November 30th, 2009 by Michael Oliver

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An interesting story just came on cnbc.com about a University of Arizona law professor suggesting that homeowners underwater should be able to walk away from mortgages and forget trying to pay for a home that may never be worth the amount they owe on the property. Here is the story from cnbc.com:

Should homeowners who are behind in their mortgage be allowed to just walk way from the payments? A University of Arizona law professor suggests that maybe they should.

Tucson Foreclosures, Tucson Real Estate

November 28th, 2009 by Michael Oliver

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As a result of the excessive foreclosure rates Fannie May has been experiencing the company that buys a high percentage of loans from originating lenders said it will require higher standards. The new standards require borrowers with 20% down payments to have a 620 credit score vs. the previous 580. Additionally those buyers will be only allowed to have a debt to income level of 45% for all debts including the new mortgage payment.

A Fannie Mae spokesman told the newspaper that the limits reflect the company’s recent experience.

November 25th, 2009 by Michael Oliver

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New home sales increased last month to a level not seen in over a year as demand in the southern portion of the US increased dramatically. The commerce department stated the new home sales rates increased 6.2% to a seasonally adjusted annual rate of 430,000 homes from an upwardly revised 405,000 pace in September. On a note for those that don’t follow these reports as close as I do a seasonally adjusted annual rate of anything less than 500,000 new homes per year is considered anemic. During the real estate boom new home sale levels reached at high as over 2,000,000 homes per year.  To be at a rate of 430,000 homes shows the high rate of overhang in the existing markets as foreclosures and distress sales pull buyers their direction and away from new homes due to the value most of these homes can be purchased for.

new homes, Tucson new homes

November 23rd, 2009 by Michael Oliver

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Sales of existing home sales surged in October to an annual pace of 6.10 million units the fastest pace in 2.5 years (February of 2007). Home sales were up 10.1% over September, which itself was a very good month for home sales compared to the past 3 years of weak home sale statistics. Analysts polled by Reuters had expected October sales to jump to a 5.70 million-unit pace from the previously reported 5.57 million units in September. Compared to October last year, home sales were up by a record 23.5 percent. U.S. stock indexes extended gains on the data, while Treasury debt prices were little changed. The surge in sales is mostly attributed to what was thought to be the end of the first time buyer tax credit National Association of Realtors Chief Economist stated:

November 18th, 2009 by Michael Oliver

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Share on Facebook Here are the statistics for the Catalina Foothills (North side of Tucson). The Catalina Foothills is the highest priced district of the Tucson region and also commands some of the highest end services, views, and demand from buyers as the area also features several world class resorts.

November 09 Stats;

-466 Active Listings

-$556,336 Average Sales Price

-94 Average Days On Market

-$185.90 Average Dollar Per Square Foot of Sold Homes in The Foothills

-$13,500,000 Highest Priced Active Listing Currently In The Catalina Foothills Right Now

Catalina Foothills homes, Catalina Foothills Real Estate, North Tucson Home Prices, North Tucson Home stats

November 17th, 2009 by Michael Oliver

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Share on Facebook High end foreclosures seem to just be hitting the market in Oro Valley in the past couple days several have shown up. This one is on the lower end of the new Oro Valley foreclosure homes that have hit the market recently but it’s also one of the best values as it was sold in mid 2006 for $1,950,000 and today can be purchased for a fraction of the price at its listed price of $825,000. I’m thinking with the right buyer (cash offer) and some negotiating a low $700’s final price is very possible for this home seeing how the banks are trying to move their luxury homes right now. Even at its full listed price of $825k this represents about a 55% discount over the “top of the market” price. That’s pretty extreme, even for high end luxury real estate in Oro Valley and the greater Tucson area. It’s safe to say luxury home prices in Tucson have fallen 30-%40% from 2005-2006 highs but to see a property listed with a 55% discount and assuming the bank will discount further equates to a 60%-70% final sales price from 2005-2006 highs!

bank owned homes Oro Valley, oro valley foreclosures, Oro Valley homes, Oro Valley Real Estate

November 17th, 2009 by Michael Oliver

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Market Recap: By Michael Oliver

November 12th, 2009 by Michael Oliver

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Share on Facebook Mortgage rates are still going down and are currently at 4.91% (on average) for a 30 year fixed rate mortgage. Rates have been under 5% in five of the past seven weeks this makes mortgage payments for those reefing and purchasing extremely cheap compared to last years’ 6.14% 30 year average. For those wanting a 15 year mortgage rates there are also super low averaging just 4.36%! A year ago a 15 year mortgage was running at 5.81% showing a drop of almost 1.5% or 25% cheaper than one year ago!

mortgage rates, tucson mortgage rates

November 11th, 2009 by Michael Oliver

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Share on Facebook The most expensive foreclosure property in the Catalina Foothills right now on the market for sale is a 5,428sf 4bed, 5bath, ultra luxury home in the prestigious gated neighborhood of Pima Canyon Estates. This home has it all including a 1.88acre parcel of land, tumbled brick driveway, soaring 24ft beamed and planked ceiling, 24×24 travertine tile floors, 8ft alder doors throughout, Fisher and Paykel appliances, large courtyard with fountain, amazing mountain and city views.

high end foreclosures, luxury real estate, Tucson Foreclosures, tucson luxury homes, tucson luxury real estate

November 10th, 2009 by Michael Oliver

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Share on Facebook Due to the local real estate market in Tucson still working through the downturn high end foreclosures are still showing up in the market. A new listing that just came up on the MLS the other day shows just how low some banks are willing to list their luxury real estate foreclosures to get them sold in today’s tough market. This property is in the Foothills in the Casa Rio Estates neighborhood off of River and Craycroft. The property is a very high end home on the market for what seems like an amazing bargain. First here are the features list of this high end mansion in the 85718 zip code; 9,776 square feet of living space! 5 bedrooms, 7 baths, built in 2007, guest apartment, 5 car garage, indoor pool, on a 2.6 acre parcel, the features list of this home really goes on and on. Many would be asking for this caliber of home the price must be in the $3+ million price range but you would be mistaken. This home just came on the market at $1,259,800, now at that price many would say what makes this a good deal it’s still over a million dollars?