Phoenix AZ | Scottsdale AZ Real Estate

A recent real estate report by Grubb & Ellis report has some good information for Phoenix area real estate buyers and sellers.

While there has been some progress, we are not yet past the bottom.

Some of the good news:

• Home resales in Maricopa County have been steadily increasing since the first of the year
• MLS listings have been falling for the past three months, in spite of a glut of foreclosures
• New home prices in Maricopa County are back to ‘normal'
• Phoenix has affordable housing again
• Lots of buyers from California are still moving to Arizona
• Incomes continue to grow
• The gap between asking prices and selling prices has returned to normal
• Lenders are moving repossessed homes to REO listings on the market quickly

There are a lot of capable buyers in the wings, simply waiting for a clear sign that they will not be "catching a falling knife".

We'll know we're past the bottom when foreclosures begin to fall. That will happen sooner if the national ‘housing rescue' legislation, expected to become law this month, effectively mitigates some expected foreclosures.

Also, as financial institutions return to health, mortgage rates may begin to fall, reflecting the substantial rate cuts already put in place by the Federal Reserve Board.

It may not be tomorrow. However, I believe we are putting much of the bad news in the rear view mirror and may even be seeing the beginning of a new cycle in the housing market.

If you want more information on housing in Phoenix or Real Estate market news please call me at 480.221.8080

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Copyright © James Wexler *Phoenix Housing Report offers optimism for buyers and sellers*

If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short  Sales

A recent Associated Press article noted that in Finland, Sweden and other Northern European countries you can get "Text-Loans" - in which borrowers send text messages to lenders to receive money in minutes.

According to the Wire Report, a borrower would send a text message containing amount requested, their address, personal Identification number (SS#) and bank account number. The lender checks an on-line database and wires money if the applicant has a clean credit record.

Granted, the maximum loan amount is $300. However, this type of easy lending with extraordinary lending fees and interest rates is not so unfamiliar to the lending practices that took place here in the US housing boom.

In fact, this type of 'predatory' lending with extortionate interest rates or loan products (think, option ARM's) contributed to shocking abuse of the banking system.

The results of such lending practices has caused more than 300 major lending operations implode since the end of 2006; Most notably IndyMac Bancorp Inc, Lehman Brothers and Wachovia after withdrawals by panicked depositors led to the largest banking failure in U.S. history.

If there is immediate effort to prevent the failure of America's largest lenders which own or insure nearly all loans in the United States housing prices could continue to tumble as consumer confidence deteriorates further and could force the United States into a deep recession.

Unfortunately, until the government acts swiftly to avert a bigger crisis (which is never quickly enough) buyers will continue to sit on the sideline as loan defaults and foreclosures mount and home prices dive further.
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Copyright © James Wexler,  *Cell Phone Loans*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale Real Estate needs.

World stocks sank Wednesday and the Dow Jones index of leading U.S. shares was down 302.58 points after poor U.S. retail sales data

"sharpened concerns that global efforts to restore confidence in the financial system will not be enough to stave off a deep recession."

According to one analyst, "The bottom line is that the economy is now in recession and the downturn is already looking more severe than either of the last two recessions," he added.

For more than a year we have heard so-called experts, politicians, and other economic and industry analysts say we are not yet in a recession.

Maybe the numbers tell a different story.

Though, I can tell you from my day to day interaction with co-workers, friends, family, restaurant employees, shop owners, real estate buyers and sellers that we are and have been in a recession. Period!

• Energy prices are high.
• Food costs are up.
• Credit is tightened.
• companies are laying off employees.
• There are few salary raises.
• Commission jobs are seeing less commissions.
• Restaurants are half-filled
• Retail shops are empty.
• People cannot get loans
• 401K values are down.
• Savings account are down.
• Home values are down.

only personal debt and cost of living is up.

I hope I do not sound negative.

I am just tired of the powers that be and the campaigning politicians telling us things are different than they actually are. If you go out and actually talk to people who will give you candid answers, then you will know we are in a recession.

As soon as we recognize that then we can focus on the solution instead of whether or not their is a problem.

I am sure that if you have thought about buying a home and asked real estate agents, co-workers, friends and family the question if now is the time to buy, you have heard this response,

"there will never be a better time to buy".

This may or may not be true. In greater Phoenix, Scottsdale, Fountain Hills, Peoria and many other of the surrounding cities of Phoenix, home prices are down more than 20%. In some place more than 30%.

Real Estate Buyers are asking themselves if now is the time to buy. No one has a crystal ball or clear picture of the future. However, one answer to the question of whether or not now is the time to buy a home is "it depends"!

I am not skirting the question. In fact, "it depends" is the only certain answer. What may make sense for you friends, may not be the right reasons for you and your family to buy a home.

In theory, every time there is a buyer , there is a seller. Thus, 2 people simultaneously having the exact opposite outlook. The reason is not opposite long-term outlook on Real Estate; but simply, different wants, needs, desires and financial conditions at that point in time.

Bottom line; each person's individual situation situation is unique.

Ask yourself these 5 questions, ...

so you can decide if now is "Not" the right time to buy real estate.

1. Will you be in your current job for at least 3-5 years? - If there is any chance of relocation or job change in the near future, I would not recommend you buy with this potential financial instability.
2. Do you see any major family changes, children, divorce or separation in the foreseeable future? children are a large expense and selling a home through a divorce or separation is not an ideal scenario for best results.
3. Will a new mortgage test your financial limits? - there is no reason to work so hard to barely pay a mortgage on a home you cannot enjoy.
4. Do you have at least 6 months of emergency savings in case of unforeseen financial hardships? Make sure that you have savings should an unforeseen event cause short-term problems in paying your mortgage. Losing your home can be emotionally and financially devastating to families.
5. Do you have 10% (20% is better) down payment? - If you cannot get a fixed mortgage payment at a favorable rate, it is likely that you cannot quite be certain enough you will be able to afford your home for more than 3 -5 years.

There are other consideration and questions to ask if you should buy a home. However, it is an important decision. Be prudent and consult with many real estate experts who truly understand your personal and financial snapshot.'

If you are not 100% sure, it probably means you should wait; Remember, there is no last opportunity to buy.

For a list of more important questions you may want to ask prior to buying a home, please contact me directly 480.221.8080 

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Copyright ©  James Wexler,  *5 Reasons - Not to Buy a home! *

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale Real Estate needs

Ranking Arizona is which ranks the results of largest business opinion poll in Arizona.

The Poll of the Greater Phoenix general public is a vote upon business and leisure activities of Arizona's business professionals.

Real Estate has several sub-categories including

• Active Adult Communities (Phoenix)
• Master-planned communities
• Small to mid-size local builders
• Real Estate Agents
• Luxury High-Rise Condominiums
• Real Estate Brokerages
• Custom Homebuilders
• Mortgage Brokers
• Title Companies

To enter your vote for Ranking Arizona 2009 use the pull-down menus on this site to find the companies you wish to vote.

I recommend taking a look at the companies in each list.

Although, I work for Coldwell Banker so I can safely recommend that as Best Real Estate Brokerage.

I can say that listed are some of the best Real Estate companies in Phoenix, Scottsdale, Tempe, Fountain Hills, Peoria and Glendale.

I cannot recommend any specific community, builder, or condominium as #1.

However, one particular name that has received numerous industry awards is Camelot Homes who was honored to have won Ranking Arizona's #1 Small Volume Builder of the year last year.

Camelot Homes develops master-planned community developments in many Greater Phoenix cities including

Scottsdale - ( DC Ranch & Silverleaf) , Peoria (Sonoran Mountain Ranch and Vistancia) and Chandler, AZ

The mission of the Best of Arizona Ranking polls and your voting participation is to provide a method that will help ensure that Phoenix area businesses provide an extraordinary customer experience while building their business.

The measure of that mission is your vote!

Log-in and vote! Ranking Arizona helps keeps business reach for the highest standards of customer satisfaction.

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Copyright © James Wexler, *Ranking Arizona - Vote Best of Phoenix*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale Real Estate needs

Each day, I am reading about and speaking with industry experts, real estate agents, and Real Estate investors who are starting to get excited about buying real estate across the country and here in Metro Phoenix, Scottsdale, Paradise Valley, Fountain Hills, Peoria and other southeast valley cities like Mesa, Gilbert and Chandler.

However, I urge patience and prudence in today's real estate and home buying market.

There are several challenges we still face:

• Large inventory/supply - almost 11 months average across the country
• rising interest rates - FED indicated rate cuts are over
• High energy and food costs - oil , gas, and groceries are high historically
• tighter access to credit - the inability/difficulty to refinance debt

if you are a longer-term investors, home buyer or 1st-time new home buyers , follow the long-standing advice of investing 101 for real estate buying here in Phoenix.

1. Capital preservation - make sure you can afford the home; make sure you have 20% for a down payment on your mortgage
2. Debt reduction - pay off credit cards and other debt before you add more
3. Financial intelligence - research, talk to real estate agents, and make sure you exercise prudence. There is no last opportunity to buy a home. Make sure it is not putting you at more financial risk than you can afford.

Everyone who reads my blog knows I am a bit advocate of home buying for a residence and real estate investing.

Real Estate provides tax benefits, a hedge against inflation, long-term appreciation and a place to live and raise a family.

However, the waters of today's real estate market are turbulent. I encourage wading into the water not diving right in.

Before you invest or buy real estate I urge you to get the advice of one of the many experts in your area available on Activer Rain.

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Copyright ©  James Wexler, *3 Real Estate Investing Rules to live (before you) buy!*

Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale Real Estate needs.

Taylor Morrison, a Scottsdale new home builder , with communities in Goodyear, Phoenix, Gilbert, Queen Creek, Chandler , Avondale and Buckeye is offering...

a Dream Home Giveaway in which one lucky Grand Price winner will have the opportunity to choose from hundreds of eligible Taylor Morrison homes across the country.

They are also offering a Dream Vacation in which the winnder will receive a four day, three night trip to the Disneyland® Resort in Anaheim, California

For the official rules and eligibility requirements << click

I love Taylor Morrison homes. They offer a variety of models, price points, communities with a plethora of amenities for all ages and interests, high-quality craftmanship, award-winning customer service, outstanding builder warranty and a great reputation for home buyers purchasing another Taylor Morrison home again and again.

In Gilbert, take a look at Carrara Estates - prices start in the mid $300K at nearly 3,000 sq/ft.

In Chandler, preview Quail Springs - prices start at the upper $200K with 3 beds/ 2.5 baths

also, in Gilbert, see Lakeview Trails - prices start at the low $300K with 4 bedrooms and 3,000 sq/ft

Call your Real Estate agent who specializes in new home sales and construction and/or visit the Taylor Morrison sales office knowledgeable professionals.

**I have received no compensation from Taylor Morrison for writing this article**

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© James Wexler, All Rights Reserved. *Scottsdale new home builder ‘Taylor Morrison' to give away new home*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale Real Estate needs

Today, we have entered into what I call the ‘Perfect Storm' of Real estate where many factors have come together to cause this economic crisis that appears to have no end.

The House of Representatives , the Senate and the Bush Administration  has continually approved legislation providing help to struggling homeowners and more importantly liquidity to the lending institutions, banks, AIG and giants Fannie Mae and Freddie Mac which was expected to renew confidence on Wall Street. It has not! The market dropped what feels like nearly 3000 points in the last several weeks.

In fact, we have now watched Fixed rate mortgage soar , though, they are still at historic lows.

The National Association of Realtor said existing sales resumed their decline in what (I think) is 7 stragith months after a slight rebound in May.

This is, how shall I say it, not upbeat news;

Typically, as home prices decline, sales will actually rise. (due to the cheaper bargain basement prices). This did not happen! and is is very shocking. And can only mean a likely a precursor to further and steeper declines in home prices or no sales.

It does not take more than having Internet access, network television or delivery of the Sunday newspaper to be aware of the fact that Real Estate is going through a difficult time here in Greater Phoenix and the surrounding towns of Scottsdale, Fountain Hills, Tempe, Peoria, Glendale, Mesa and many other cities in Arizona and unfortunately across many parts of the Country.

As real estate professionals, we cannot control the market. However, often have the task of being the bearer of bad news. And too often, people like to shoot the messenger.

If you are a real estate professional and your clients, friends and family ask. Do the difficult and be honest.

If you own a home and need to sell.,  Lower the price to where it needs to be to sell.

If you cannot sell,  speak with a lender to Re-Fi while rates are low enough to make a difference; And before credit lending standards become possibly more strict.

Homeowners may not love to hear it.  However, they will thank you later.

~~ James Wexler  - Please don't shoot , I am just the messenger

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recently, most experts and analysts have been saying that they expect home prices to decline as a result of several key factors including high oil prices , foreclosure levels and turmoil in the credit and lending markets.

As Secretary of Treasury Hank Paulson points out, "the U.S. economy is going through a rough period'.

If you are a real estate professional in Phoenix or any of its surrounding towns, you do not have to be an economist to know times are tough in Real estate.

However, amidst all the negative headlines of record foreclosure rates, sharp price declines and turbulent credit and sub-prime lending markets I wonder how close we are to a bottom in pricing.

In fact, the big question on everyone's mind is "when will the bottom occur?"

Unfortunately, my crystal ball is not working, so I look elsewhere for answers...

One place I look is a web site called  Housing Predictor which provides independent real estate market forecasts for more than 250 cities in all 50 U.S. States and housing news.

The site updates reports regularly and claims to use more than 20 factors in each forecast, including economics, regional political influences, business development, employment levels and other socioeconomic issues."

Other sections rank:

Top 25 Real Estate Markets and the

Top 25 Worst Real Estate Markets

Now, this is just an unbiased opinion of the state of all things real estate.

However, instead of listening to the headlines laced with attention grabbing concepts and negative themes that are, at best, attempts to sell newspapers, ...

go to ...

HousingPredictor.com and read about your  local markets which have their own factors such as job growth, taxes, business development, inventory, etc.. attributing to a decline or rebound in housing.

You can always call these real estate professional for expert market analysis in your area:

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Copyright © James Wexler, All Rights Reserved. *HousingPredictor.com - Phoenix Prices - rise or fall ?*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale Real Estate needs.

Sub-prime lending and easy credit are widely considered the primary factors that caused the expansion of the housing bubble and the expansion of housing prices that led to the ultimate implosion of the real estate economy. However,

....what are the reasons that caused the mortgage crisis?

and the collapse of Bear Stearns, IndyMac, Fannie Mae and Freddie Mac and a free-fall in housing prices in greater Phoenix and in virtually every part of the country.

Who really is to blame??

• Borrowers - The vast majority of borrowers where honest in their loan applications. These are the neighbors that are hardest hit as unqualified buyers walk away from next-door homes as prices fall and interest rates adjust higher. Though, remember, Buyer Beware! We are quick to recall that old adage until it happens to us. However, buyers must take some responsibility before they are quick to point blame.

• Lenders - different than mortgage banks. Most lenders originate loans to consumers with the plan of immediately selling this loan to another institution. Greed by lenders to get paid a commission led to "liar loans' and a wide disregard of borrowers ability to pay for the mortgage.

• Banks - Lack of over sight by management, low underwriting standards and poor explanation of borrower risks are key factors to the sub-prime meltdown as banks quickly packaged loans and sell them to Wall Street investment banks and Hedge Funds for high rates of return.

• Wall Street -Investment banks pooled these CMO 's (collateralized mortgage obligations) and sold to their investors with high rates of returns. However, the ability to use leverage allowed banks to buy more than they could afford. When it was time to pay investors the value of these funds was virtually gone.

• Government- In a odd twist of fate, the government is taking little criticism or pointed fingers of blame. However, we are a Country built on borrowing; not Savings. The vast majority (some say more than 80%) of our gross domestic product (GDP) is from consumer spending. This has been great for economic expansion. However, lack of now planned oversight of allowing too many to buy what they cannot afford in order to support growth, may have come too little too late.

We all have our opinions of who is to blame.

Unfortunately, there is no one answer. No easy answer. No easy solution.

As the President pointed out, "it took us some time to get into this and will likely us some time to get out"; not comforting news, but likely the truth!

Note **

James Wexler , a.ka. , Wexzilla is not running for office, but he does like to share his opinion on the Phoenix | Scottsdale Real Estate Market and the US Real Estate Economy !

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Copyright ©  James Wexler, *Housing Crisis - Who's to Blame ?*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs

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