapped up low-cost properties and the availability of bank-owned homes shrank as lenders slowed the pace of foreclosures, Shuffield said.

Listings may swell in coming months as lenders allow more foreclosures to flow onto the market. The top U.S. mortgage servicing banks, which agreed to a $25 billion settlement over foreclosure abuses last month, slowed the pace of foreclosures as they negotiated for more than a year with state attorneys general.

Foreclosures to Come

A shadow inventory of an estimated 1.6 million homes either facing foreclosure or already repossessed by banks was being held off the market in January, little changed from a year earlier, CoreLogic reported March 21.

“As we move into what is traditionally the peak selling season for real estate, servicers will certainly be watching closely to see if now is the time to move

http://www.thedailycrux.com/Article/39915/Housing 3/28/2012

Housing- A surprising housing development we haven’t seen since 2006 Page 7 of 8

more inventory out of the shadows,” CoreLogic Chief Executive Officer Anand Nallathambi said in a statement.

Many states that don’t require court approval for foreclosures have worked through much of their shadow inventory. In Arizona and California, where banks take less time to repossess and resell foreclosures because the process doesn’t require judicial review, 7 percent of mortgages were delinquent at least 90 days or in foreclosure in the fourth quarter, down from about 13 percent in 2009, according to the Mortgage Bankers Association.

In Florida, where the court system is clogged with home seizure cases, 18 percent of houses with a mortgage are in the foreclosure pipeline, compared with 20 percent in 2009, the Mortgage Bankers Association reported. In other states that require judicial review, such as New Jersey and New York, the number of homes in the pipeline increased.

Time to Move

“If the foreclosure process has moved efficiently so that whatever problem there was has been taken care of, you’re going to see price appreciation as long as employment is growing,” Fannie Mae’s Duncan said in an interview.

For the most part, sellers are marketing their properties because of life changes, including taking a new job, getting a divorce or having their grown children move out, Khater said.

A four-bedroom home on 1.3 acres (0.53 hectare) in the Detroit suburb of Bloomfield Hills, Michigan, went on the market in October, when the owners decided to “downsize,” said Barbara Nigro, who has lived in the house since 1976.

“Now it’s time for another family to move in and raise their children there,” she said in a telephone interview from Scottsdale, Arizona, where she and her husband own a winter home.

The Nigros dropped their asking price by $150,000 to $950,000 in January, according to the listing. An offer is pending.

Seller’s Patience

“Maybe if I kept it for two more years I’d make more money,” said Michael Nigro, 71, a retired pediatric neurologist. “I don’t have the patience for that. I don’t want the responsibility.”

http://www.thedailycrux.com/Article/39915/Housing 3/28/2012

Housing- A surprising housing development we haven’t seen since 2006 Page 8 of 8

Lori Bakken, the agent who represents the Hensleys, said three of four bids she submits on behalf of buyers face competition. She said she expects the dearth of supply to be temporary.

“As word gets out there that there is a lack of inventory, I believe sellers will seize on that opportunity,” Bakken said.

The Hensleys haven’t given up on living in the Renton, Washington, area, where both sets of parents live. The winning bidder offered $15,000 above the asking price and didn’t make the sale contingent on successful financing or inspection, according to Kimberly Hobbs, the Seattle broker who represented the seller.

“From this experience we learned that we have to move fast, especially if a house is nice,” Matthew Hensley said. “The competition is fierce out there.”

To contact the reporters on this story: Prashant Gopal in New York at pgopal2@bloomberg.net; John Gittelsohn in Los Angeles at johngitt@bloomberg.net.

To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net.

More on housing:

Warren Buffett reveals his favorite investment now
The five big things preventing a full-blown real estate recovery
Real estate guru Sam Zell BLASTS the government’s insane housing policies

http://www.thedailycrux.com/Article/39915/Housing 3/28/2012

A surprising housing development we haven’t seen since 2006 – From Bloomberg is a post from: The Cameron Team Website

CASE SHILLER SHOWS PHOENIX AS 1 OF 3 CITIES TRACKED WITH HOME VALUES RISING

Jeff Cameron — Tue, 27 Mar 2012 19:59:38 +0000

Finally the numbers are coming out!

But this is from December. Come on! Why can’t they get the January and February numbers. They are easily available to access.

Inventory of single family homes for sale in metro Phoenix continues to drop. We are on track to drop over 10% from the end of February to the end of March 2012.

Prices are up all over and people are getting it. Let’s face it the market was way over sold. If you look at the Case Shiller chart below you can see how over sold the market is for housing in metro Phoenix.

The middle tier is rating about a 95 with the year 2000 = 100. Therefore, our values are below what they were in 2000. If you follow the line from about 1995, just using its angle. Then follow the angle instead of the line when you get to 2004. Follow the angle out to 2012 and you will end up somewhere in the 175-180 range.

I am not saying prices are going to double. But they are headed up and strongly up real quick.

There are only 11,300 SFR for sale valley wide. There is demand for 8,000 buyers per month over the next 4 months. Without the supply we will see more bidding wars and values climbing! I think quite dramatically.

Let me know if you want some information on your neighborhood:

Jeff Cameron

MRW Homes

480-652-2004

Case Shiller Chart for Home Values in Metro Phoenix

Home prices fell in most US cities

by DEREK KRAVITZ - Mar. 27, 2012 06:18 AM
AP Real Estate Writer

WASHINGTON – — Home prices fell in January for a fifth straight month in most major U.S. cities, as modest sales increases have yet to boost prices.

The Standard & Poor’s/Case-Shiller home-price index shows prices dropped in January from December in 16 of 19 cities tracked.

The steepest declines were in San Francisco, Atlanta and Portland. Prices increased in Miami, Phoenix and Washington. Price information for Charlotte was delayed and therefore not included in the report.

The declines partly reflect typical offseason sales. The month-over-month data are not adjusted for seasonal factors.

Still, prices fell in 17 of the 20 cities in January compared to the same month in 2011. That suggests the housing market remains weak, despite the best winter for sales in five years.

The Case-Shiller monthly index covers half of all U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The December data are the latest available.

Nationwide, prices have fallen 34 percent since the housing bust and are now at 2002 levels.

Some economists say sales increases could stop prices from falling further by early spring. Home prices tend to follow sales by about six months. When sales rise, prices rise, too, and an increase in prices would likely create a positive cycle.

Homes are the most affordable they’ve been in decades. And mortgage rates are just above record lows.

The job market is also getting stronger. The economy has added an average of 245,000 jobs per month from December through February. The unemployment rate has fallen to 8.3 percent, the lowest in three years.

Conditions are improving for those in position to buy a home. Still, many people can’t afford to buy or are unable to qualify for mortgage. Some people in position to buy are holding off, worried that prices could fall even further.

The biggest reason why prices are still falling is foreclosures, which are still high across the country. Foreclosures and short sales — when a lender accepts less for a home than what is owed on a mortgage — are selling at an average discount of 20 percent.

Foreclosure activity surged in February across half of U.S. states. The pace of foreclosures is increasing after all 50 U.S. states reached a $25 billion settlement last month with the nation’s five biggest mortgage lenders over foreclosure abuses. Many foreclosures had been stuck in limbo as the 16-month government investigation into foreclosure paperwork problems dragged on.

CASE SHILLER SHOWS PHOENIX AS 1 OF 3 CITIES TRACKED WITH HOME VALUES RISING is a post from: The Cameron Team Website

Mirada Floorplan Armonico McDowell Mountain Ranch

Jeff Cameron — Mon, 26 Mar 2012 22:55:13 +0000

Mirada Exterior Armonico McDowell Mountain Ranch

Centex’ Mirada floorplan in Armonico at McDowell Mountain Ranch, features 3094 sqft of living area. This is a highly sought after single level home with five bedrooms and three full baths. One bath is jack and jill style, shared between two bedrooms. the fifth bedroom can be used as a den or office.

The Mirada features a formal living and dining area, large gourmet kitchen and expansive covered patio. The garage has room for three cars and storage.

To view a home in Armonico at McDowell Mountain Ranch, call The Cameron Team at MRW Homes (480)502-7699

Mirada Floorplan Armonico McDowell Mountain Ranch

Mirada Floorplan Armonico McDowell Mountain Ranch is a post from: The Cameron Team Website

Espinazo Floorplan Armonico McDowell Mountain Ranch

Jeff Cameron — Mon, 26 Mar 2012 22:28:36 +0000

Espinazo Exterior Armonico McDowell Mountain Ranch

Centex’ Mirador Community Espinazo floorplan is a regal two story with 3230sq feet of living area. The Espinazo floorplan features five spacious bedrooms and three full baths. One bedroom and bathroom are located on the lower level. The kitchen is gourmet style and is open to the family room. There is a dining are in the kitchen, as well as formal dining and formal living areas. The exterior has several archways and columns, walk-out patio for two of the secondary bedrooms and optional walk-out for the master.

Armonico’s Espinazo floorplan offered an optional fireplace, and has a three car garage with room for storage.

All homes in Armonico at McDowell Mountain Ranch are located near the base of the McDowell Mountains with great mountain, desert and/or city views.

Call The Cameron Team-MRW Homes to view a home for sale in McDowell Mountain Ranch today: (480)502-7699

Espinazo Floorplan Armonico McDowell Mountain Ranch

Espinazo Floorplan Armonico McDowell Mountain Ranch is a post from: The Cameron Team Website

Blood Drive-Village at DC Ranch

Jeff Cameron — Tue, 20 Mar 2012 21:48:20 +0000

Donate blood this Saturday, March 24, from 8am-12noon.

Village at DC Ranch

Blood Drive-Village at DC Ranch is a post from: The Cameron Team Website

Ladera Floorplan Armonico by Centex Homes for Sale in McDowell Mountain Ranch Scottsdale AZ

Jeff Cameron — Mon, 19 Mar 2012 16:49:31 +0000

Ladera Floorplan Armonico by Centex Homes for Sale in McDowell Mountain Ranch Scottsdale AZ

Ladera Floor Plan Armonico by Centex Homes at McDowell Mountain Ranch

Ladera Floor Plan in Armonico Centex Homes at McDowell Mountain Ranch

With a total area of 3,527 square feet, the Ladera model is the largest among the Armonico floor plans. This two-story house includes five bedrooms and three bathrooms. On the upper floor is the master’s suite with a large luxurious master bath along with two walk-in closets. There are three more bedrooms and another bathroom.

Standard the Ladera’s family room is open with vaulted ceilings, however, a very popular upgrade was to add this loft area. The loft is like a 2nd family room upstairs. The optional bonus room can expand the area to about 3,900 square feet.

Downstairs is a very traditional styled floor plan. There is a grand entry with the living room and dining room. This area is open to the staircase upstairs and is very dramatic. Passing through you reach the greatroom. To one side is the Kitchen. Its a very large kitchen with lots of storage, huge island, breakfest area and high ceilings.

Across from the kitchen is an open and airy family room. Many have set this up with wonderful entertainment systems for family enjoyment.

On the other side of the family room is a full bed and bath down, perfect for the mother in law suite. Then a laundry room and out to the 3 car garage.

With the bonus room, this is the perfect 5 bedroom home with 3 full baths and a kid bonus or 2nd family room.

This is one of the larger 2 story homes in McDowell Mountain Ranch.

Ladera Floorplan Armonico McDowell Mountain Ranch

See the Schools of McDowell Mountain Ranch Here

Back to the Guide to McDowell Mountain Ranch click here

Back to Armonico Floor Plan click here

Back to Communities in McDowell Mountain Ranch click here

Ladera Floorplan Armonico by Centex Homes for Sale in McDowell Mountain Ranch Scottsdale AZ

Homes for sale near Desert Canyon Elementary School

Homes for sale near Desert Canyon Middle School

Homes for sale near Desert Mountain High School

Homes for sale in McDowell Mountain Ranch

Ladera Floorplan Armonico by Centex Homes for Sale in McDowell Mountain Ranch Scottsdale AZ is a post from: The Cameron Team Website