Mortgage And Real Estate News

Friday, December 28, 2012

Ryland buying Trend Homes

Gilbert-based Trend Homes, one of metro Phoenix’s largest homebuilders, is being purchased by Ryland Group Inc. The deal is another sign the region’s homebuilding market is recovering.

Phoenix-based investment firm Najafi Cos. is selling Trend Homes after buying the builder in 2008 for $85million. Trend Homes then was operating under bankruptcy protection. The terms of the sale to Ryland haven’t yet been disclosed.

The purchase of Trend Homes marks Ryland’s re-entry into the Valley’s housing market. The Westlake Village, Calif.-based homebuilder sold all its assets and closed its offices in the state a few years ago amid the housing crash.

Read more: Ryland buying Trend Homes

Chandler sees need for new housing

Chandler’s economic-development savvy has made headlines in recent years, as the city’s growing employment hubs prompted big-name companies like Intel, eBay and Ports America to take over or construct sprawling Chandler facilities.

But when it comes to the young, mobile professionals who work at those companies — and who may not want to be saddled with mortgages — the city hasn’t had many new residential options to offer.

Read more: Chandler sees need for new housing

Shrinking inventory for big investors

As foreclosures continue to fall in metro Phoenix, the dominant buyers and sellers in the region are changing.

Fewer sales of lender-owned inexpensive foreclosure homes means a rapidly shrinking pool of houses for investors to purchase.

As a result, more homeowners will be able to sell to buyers for higher prices because they aren’t competing with lenders.

Read more: Shrinking inventory for big investors

Thursday, December 27, 2012

Russians, Brazilians, Canadians among foreigners active in buying area real estate » Naples Daily News Mobile

NAPLES — International homebuyers aren't so foreign any more in Southwest Florida.

They're coming from more countries these days, including Russia, Brazil and even China.

"We are seeing new countries represented," said Craig Jones, vice president of marketing for Premier Sotheby's International Realty in Naples. "We are seeing a real uptick in the Russian buyer. That's at the top end. That's a true luxury, high-net-worth buyer and we are seeing the same thing from Brazil."

Read more:  http://m.naplesnews.com/news/2012/dec/27/russians-brazilians-canadians-among-foreigners/

Home Prices Hit a Milestone - Yahoo! Finance

Home prices are on track to notch their first yearly gain since 2006, the strongest performance since the housing bust and a development that could accelerate the real-estate rebound even as the broader economy stutters.

The housing market's revival has had several false dawns in recent years, but a recovery that began in the spring has strengthened throughout the summer and fall. The latest confirmation came on Wednesday, when the Standard & Poor's/Case-Shiller 20-city index showed that prices rose by 4.3% from a year ago in October. Since January, prices are up 6.9% so far this year, the largest year-to-date gain since 2005. A separate index released Wednesday by Lender Processing Services Inc. showed that national home prices were up by 5.2% this year through October.

Read more: Home Prices Hit a Milestone - Yahoo! Finance

Wednesday, December 19, 2012

2013: How Rising Prices Could Boost Housing Demand - Developments - WSJ

Potential buyers now have something they haven't had in a long time: urgency (save for a few months when the government was paying people to buy homes with a first-time home-buyer tax credit). This next year will be the first time since 2006 where prices ended the previous year in positive territory. Surveys already show that buyers' expectations of future home prices have improved throughout the past year.  Read more:   http://blogs.wsj.com/developments/2012/12/18/2013-how-rising-prices-could-boost-housing-demand/

What real estate trends suggest for 2013 | HousingWire

As 2012 comes to an end, most real estate professionals sit on the edge of their seats, anticipating the outcome of the fiscal cliff and how it will affect the housing market going into 2013.  Read more:  http://www.housingwire.com/news/what-2012-housing-market-trends-are-suggesting-2013?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29#.UNF9h6y3PFo

Tuesday, December 11, 2012

Experts’ Prescription for Arizona Economy in 2013: Patience and a Positive Attitude

At the 49th Annual Economic Forecast Luncheon, co-sponsored by the W. P. Carey School of Business Department of Economics and JPMorgan Chase, two experts offered their insights into Arizona’s economy in 2013. The message, from Professor Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business and Elliott D. Pollack, CEO of the economic and real estate consulting firm Elliott D. Pollack and Company was: Arizona’s economy is getting better. Slowly.

Read more: Experts’ Prescription for Arizona Economy in 2013: Patience and a Positive Attitude

Ryland buying Trend Homes

Gilbert-based Trend Homes, one of metro Phoenix's largest homebuilders, is being purchased by Ryland Group Inc. The deal is another sign the region's homebuilding market is recovering.

Phoenix-based investment firm Najafi Cos. is selling Trend Homes after buying the builder in 2008 for $85 million. Trend Homes then was operating under bankruptcy protection. The terms of the sale to Ryland haven't yet been disclosed.

The purchase of Trend Homes marks Ryland's re-entry into the Valley's housing market. The Westlake Village, Calif.-based homebuilder sold all its assets and closed its offices in the state a few years ago amid the housing crash.

Read more: Ryland buying Trend Homes

Scottsdale infill-incentive projects slow to get off drawing board

Scottsdale’s downtown infill-incentive district and plan, adopted in summer 2010, has netted only one actual construction project.

A divided City Council adopted the district and plan, which established a building-height maximum of 150 feet north of the Arizona Canal and surrounding Scottsdale Healthcare Osborn Medical Center.

The district and plan allow property owners downtown to request amended development standards, such as increased height and density, in exchange for public benefits, such as investment in public art and amenities.

Read more: Scottsdale infill-incentive projects slow to get off drawing board

Monday, December 10, 2012

New owner puts Phoenix Metrocenter Mall on a mission

Metrocenter, once one of Arizona's most successful malls, hope mixed-use projects can breathe new life into the struggling shopping center.

The New York-based Carlyle Development Group plans to submit a rezoning application to the city in early 2013 to turn the mall into a mixed-use project, which would stretch the offerings beyond only retail.  Read more:  http://www.azcentral.com//community/phoenix/articles/20121205new-owner-puts-metrocenter-mission.html

Sunday, December 9, 2012

Lot owners upset over Sereno Canyon plan for resort, homes

A group of lot owners in Sereno Canyon, an undeveloped subdivision just outside the McDowell Sonoran Preserve, say they bought a vision, not just a piece of land.

“We looked at it when it was in the raw, and my wife is an animal lover, and we saw horses and everything, so to us that’s where we wanted to live,” said Jim Canning, who lives in Fountain Hills.

“They sold us a beautiful place, a tranquil spot away from all the hustle and bustle, so we could build a really nice home,” Scottsdale resident Rick Popper said.

Read more: Lot owners upset over Sereno Canyon plan for resort, homes

Reagor: Colony behind big buy

The winning bidder for Fannie Mae's bulk sale of more than 300 sought-after foreclosure houses in metro Phoenix has been revealed: Santa Monica, Calif.-based Colony Capital.

But the true cost of the houses is still a mystery because of the complex financing deal approved by Fannie Mae's regulator, the Federal Housing Finance Agency. The more than 300 houses in Arizona are lumped in with a total of 970 foreclosure homes Colony is buying. The other properties are in California and Nevada.

Read more: Reagor: Colony behind big buy

Friday, December 7, 2012

Home Values Up in Q3 Per Fed Report

Fueled by a $370 billion jump in the value of household real estate, household net worth grew $1.7 trillion in the third quarter to $64.8 trillion, the Federal Reserve reported Thursday in its quarterly Flow of Funds report.

And, while the value of owner-occupied household real estate increased, total residential mortgage debt fell $85.8 billion. As a result, owners' equity increased almost $390 billion. Homeowners' equity as a percentage of the value of the real estate rose to 44.8 percent, the highest level since 2007, according to the report.  Read more:   http://www.dsnews.com/articles/home-values-up-in-3q-per-fed-report-2012-12-06

RealtyTrac: Short Sales, Pre-Foreclosure Sales Increase in Q3

Although short sales continue to be utilized more and more as an alternative, RealtyTrac suggested the trend may change if the Mortgage Debt Relief Act of 2007 does extended.

According to RealtyTrac's Q3 foreclosure and short sales report, short sales increased quarterly and yearly by 15 percent and 17 percent, respectively. Out of all residential sales, short sales represented about 22 percent of the total in Q3.  Read more:  http://www.dsnews.com/articles/realtytrac-short-sales-increase-in-q3-2012-12-06

Thursday, December 6, 2012

No vote on Phoenix Wright house before Jan. 16

The Phoenix City Council will not vote on the historical status of a famous Frank Lloyd Wright-designed house in east Phoenix until at least Jan.16.

Councilman Sal DiCiccio said Wednesday that the extension will allow for more time to accomplish two goals for the David and Gladys Wright House in Arcadia: to continue searching for a sole buyer who will preserve the home and to challenge preservationists and supporters of the house to begin raising funds to save the house for good.  Read more: http://www.azcentral.com/community/nephoenix/articles/20121204phoenix-wright-house-no-vote-before-january.html

Wednesday, December 5, 2012

Citigroup Job Cuts: Bank Plans To Slash 11,000 Jobs In Aim To Save As Much As $1.1 Billion Per Year - The Huffington Post

* Cuts include technology and support jobs around the world

* Consumer banking due for 35 pct of restructuring charges

* Company expects annual expense savings of $1 billion

* Stock rises 4 percent on news

Read more:  http://www.huffingtonpost.com/mobileweb/2012/12/05/citigroup-job-cuts_n_2243975.html?utm_hp_ref=daily-brief?utm_source=DailyBrief&utm_campaign=120512&utm_medium=email&utm_content=NewsEntry&utm_term=Daily%20Brief

Increase in Asking Prices Exceeds Rent in Certain Markets

National gains for rentals still grew faster than asking prices for homes in November, but in certain metros, the trend was reversed, Trulia reported Tuesday.

According to data from Trulia, rent prices in November increased by 5.6 percent year-over-year, while
prices for homes were up 3.8 percent, representing the biggest increase so far this year.

Even though rents stayed improvements, asking prices in 14 of the 25 largest rental markets managed to post greater increases compared to rents, the data provider revealed. Read more:  http://www.dsnews.com/articles/asking-prices-for-homes-surpass-rents-in-certain-metros-2012-12-04

Radar Logic Questions Recovery's Sustainability

Despite reports of improvements in home prices and sales, Radar Logic argued that upon closer examination, the housing market is not doing as well as assumed.

As of September 25, 2012, Radar Logic's RPX composite price increased 5.2 percent year-over-year across 25 metro areas, according to the company's monthly housing report. In addition, sales activity has gone up by 12.3 percent over a one-year period.  Read more:  http://www.dsnews.com/articles/radar-logic-questions-strength-of-recovery-2012-12-04

Tuesday, December 4, 2012

Historic landmark vote for Wright house delayed

PHOENIX — A city councilman says he wants to delay a decision on whether to designate as historic a Frank Lloyd Wright-designed house here.

Councilman Sal DiCiccio, who represents the Arcadia district in this city where the David and Gladys Wright House is located, said the delay would allow time to start fundraising to purchase and preserve the iconic house with views of Camelback Mountain.  Read more:  http://m.usatoday.com/article/news/1744629

Phoenix-area home prices rise again

Metro Phoenix's median home price climbed 5 percent in October after four months of remaining flat.

The region's median price of an existing house reached $157,000 in October, up from $150,000 during the previous few months, according to Arizona State University's W.P. Carey School of Business.  Read more:  http://www.azcentral.com/mobile/www/article.php?url=http://www.azcentral.com/business/realestate/articles/20121203phoenix-area-home-prices-rise-again.html

CoreLogic Reports 25 Percent Monthly Drop in Foreclosures in October | Mortgage News | Daily National and State Headlines

CoreLogic has released its National Foreclosure Report for October that provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 58,000 completed foreclosures in the U.S. in October 2012, down from 70,000 in October 2011 representing a year-over-year decrease of 17 percent. On a month-over-month basis, completed foreclosures fell from 77,000 in September 2012 to the current 58,000, representing a decrease of 25 percent. As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 3.9 million completed foreclosures across the country.  Read more:  http://nationalmortgageprofessional.com/news32697/corelogic-reports-25-percent-monthly-drop-foreclosures-october

Jumbo Lending in Today’s Environment | Mortgage News | Daily National and State Headlines

Historically, the "hard to finance" borrower was one with a risk-filled profile, usually consisting of late payments, low or sporadic income, and credit indicators that suggested an unwillingness or inability to manage one's debts. In the 1970s and 1980s, these borrowers were led to private money investors. Typically, these investors were high net worth individuals building portfolios of first and second trust deeds arranged at very low loan-to-values (LTVs) with substantially higher interest rates. The brokers who arranged these loans were later dubbed "hard money" lenders. As time evolved and credit markets became aware of the huge opportunity that existed in this segment, the "hard money" lenders were replaced with Wall Street firms creating mortgage-backed securities (MBS) and the business was renamed the far more innocuous "sub-prime" or "non-prime."  Read more:  http://nationalmortgageprofessional.com/news32705/jumbo-lending-today%E2%80%99s-environment

REO Sales Diminish to Under 20% of Overall Home Sales: Clear Capital

Clear Capital released a new market report Tuesday, tracking home prices through the end of November. Nationally, quarterly price gains were cut by more than half compared to readings from the month before. For November, home prices edged up just 1 percent.  Read more:  http://www.dsnews.com/articles/reo-sales-diminish-to-under-20-of-overall-home-clear-capital-2012-12-04

Lenders, Homeowner Advocates Unite Behind Mortgage Debt Relief Act

The Center for Responsible Lending, a nonprofit group dedicated to protecting homeownership, and the Financial Services Roundtable, a group of representatives from the nation's largest financial institutions, have come together to ask Congress to extend the Mortgage Forgiveness Debt Relief Act, which will otherwise expire at the end of this year.  Read more:  http://www.dsnews.com/articles/lenders-and-homeowner-advocates-unite-in-support-of-extending-mortgage-debt-forgiveness-act-2012-12-03

Reuters: Business News

National Commercial Real Estate News From CoStar Group

Latest stock market news from Wall Street - CNNMoney.com

Archive

Recent Comments