Movoto.com has come to Arizona. movoto.com

I am on their list as a agent for properties in the West Valley area.  This web site is fantastic if you are a home buyer or an agent wanting to see what is listed for sale.  The Search format is easy to use and when you call or email them, they instantly react to your request for information or to see the properties!   The people at movoto.com reach their agents right away by several methods phone, email and text to make sure the client is cared for!  I can attest to this as they call me.  So many agents just do not answer the phone or call people back.  It has become an epidemic in our industry.  With more people going to the internet for information movoto.com has filled the void for home buyers to get them fast and reliable service.  There is a ton of information on the internet via agents web sites and search engines  that is out of date and it can be extremely frustrating for anyone trying to find properties out there.

Make sure you bookmark this site!  You can always get there from here!

Tags: Arizona home search, internet search, movoto, movoto.com, search the internet for houses

I hope you enjoy this video.

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Tags: Mad avenue blues, youtube

Mortgage rates fall after steady rise

Phoenix Business Journal

Tags: Freddie Mac, Mortgage Rates, Phoenix Bsiness Journal

Loan Extensions Prolong Investment-Sales Decline
Jun 15, 2009 – CRE News

Lenders’ unwillingness to foreclose on loans and, in turn, make struggling properties available for sale is among the biggest roadblocks to strengthening sales-market activity, according to a broad cross-section of investment managers.

The managers of funds in several markets complain that in addition to reducing the volume of assets available for sale, lenders’ unwillingness to foreclose and put properties on the market is making it impossible for investors to determine pricing points.

The culprits include financial institutions that extend the maturity of nonperforming loans to avoid writedowns in value that would be required by a foreclosure and a sale at a discount to the loan’s principle.

“A rolling loan gathers no loss,” quipped Joseph Sitt, chief executive of Thor Equities, a New York fund manager that invests primarily in urban areas.

Continue Reading »

Tags: Arizona Real Estate, CMBS, Financing, Investment-Sales, Lenders, Loan Extensions, Loopnet, Michael Katz, RTC

Tags: Bank Sales, Fannie Mae, First time Home Buyer, Foreclosure, real estate, Renters

Phoenix Business Journal – June 8, 2009
/phoenix/stories/2009/06/08/story11.html?b=1244433600%5E1839926

Friday, June 5, 2009

Home developer looks to revive defunct infill projects

Phoenix Business Journal – by Jan Buchholz

Jim Poulin/Phoenix Business Journal

Veteran home builder Carl Mulac is focusing initially on a South Mountain development called Arboleda Ranch.

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A veteran Phoenix home builder is starting his own company with plans to resurrect broken developments, starting with a South Mountain infill site.

Carl Mulac, a former division president of Engle Homes and Standard Pacific Homes, has created Joseph Carl Homes with aid from JEN Partners, a real estate private equity firm based in New York.

“I met them about a year ago. They were looking to invest in down markets, which is something they have done before,” Mulac said. Continue Reading »

Tags: Arizona, Carl Mulac, Housing Market, Joseph Carl Homes, Phoenix Bsiness Journal, Phoenix Infill Projects, real estate, South Mountain

Friday, May 29, 2009, 10:31am MST
Phoenix Business Journal – by Mark Harden

“From the Arizona Business Journal today”

First-time homebuyers can apply their tax credit of up to $8,000 under the federal stimulus program toward the purchase of an FHA-insured home through short-term loans, U.S. Housing and Urban Development Secretary Shaun Donovan said Friday.

Under the American Recovery and Reinvestment Act of 2009, first-time homebuyers can qualify for the tax credit for purchasing their first home after filing their taxes.

But under a new Federal Housing Administration program announced Friday, state housing finance agencies and nonprofit groups can advance money to homebuyers up to the full amount of their tax credit so the money can be used on a home purchase, either to pay closing costs or to add to a down payment.

“Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate,” a HUD announcement said.

“Families will now be able to apply their anticipated tax credit toward their home purchase right away,” Donovan said in the announcement. “At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we’re doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”

The stimulus tax credit can be claimed on a taxpayer’s 2009 return, or through an amended 2008 return.

FHA will still require that homebuyers pay a 3.5 percent down payment.

HUD cited National Association of Home Builders data showing that the first-time homebuyer tax credit will stimulate 160,000 home sales across the nation, with 101,000 of those sales being to first-time buyers and 59,000 to existing homeowners who be able to sell their home to a first-time buyer.

Click here for details of the program and a link to FHA’s new mortgagee letter.

Mark Harden is a reporter for the Denver Business Journal, a sister publication.

Tags: Closing Costs, Down Payment, Housing Market, HUD, Phoenix Bsiness Journal, real estate, Tax Credit

Jane Baron from RMR Group Mortgage Company sent this in her weekly email letter.  To reach Jane here is her contact information:

Jane Barron
Sr. Mortgage Specialist
RMR Group, Inc.
Office: 480-423-3900
Cell: 602-680-2945
Fax: 480-406-6790
E-Mail: jbarron@RMRGroup.com

What’s A Couple Extra Trillion?

These days, the government often tosses around “billions” and “trillions” as they talk about various programs. Here’s a great way to visualize what these amounts actually mean.

Let’s begin with what $1 million looks like. Believe it or not, this little pile is $1 million (100 packets of $10,000). You could stuff that into a grocery bag and walk around with it.

While a measly $1 million looked a little unimpressive, $100 million is a little more respectable. It fits neatly on a standard pallet.

And $1 BILLION. now we’re really getting somewhere.

Next we’ll look at ONE TRILLION dollars. This is that number we’ve been hearing about so much. What is a trillion dollars? Well, it’s a million million. It’s a thousand billion. It’s a one followed by 12 zeros.

(And notice those pallets are double stacked.YOU are the little person in the red shirt standing at the lower left corner) So the next time you hear someone toss around the phrase “trillion dollars”. that’s what they’re talking about.

Tags: Debt, Trillion Dollars

This just came through my “inbox” From Loop net News!!!

Judy Lowe Named Real Estate Commissioner

May 14, 2009 – Phoenix Business Journal

Gov. Jan Brewer named a Tucson real estate practitioner to head the state’s Department of Real Estate. Judy Lowe will assume the position of Arizona Real Estate Commissioner that was vacated in January by Sam Wercinski, an appointee of Gov. Janet Napolitano.

Lowe is the former president and owner of Realty Executives Southern Arizona. According to a statement released by the governor, Lowe has been working on affordable housing issues in southern Arizona.

Lowe previously served as president of the Arizona Association of Realtors and on the executive committee of the National Association of Realtors. She has been a licensed broker in the state since 1986.

“(Lowe) is an established industry leader who will help guide us through the unstable times in our state’s real estate market,” Brewer said in the statement.

Tags: Arizona Department of Real Estate, Arizona Real Estate, Judy Lowe, Loopnet, News, Phoenix Bsiness Journal, Real Estate News

Phoenix Business Journal – May 19, 2009
/phoenix/stories/2009/05/18/daily30.html?s=du&ed=2009-05-19&ana=e_du_pub
Tuesday, May 19, 2009, 12:44pm MST | Modified: Tuesday, May 19, 2009, 2:59pm

Bank sales fuel Phoenix housing market
Phoenix Business Journal – by Jan Buchholz
Sales of bank-owned single-family homes are fueling the Phoenix-area real estate market, according to the Phoenix Housing Market
Continue Reading »

Tags: Bank Repo's, Bank Sales, Housing Market, Phoenix, R.L. Brown Reports