Mark Loprino, Arizona Distressed Property Help

Phoenix area housing shows signs of price stability

Wed, 01 Jun 2011 18:56:43 GMT

Valley housing shows signs of price stability -

In the latest S&P/Case-Shiller report, the Phoenix area was one of the best performers with regard to the most recent month-over-month price change measured by the Case-Shiller study, from February to March. The Valley's median home-resale price decreased 0.5% during that one-month period, making it the fifth-best metro area in terms of price retention. The Phoenix area's recent performance boost in home-value retention reflects that prices have essentially stabilized since January, local analysts said.

Read article:
http://www.azcentral.com/business/realestate/articles/2011/06/01/20110601phoenix-housing-market-price-stability.html

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Mark Loprino
480-502-0112

Big Jump in Households?

Thu, 05 May 2011 15:35:00 GMT

Big Jump Expected in New U.S. Households -

Millions of young adults are beginning to move out of their parents’ homes and create new households at the fastest rate since 2007. Some housing experts are predicting these young adults may provide a major jump to U.S. housing starts--possibly by more than 50%, even by next year--and increase housing consumption at a rate nearly double that of the past two years, Bloomberg News reports.

Read article:
http://www.realtor.org/rmodaily.nsf/pages/News2011050401

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Mark Loprino
480-502-0112

Foreclosure filings drop in the Valley

Wed, 13 Apr 2011 16:12:10 GMT

Foreclosure filings drop in the Valley -
Metro Phoenix's foreclosure activity reached an interesting equilibrium in March. The number of pre-foreclosures fell to nearly the level of actual foreclosures. Pre-foreclosures usually outpace actual foreclosures or trustee sales by a few thousand in the region. Last month, the number of new notice-of-trustee sales filed dropped to 5,692. At the same time, the number of trustee sales, or foreclosures completed, reached 5,003. New Phoenix foreclosure filings have been falling during the past few months, a good sign that fewer people are losing their homes or opting to walk away.

Read article:
http://www.azcentral.com/business/realestate/articles/2011/04/12/20110412arizona-foreclosure-filings-drop-valley.html

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Mark Loprino
480-502-0112

Beazer buying up Foreclosures in Phoenix

Thu, 07 Apr 2011 18:20:50 GMT

Beazer Homes buying up Foreclosures in Phoenix -

Beazer Homes of Atlanta is looking to complete their portfolio of 100 foreclosed homes by Sept. of 2011. They are only buying homes that were built after 2004 and are close to their own communities.

This buy up is part of their new Pre-Owned Homes Division.

Read the rest of this article: http://www.bizjournals.com/phoenix/morning_call/2011/04/beazer-buying-up-phoenix-foreclosures.html

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Mark Loprino
480-502-0112

Phoenix area gains jobs in 2010!

Tue, 29 Mar 2011 15:46:30 GMT

Phoenix area gains 7,200 jobs from January 2010 to 2011 -

bizjournals.com - The Phoenix area added 7,200 jobs during the past year, ranking it 26th among 372 metropolitan areas across the nation. A total of 266 metro areas gained employment between January 2010 and January 2011, according to new figures from the U.S. Bureau of Labor Statistics. Ninety-three suffered declines, and 13 were unchanged.

Read more of this article.

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Mark Loprino
480-502-0112

Credit Score Changes Befuddle Consumers

Thu, 10 Mar 2011 15:56:52 GMT

Credit Score Changes Befuddle Consumers -

Consumers, on average, can barely pass a test about recent changes in the credit score market and that means they may not know how their scores score -- or don't -- when it comes to securing credit. The Consumer Federation of America (CFA) and VantageScore Solutions say on 22 credit score questions administered to over 1,000 consumers recently, on average, consumers answered only 60% correctly. Most did not know who makes credit scores available, what is a strong score, nor the financial cost of a poor score.

Read the full article:
http://realtytimes.com/rtpages/20110310_creditscore.htm

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Mark Loprino
480-502-0112

ASU report says ups and downs consistent with a stable market

Thu, 07 Oct 2010 16:19:29 GMT

Arizona State University: Ups, downs consistent with a stable market -

The Arizona State University-Repeat Sales Index measures annual changes in average Phoenix-area home prices. The latest index shows a 2% drop from August 2009 to August 2010. Still the market is viewed as stable. “This is the first overall decline since March, but it is consistent with the small ups and downs associated with relatively stable housing prices,” said report author Karl Guntermann, the Fred E. Taylor Professor of Real Estate at ASU. “The ASU-RSI has been relatively stable for more than a year, which suggests that changes in house prices will be moderate going forward unless there are dramatic changes in the Phoenix economy or housing market.”

Read full article: http://www.bizjournals.com/phoenix/stories/2010/10/04/daily35.html?s=industry&i=commercial_real_estate

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Mark Loprino
480-502-0112

Mortgage rates drop to lowest on record

Thu, 07 Oct 2010 16:10:06 GMT

Mortgage rates drop to lowest on record -

30-year benchmark slides to 4.27% with 15-year at 3.72%

Read the article here: http://www.msnbc.msn.com/id/38770102/ns/business-real_estate/

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Mark Loprino
480-502-0112

New Short Sale Bill Submitted to Congress

Thu, 30 Sep 2010 16:47:26 GMT

New Short Sale Bill Submitted to Congress -

U.S. Representative Robert Andrews (D-N.J.) and Tom Rooney (R-Fla) offered up new legislation to Congress last week. H.R. 6133, "Prompt Decision for Qualification of Short Sale Act of 2010," is an effort from Congress to help keep potential buyers from walking away from short sales, simply because lenders take months to respond to their offers. This legislation aims to "require the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale."

Read full article:
http://realtytimes.com/rtpages/20100928_shortsale.htm

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Mark Loprino
480-502-0112

AZ Department of Housing launches foreclosure assistance program

Thu, 30 Sep 2010 16:46:08 GMT

AZ Department of Housing launches foreclosure assistance program, Save My Home Arizona

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Mark Loprino
480-502-0112

Fannie and Freddie Offering Hard-to-Beat Deals

Thu, 30 Sep 2010 16:44:26 GMT

Fannie and Freddie Offering Hard-to-Beat Deals -

Fannie Mae and Freddie Mac are trying to sell off 150,000 foreclosed homes by offering low down payments, no requirement for mortgage insurance, and up to $30,000 added to the mortgage for renovations. In addition, the real estate practitioner selling the property gets a $1,500 bonus. Buyers who plan to live in the properties get a 15-day chance to view the homes before investors can purchase them.

Read full article:
http://www.realtor.org/rmodaily.nsf/pages/News2010092904

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Mark Loprino
480-502-0112

Avoid Being Part of a Real Estate Scam

Tue, 21 Sep 2010 15:47:04 GMT

How to Avoid Being Part of a Real Estate Scam -

Here are some ways to avoid being caught up in sales fraud when the transaction involves an out-of-state buyer or seller:

· Ask for a photocopy of their driver’s license or passport that has been notarized.
· Verify signatures by comparing other signatures on their driver’s license, passport, etc.
· Get a copy of the original warranty deed to make sure that it hasn’t been altered.

See the full article for more tips:
http://www.realtor.org/rmodaily.nsf/pages/News2010091505

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Mark Loprino
480-502-0112

Arizona law bars fee on home resales

Tue, 21 Sep 2010 15:45:31 GMT

Arizona law bars fee on home resales -

New homebuyers in Arizona will be happy to know they won't be assessed a fee when they resell their homes. Buyers in several other states are seeing "resale fees" written into their purchase contracts. The contract clause requires new homebuyers to pay the developer or builder a certain percentage of what they resell the home for later. The typical resale fee is 1%. So if a formerly new home is resold for $250,000, the homeowner would have to pay the developer $2,500. The next buyer also would have to pay the fee to the developer. Read full article:
http://www.azcentral.com/business/realestate/articles/2010/09/14/20100914biz-catherine0915.html

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Mark Loprino
480-502-0112

Financial analyst says Arizona banks are starting to recover

Tue, 21 Sep 2010 15:43:39 GMT

Financial analyst says Arizona banks are starting to recover

Arizona banks appear to be on the mend, but experts are cautious that banks in the state will have to be patient before they realize a full and sustained recovery, according to Charlottesville, Va.-based SNL Financial LC.

Read more: Financial analyst says Arizona banks are starting to recover - Phoenix Business Journal

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Mark Loprino
480-502-0112

Real Estate Outlook Positive?

Tue, 14 Sep 2010 19:23:55 GMT

Clear Capital real estate data firm says they see signs of things becoming positive -

It's no secret that the keys to a long-term housing recovery are a growing economy, more jobs and modest growth in home values. So it's significant that the latest numbers in all three of these area happen to be positive - they're not spectacular, but definitely pointed in a good direction. Last week's national Home Price Index from the real estate data firm, Clear Capital, found that housing values not only have stabilized in most parts of the country, but are gaining in many markets. In Barclays Capital's recent report on the "shadow inventory" of homes with seriously delinquent mortgages that haven't yet hit the REO market, researchers found the total inventory dropped for the fifth straight month.

Read full article:
http://realtytimes.com/rtpages/20100913_realestateoutlook.htm

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Mark Loprino
480-502-0112

NEWS - Government Plan to Help Underwater Homeowners

Wed, 08 Sep 2010 19:47:10 GMT

Gov't launches plan to help "underwater" borrowers -

The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth. Starting Tuesday, the Federal Housing Administration will permit lenders to give these borrowers refinanced loans backed by the government. The lenders will be required to forgive at least 10% of the original mortgage amount. Investors who have control over the mortgages as part of their large portfolios will select which borrowers are invited to participate.

For the complete information view this AP article

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Mark Loprino
480-502-0112

Creating a New Real Estate Industry in Arizona?

Wed, 08 Sep 2010 19:44:00 GMT

American Solar, Calex team on new solar subdivision -

American Solar Electric and Calex Homes Inc. are partnering on a new solar power subdivision in Chandler. Calex’s homes in Artesian Ranch will have the option of including a 3- or 5-kilowatt photovoltaic system that is built into the roof of the homes with panels that look like tiles. The systems could save homeowners between $569 and $1,005 annually on their electric bill, those working on the project said.

Click here for the full article at Phoenix Biz Journals

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Mark Loprino
480-502-0112

Health Industry Adding to Glendale Economy

Wed, 25 Aug 2010 15:39:17 GMT

The Health Industry has made big moves into Glendale

Within the past fiscal year alone, Glendale has filled 1.3 million square feet of office space with health and education companies, bringing 1,042 new jobs to the city. Those jobs represent 60% of the 1,776 total jobs created in Glendale during the 2009-10 fiscal year ended June 30. The businesses were a mixture of companies new to Glendale as well as expansions.

Read more about the health industry in Glendale.

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Mark Loprino
480-502-0112

Best Moves for Buyers & Sellers

Wed, 25 Aug 2010 15:35:06 GMT

Best Moves for Buyers & Sellers

Plenty of forces, from overly cautious lenders to inaccurate appraisals, are making real estate deals more challenging right now. But one of the biggest roadblocks to getting a house sold these days is the disconnect between buyers and sellers. While sellers have gotten more realistic in pricing their homes, many still don't grasp how much they must concede to close a deal. And buyers are still spraying lowball offers around in hopes that sellers will be desperate enough to bite. Take such unreasonable expectations, multiply by two, and what do you get? "A standoff," says Glenn Kelman, CEO of real estate brokerage Redfin. See the full article for dos and don'ts to negotiate the best deal -- fast...

http://money.cnn.com/2010/08/25/real_estate/home_buyers_sellers.moneymag/index.htm

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Mark Loprino
480-502-0112

More Federal Funds for Jobless Homeowners

Mon, 16 Aug 2010 19:00:12 GMT

$3 billion more for jobless homeowners

The Obama administration is making $3 billion in additional funds available to help troubled homeowners avoid foreclosure, according to an announcement made yesterday. One part of the plan includes a new $1 billion program that will offer loans to unemployed borrowers at risk of losing their homes. The loans, which will be dispersed through nonprofit and housing agencies, will carry 0% interest and be good for a maximum of $50,000 for up to two years.

Read full article:
http://money.cnn.com/2010/08/11/real_estate/emergency_homeowner_loan_program/index.htm

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Mark Loprino
480-502-0112

Stabilizing Home Prices Trending Solid

Mon, 16 Aug 2010 18:55:48 GMT

Stabilizing Home Prices Trending Solid

The National Association of Realtors reported Wednesday that the trend in stabilizing home prices solidified in second-quarter 2010 as more metro areas showed improvement over 2009 — including Phoenix. The median price for a home resale in Phoenix stood at $144,700 in the second quarter, according to the NAR - a 10.4% increase over second-quarter 2009. The number of single-family home sales also is up. NAR reports a seasonally adjusted annual rate of 157,200 homes based on second-quarter activity in Arizona. That’s up 3.1% from the first quarter and 4.5% compared with a year ago.

Read full article:
http://www.bizjournals.com/phoenix/stories/2010/08/09/daily34.html?s=industry&i=resi_real_estate

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Mark Loprino
480-502-0112

Arizona Dubbed the Nation's Solar Energy King!

Fri, 06 Aug 2010 16:07:23 GMT

Arizona has been labeled the nation's "Solar Energy King"

Business Facilities magazine, which is read by business-relocation specialists and economic developers, has named Arizona as the top location for the development of the sustainable Solar Energy industry.

While there are currently only a handful of solar energy plants and manufactures in the state, Arizona is viewed by analysts as having the highest potential for developing the industry.

The state was also rated 6th nationwide in economic growth potential.

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Mark Loprino
480-502-0112

Home loan purchase demand up again

Fri, 06 Aug 2010 15:57:40 GMT

Home loan purchase demand up again -

The demand for U.S. mortgage applications to purchase homes rose last week for a third straight week as interest rates tumbled, according to Mortgage Bankers Association. The low rates also buoyed demand for home refinancing loans, with activity rising in five out of the past eight weeks. The MBA's seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans - increased 1.3% in the week ended July 30. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 0.3%. The seasonally adjusted purchase index, a tentative early indicator of home sales, increased 1.5%.

Read full article

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Mark Loprino
480-502-0112

Mortgage Rates Fall and Help Move Demand

Fri, 23 Jul 2010 15:49:43 GMT

Record low mortgage rates spurred an uptick in new-purchase mortgage applications last week...

Rates fell last week to 4.59% on an average 30-year fixed-rate mortgage, which is down from 4.69% the previous week. It's also had the effect of increasing refinancing in the past week as well.

Read more about this here at the Wall Street Journal

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Mark Loprino
480-502-0112

PayPal Expanding to Chandler

Fri, 16 Jul 2010 21:24:24 GMT

PayPal moving in to Chandler and bringing jobs in the tech sector

PayPal, eBay's online payment system, has committed to a 10 year lease here in Chandler.

With more than 188,000 square feet, eBay's PayPal division will be hiring an unspecified number of customer service reps and moving in this Fall. There are also rumors of higher level positions available at this tech-rich company that continues to bolster Arizona's growing image as a Technical Hub outside of California.

Another boon to our local economy!

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Mark Loprino
480-502-0112