Oct 2007
Refinancings hit highest level since March
31/10/2007 14:46 Filed in: mortgage
rates
Long-term interest rates slide again in latest survey
Wednesday, October 31, 2007
Inman News
Another drop in interest rates last week pushed refinancing activity to its highest level in nearly eight months, the Mortgage Bankers Association reported today.
The MBA's market composite index, a measure of total mortgage application volume, gained 3.8 percent last week on a seasonally adjusted basis from the week before, thanks to a 9.2 percent spike in the index that tracks refinancings.
Borrowers took advantage of the second straight week of falling interest rates, in which the average contract interest rate on 30-year fixed-rate mortgages dipped to 6.15 percent from 6.21 percent, the average 15-year fixed fell from 5.86 percent to 5.79 percent, and the average rate on one-year adjustable-rate mortgages (ARMs) dropped from 6.1 percent to 5.93 percent.
Points, or loan-processing fees expressed as a percent of the total loan amount, averaged 1.05 on the 30-year loans, 1.1 on the 15-year, and 0.93 on one-year ARMs -- compared with 1.13, 1.06 and 0.92, respectively, in the previous week. These points include the origination fee and are based on loan-to-value ratios of 80 percent.
Consumers seem to be holding off on buying homes, as the index that tracks purchase-loan activity dropped for the second straight week, MBA reported. The index last week was down 0.7 percent on a seasonally adjusted basis from the previous week, following a 3.1 percent decline at mid-month.
MBA reported that the refinance share of loan applications rose to 49.6 percent last week from 47 percent at mid-month, and the ARM share inched up from 14.2 percent to 14.7 percent.
The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
Wednesday, October 31, 2007
Inman News
Another drop in interest rates last week pushed refinancing activity to its highest level in nearly eight months, the Mortgage Bankers Association reported today.
The MBA's market composite index, a measure of total mortgage application volume, gained 3.8 percent last week on a seasonally adjusted basis from the week before, thanks to a 9.2 percent spike in the index that tracks refinancings.
Borrowers took advantage of the second straight week of falling interest rates, in which the average contract interest rate on 30-year fixed-rate mortgages dipped to 6.15 percent from 6.21 percent, the average 15-year fixed fell from 5.86 percent to 5.79 percent, and the average rate on one-year adjustable-rate mortgages (ARMs) dropped from 6.1 percent to 5.93 percent.
Points, or loan-processing fees expressed as a percent of the total loan amount, averaged 1.05 on the 30-year loans, 1.1 on the 15-year, and 0.93 on one-year ARMs -- compared with 1.13, 1.06 and 0.92, respectively, in the previous week. These points include the origination fee and are based on loan-to-value ratios of 80 percent.
Consumers seem to be holding off on buying homes, as the index that tracks purchase-loan activity dropped for the second straight week, MBA reported. The index last week was down 0.7 percent on a seasonally adjusted basis from the previous week, following a 3.1 percent decline at mid-month.
MBA reported that the refinance share of loan applications rose to 49.6 percent last week from 47 percent at mid-month, and the ARM share inched up from 14.2 percent to 14.7 percent.
The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
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AZBRD Has A New Vendor
24/10/2007 18:55 Filed in: AZBRD Other
Arizona
Business Resource Division and Service One Home
Warranties have teamed up to bring even more savings
to the employee benefit program. Read
More...
Trend report: Phoenix market will be hot in '08
23/10/2007 00:20 Filed in: Arizona Real
Estate
Trend report: Phoenix market will be hot in '08
Andrew Johnson The Arizona Republic Oct. 18, 2007 12:00 AM
If there's one thing that economists and real-estate analysts agree upon, it's that the housing market will not rebound from its free fall soon.
But beyond that, it gets pretty murky.
For example, many experts can't seem to agree on the effect the housing downturn will have on commercial real estate. Some believe the market has already weathered the storm; others believe the worst is still to come.
The picture grew even hazier Wednesday with the release of a new report ranking Phoenix as No. 9 on a list of 15 U.S. commercial real-estate markets to watch in 2008.
The list was part of the Urban Land Institute and PricewaterhouseCoopers' annual report, "Emerging Trends in Real Estate 2008," which gauges investment and development prospects in the U.S.
Phoenix's rampant population growth, proximity to California and burgeoning presence as a hub for warehouse space makes it market to watch next year, the report said.
The conclusions were based on interviews with more than 600 real-estate investors, developers and analysts.
Pete Bolton, a senior managing director of CB Richard Ellis' Phoenix office, agrees with the report's conclusion. He believes Phoenix's market fundamentals, including supply and demand, immigration and job creation, will help the commercial real-estate market stay strong through the next year.
"The huge driver . . . behind this is job creation," Bolton said.
The report says that the regions that will fare the best are those that are 24-hour cities with major export and import hubs.
As a result, the top commercial real estate markets, from an investment standpoint, are New York City, Seattle, Boston, San Francisco, and Los Angeles, among others.
Phoenix is not a "global pathway" like the ones listed above.
But it is in the midst of a transformation that includes a light-rail system and several developments in the downtown core that range from the addition of an Arizona State University campus to new office towers.
All of that could give it enough vibrancy to withstand the housing slowdown.
As a result, the ULI study predicts that while Phoenix's commercial real-estate market is likely headed for some kind of correction, it won't be as severe as the one that has hit the residential market.
Phoenix does have some factors working against it though, and it will need to aggressively plan for and manage existing and future growth.
"The region needs revamped infrastructure to keep pace with all the growth, including more roads, and improved sewage treatment and water systems," the report said.
Bolton, of CB Richard Ellis, is among those who believe that the much-talked- about commercial real estate correction has already started.
He says the big question is whether tighter standards as a result of the subprime-lending implosion will slow investing.
Tighter underwriting won't go away in the coming months, said Paul Boyle said, senior vice president with Grubb & Ellis/BRE Commercial LLC in Phoenix.
But Boyle doesn't think that will cause an overall slowing in investments on the industrial side next year.
"I just think the buyers may be more selective," he said.
Not everyone is as optimistic. Elliott Pollack, a Valley economist, said the housing downturn's impact on commercial real estate will really start to show in 2009.
"Things are going to be very strong through 2008 because of that which is already in the pile," he said. "But, beyond that, things are going to get weak. I would expect (2007-2008) is the peak in this cycle for commercial real estate."
Andrew Johnson The Arizona Republic Oct. 18, 2007 12:00 AM
If there's one thing that economists and real-estate analysts agree upon, it's that the housing market will not rebound from its free fall soon.
But beyond that, it gets pretty murky.
For example, many experts can't seem to agree on the effect the housing downturn will have on commercial real estate. Some believe the market has already weathered the storm; others believe the worst is still to come.
The picture grew even hazier Wednesday with the release of a new report ranking Phoenix as No. 9 on a list of 15 U.S. commercial real-estate markets to watch in 2008.
The list was part of the Urban Land Institute and PricewaterhouseCoopers' annual report, "Emerging Trends in Real Estate 2008," which gauges investment and development prospects in the U.S.
Phoenix's rampant population growth, proximity to California and burgeoning presence as a hub for warehouse space makes it market to watch next year, the report said.
The conclusions were based on interviews with more than 600 real-estate investors, developers and analysts.
Pete Bolton, a senior managing director of CB Richard Ellis' Phoenix office, agrees with the report's conclusion. He believes Phoenix's market fundamentals, including supply and demand, immigration and job creation, will help the commercial real-estate market stay strong through the next year.
"The huge driver . . . behind this is job creation," Bolton said.
The report says that the regions that will fare the best are those that are 24-hour cities with major export and import hubs.
As a result, the top commercial real estate markets, from an investment standpoint, are New York City, Seattle, Boston, San Francisco, and Los Angeles, among others.
Phoenix is not a "global pathway" like the ones listed above.
But it is in the midst of a transformation that includes a light-rail system and several developments in the downtown core that range from the addition of an Arizona State University campus to new office towers.
All of that could give it enough vibrancy to withstand the housing slowdown.
As a result, the ULI study predicts that while Phoenix's commercial real-estate market is likely headed for some kind of correction, it won't be as severe as the one that has hit the residential market.
Phoenix does have some factors working against it though, and it will need to aggressively plan for and manage existing and future growth.
"The region needs revamped infrastructure to keep pace with all the growth, including more roads, and improved sewage treatment and water systems," the report said.
Bolton, of CB Richard Ellis, is among those who believe that the much-talked- about commercial real estate correction has already started.
He says the big question is whether tighter standards as a result of the subprime-lending implosion will slow investing.
Tighter underwriting won't go away in the coming months, said Paul Boyle said, senior vice president with Grubb & Ellis/BRE Commercial LLC in Phoenix.
But Boyle doesn't think that will cause an overall slowing in investments on the industrial side next year.
"I just think the buyers may be more selective," he said.
Not everyone is as optimistic. Elliott Pollack, a Valley economist, said the housing downturn's impact on commercial real estate will really start to show in 2009.
"Things are going to be very strong through 2008 because of that which is already in the pile," he said. "But, beyond that, things are going to get weak. I would expect (2007-2008) is the peak in this cycle for commercial real estate."
Mortgage applications rise 0.7%
22/10/2007 23:59 Filed in: Arizona Real
Estate
Mortgage application volume increased a seasonally
adjusted 0.7% last week, according to the Mortgage
Bankers Association's latest survey.
Applications were also 0.7% higher compared with the same week during 2006. Read More...
Applications were also 0.7% higher compared with the same week during 2006. Read More...
Attention Keller Williams Partners
20/10/2007 11:56 Filed in: Real Estate
Agents
SanTan Village - Gilbert, Arizona
20/10/2007 01:31 Filed in: Gilbert
Arizona
SanTan Village set to Open October 26 Read
More...
Phoenix Housing Market
19/10/2007 13:21 Filed in: Phoenix,
Arizona Real Estate
Greater Phoenix resale home market
continues steady trend
MESA, Ariz. — The local resale housing market appears
to be fairly stable, with 4,910 recorded sales in
June 2007. The activity of June closely followed May
2007 at 5,220 sales and was not far below last year’s
5,460 transactions. The month of June brought the
second quarter activity to a close with 14,990 sales,
in contrast to 14,185 sales for the first quarter and
last year’s second quarter sales of
18,310.
Apple 200th Retail Store
19/10/2007 12:00 Filed in: Gilbert
Arizona
This is exciting news
for the town of Gilbert, Arizona. Apple is going to
open it's 200th retail store at the SanTan Village
shopping center in Gilbert, Arizona.
Read
More...
The Current Housing Market Is a Great Time for Buyers
18/10/2007 14:28 Filed in: Arizona Real
Estate
With
Prices low and sellers wanting to move on, desperate
to sell, regardless of how many concessions they
might have to make to close their deals. With more
than half a million brand new homes languishing on
the market unsold across the US and a lot of existing
homes that will take an estimated 8-9 months to sell
with an average realtor, buyers have plenty to be
happy about.. Read
More...
In Todays Arizona Republic
17/10/2007 07:20 Filed in: Arizona Real
Estate
Today in the Arizona Republic's Business section
reads in bold headlines "Homeowners slash prices". I
would have to say this is a very true statement,
although I would assume their is a bit more to the
story than they say. Absolutely in today's housing
market you need to be towards the bottom of the CMA
in your neighborhood or even the lowest priced home.
They state that one Chandler man slashed his price by
60,000, but the fail to say the price was most likely
way over priced to start with. That is the name of
the game, price the property to SELL. We need to get
a little more realistic about buyers today, emotions
runs high but price still makes the deal. So the long
and short of it is, get it cleaned up without
breaking your back and price, price, price.
Is the Open House What It Used to Beach
15/10/2007 23:34 Filed in: Arizona Real
Estate
While 80 percent of home buyers used the Web to
search for properties, only 42 percent visited open
houses last year, Read
More...
Buying Your First Home
14/10/2007 10:15 Filed in: Arizona Real
Estate
Everyone wants the American Dream of homeownership. But before you start looking, there are a number of things you need to consider.x
Read More...Arizona State Fair 2007
12/10/2007 20:37 Filed in: Fun Stuff
The Arizona
State Fair opened today and I must admit, I played
hooky and it was worth it. Read
More...
Feedback from the visitors
11/10/2007 20:19 Filed in: AZBRD Other
I would love to hear some feedback from you guys on
what are your thoughts on the site? What can I do to
make the site more enjoyable for you? Throw us some
of your ideas and we will do our best to make them
happen.
www.azbrd.com
www.azbrd.com
New York magazine lists Phoenix among top second-home choices,
08/10/2007 09:22 Filed in: Arizona Real
Estate
New
York magazine lists Phoenix among top second-home
choices, The Phoenix Business Journal, reports that
Phoenix is one of 11 cities touted as "Best Places to
Live" in the current issue of Resident
magazine.
Read More...
SWEET TOMATOES Coming to Gilbert
08/10/2007 08:40 Filed in: AZBRD Other
Sweet Tomatoes is coming to the corner of Power and
Ray roads in Gilbert. Read
More...
TV star reveals home-flipping secrets
07/10/2007 07:01 Filed in: Arizona Real
Estate
If you have been
fascinated by reports about how to earn profits
fixing up and quickly selling houses for large
profits "Flipping Confidential" by Kirsten Kemp
reveals how she profitably flips houses. As TV host
of The Learning Channel's "Property Ladder," Kemp has
become an expert at how to recognize houses with
profit potential and those to avoid.
Read
More...
Top Ten American Houses
06/10/2007 19:16 Filed in: Arizona Real
Estate
CNN Money presented us with their top 10 favorite
houses in America, selected from the American
Institute of Architects list of the top 150
American Structures. I know these came out a
while ago (March, 2007 ), but I sure do like
them. so I wanted to put these magnificent home
photos up again. Read
More...
Arizona's Real Estate Employee Discount Program
06/10/2007 15:34 Filed in: Arizona Real
Estate
I am very happy to
announce the Arizona Business Resource Division
Program has been growing by leaps and bounds.
Read
More...
The home forclosure process
05/10/2007 11:54 Filed in: Arizona Real
Estate
Some of the basics on foreclosures
3 types of Foreclosure Sales:
1) SHORT SALES
The homeowner has negotiated with the Lender to put his own house up for sale for less than is owed on the mortgage. The homeowner benefits by limiting the damage to his credit, the Lender benefits by not having to foreclose and sell the home themselves. Read More...
3 types of Foreclosure Sales:
1) SHORT SALES
The homeowner has negotiated with the Lender to put his own house up for sale for less than is owed on the mortgage. The homeowner benefits by limiting the damage to his credit, the Lender benefits by not having to foreclose and sell the home themselves. Read More...
What if my mortgage lender goes broke?
03/10/2007 11:06 Filed in: Arizona Real
Estate
A few clients of mine have asked me the question "can
my mortgage company close and cause trouble with my
mortgage payment? Read
More...
Today's Current Housing Market
02/10/2007 09:44 Filed in: Arizona Real
Estate
Here’s
what Gary Keller, co-founder and chairman of Keller
Williams Realty has to say about waiting out the
current market: Read
More...