Mortgage And Real Estate News

Sunday, September 12, 2010

Housing market for Valley had rough Aug.

Foreclosures climbed in metropolitan Phoenix during August. Home sales fell, and so did prices. But pre-foreclosures fell as well, potentially signaling a drop in foreclosures in the coming months.

A rundown of the numbers from Information Market's latest research:

• Last month, 4,831 Phoenix-area homes were foreclosed on or taken back by lenders through trustee sales. That compares with 4,651 foreclosures in July.

• Existing-home sales in the Phoenix area dipped to 6,120 in August compared with 6,442 in July.

• The median price of an existing Valley house fell to $123,900 from $129,000.

• Pre-foreclosures, or notices of trustee sales, fell to 7,186 in August from 7,894 in July.

The drops in home prices and sales, as well as the rise in foreclosures, have many real-estate analysts concerned about a double dip for Phoenix's housing market. Home prices will have to fall below $119,900 to hit a new post-boom low.

Short-sale blues
Realty Executives Chairman Rich Rector put the woes of many homeowners to music, singing his song "Short-Sale Foreclosure Blues" at one of his brokerage's recent meetings. Excerpts:

"Bought at the top in 2005.

Life was great, beginning to thrive.

Then, whoa, things took a major dive.

Got those short-sale, foreclosure, repo blues.

Behind on my payments, Market done tanked.

Prices have fallen, zilch in the bank.

Went to my lender and drew a blank.

Got those short-sale, foreclosure, repo blues.

If I could have, I would have paid.

If I could have, I would have stayed.

I've been Fannie'd and Freddie'd and FHA'd.

I've been Chased, Wells Fargo'd and BofA'd.

I've got those underwater, upside-down, short-sale, foreclosure blues.

by Catherine Reagor The Arizona Republic September 8, 2010

Housing market for Valley had rough Aug.

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