Holiday Greetings!

Happy Holidays!

Whatever way you celebrate this holiday season,

may it be a joyful time for you and those you hold dear.

Please click HERE for my New Year's card.

December Mid Month Pricing Update and Forecast

  Article Courtesy of Michael Orr
The Cromford Report

Each month about this time we look back at the previous month, analyze how pricing has behaved and report on how well our forecasting techniques performed. We also give a forecast for how pricing will move over the next 30 days.


For the monthly period ending December 15, we are currently recording a sales $/SF of $84.47 averaged for all areas and types across the ARMLS database. This is 2.9% higher than the $82.35 we now measure for November 14. Our forecast range was $83.09 to $86.49 with a mid-point of $84.79. The actual figure fell just below the mid point of our forecast range, so we are very happy with our accuracy over the last month. 


The current price level is 1.4% higher than last year on December 15. I probably need to say that again to let it sink in. The average price per square foot is now 1.4% higher than it was 12 months ago. This is what used to be known as "appreciation". Today it is known as "that can't be right".  But it is. 

And since we forecast it last month we can't feign surprise this month. In fact we now predict that we will be reporting positive annual appreciation from November 29, 2011 onwards unless something very unusual happens to the market.

On December 15 REO sales across Greater Phoenix (all types) averaged $65.06 per sq. ft. (up 4.1% from November 15). Pre-foreclosures and short sales averaged $69.71 (down 3.1%) while normal sales averaged $106.79 (up 2.1%). Normal sales gained market share in a big way, moving from 36.5% to 41.1% of sales, while REOs were the big losers, moving from 34.9% to 29.5%. Short sales and pre-foreclosures advanced once again this month, moving from 28.7% to 29.4% - but note that many short sales closed on ARMLS get reversed later when it turns out they didn't close escrow as planned, so this percentage is probably somewhat over-stated.

On December 15 the pending listings for all areas & types showed an average list $/SF of $81.97, 1.4% above the reading for November 15 - so pending $/SF has moved upwards again and is now at its highest level since May 31, 2011. Among those pending listings we have 30.7% normal, similar to last month, a declining 26.0% REO and a steadily growing 43.3% in short sales and pre-foreclosures. The average pricing for pending listings on December 15 in each category was: $111.66 normal, $68.42 short sales & pre-foreclosures and $64.11 for REOs. All of these are higher than they were last month. Together with the changing mix this tells us we are likely to see a further rise in sales price per sq. ft. over the next month.

Our new mid-point forecast for the average monthly sales $/SF on January 15 is $85.66, which is 1.4% above the December 15 reading, and we have a 90% confidence that it will fall within ± 2% of this mid point, i.e. in the range $83.95 to $87.37. A substantial change in the mix can still have a significant effect on the average price per sq. ft. and we are seeing considerable variation from day to day. However even the lowest point in our forecast range is only slightly below today's reading.

It is now obvious that September 15 - now measured at $78.83 per sq. ft. - will remain the $/SF pricing bottom over the near term. The lowest monthly average sales price is $151,000 and this was measured on August 25. However the record low monthly median sales price is still standing at $107,000 and this record was set ten months ago on February 24. Our current monthly median sales price is back up around $116,000 and we will not be seeing $107,000 again anytime soon.

Market Summary for the Beginning of December

Article Courtesy of Michael Orr
The Cromford Report

Most of the supply and demand numbers were rather boring in November. All the excitement was concentrated in the pricing action. In this, October and November have been the opposite of the previous 12 months where there were massive changes taking place in supply but not much of interest going on in pricing.
To start with, let us look at the ARMLS data across all areas and types:


Sales per Month: 7,230 in November - down 5% from October but up 8% from this time last year.


Active Listings (including AWC): 26,655 on December 1 - down 1.5% from November 1 and down 41% from this time last year.


Active Listings (excluding AWC): 19,377 on December 1 - down 1% from November 1 and down 50% from this time last year.


Pending Sales: 10,171 on December 1, down 3% from November 1, but up 2% compared with this time last year.


Listing Success Rate: 75.3% on December 1 - down slightly from 76.0% on November 1 but up significantly from 60.4% on December 1, 2010.


Contract Ratio: 90.1 on December 1, down slightly from 91.9 on November 1 but up strongly from 40.1 last year at this time.


Days Inventory: 96 on December 1, down from 98 on November 1 but dramatically down from 184 at this time last year.


Cromford Market Index™: 155.8 on December 1, the same as on November 1 but far above the 91.0 we saw on December 1, 2010.


Sales Price as a Percentage of List: 96.67% on December 1, exactly the same as on November 1 but up from 95.59% on December 1, 2010.


Thus we see evidence of a huge improvement in the market balance compared with December 2010 but little if any change between last month and now. The Cromford Demand Index™ and Cromford Supply Index™ are both flat-lining, meaning that supply remains low and steady and demand remains high and steady.


So let us look at where the action is:


Monthly Average Sales Price per Sq. Ft. - $83.58 in November - up 3.1% over the month before and up 0.9% over last year at this time. It is also up 6.5% compared with the extreme low point measured on September 15.


Monthly Median Sales Price - $115,000 in November, up from $112,199 in October and the same as we saw in November 2010.
3.1% in a single month is a pretty strong bounce for $/SF so it is worth looking into exactly how and why this happened. If we look at the details we find:

• Greater Phoenix REOs are up 2.2%
• Greater Phoenix Short sales & Pre-foreclosures are down 4.1%
• Greater Phoenix Normal listings are up 3.1%

So we see that short sales and foreclosures, while booming in sales volume and success, have not been going up in price. In fact they have been falling faster than the other two groups are rising. The gap between the average $/SF for REOs and short sales has never been closer. We also see that overall pricing has improved faster than any of the three groups. This may seem paradoxical at first but the explanation is quite simple. REOs have the cheapest pricing and their sales volume is declining fast due to the reduction in supply. Normal listings are growing market share and have the highest pricing. The change in the mix has a huge effect on the overall average. This is the exact opposite of what happened in 2008 when prices tanked at unprecedented rates.


We can say on balance that sales pricing is back to where it was last year at this time and we can also reasonably expect to see positive appreciation rates for the market as a whole for at least the next 4 months. This is easy to predict because last year we had a gently declining pending listing $/SF whereas now pending $/SF figures are headed upwards.


This positive appreciation is not spread evenly around. The following cities currently show higher prices than at this time last year (measured by average monthly sales $/SF):

• Fountain Hills (14.8%)
• Paradise valley (11.9%)
• Casa Grande (7.6%)
• Sun City (7.1%)
• Buckeye (5.3%)
• Maricopa (3.2%)
• Gold Canyon (2.7%)
• Arizona City (1.9%)
• Phoenix (1.3%)
• Queen Creek / San Tan Valley (1.2%)
• El Mirage (0.8%)
• Cave Creek (0.4%)

The following are still in negative territory:

• Sun Lakes (-14.3%)
• Litchfield Park (-8.5%)
• Goodyear (-7.7%)
• Tolleson (6.8%)
• Avondale (-6.3%)
• Surprise (5.6%)
• Peoria (-5.6%)
• Sun City West (5.3%)
• Mesa (-4.2%)
• Anthem (-4.1%)
• Glendale (-3.8%)
• Apache Junction (-3.4%)
• Laveen (-3.0%)
• Gilbert (-2.8%)
• Chandler (-2.6%)
• Tempe (-0.9%)
• Scottsdale (-0.1%)

Most of the second list are seeing an upward trend in the last two months but are still down compared with November 2010.

For the months of July through October, we saw trustee sales volumes fall while new notices stayed fairly flat. The opposite occurred in November. Foreclosure notice started to fall off again while trustee sales popped up slightly, due to the large batch of Recontrust (Bank of America) notices that were issued in August against Countrywide originated loans. These became ripe for trustees to sell during November. The longer term trend for both is still downward and the pending foreclosure count has started to fall fast again having stabilized for several months. We believe that there will be relatively few REOs generated from now on. Most of the foreclosure tsunami is past us, perhaps 80%. Those foreclosure notice still to come will generate a lot of short sales and third party purchases at the foreclosure auction, but relatively few homes will revert to the beneficiaries. We have probably already seen over 90% of the REOs that are to be created by the 2004-2006 real estate bubble and fewer than 10% are yet to come.

Winter and Spring Events in the Valley of the Sun

Whether you're a local or a visitor to the beautiful Valley of the Sun, I hope you'll find pookbellini.com to be a great resource for links to great information about the area.  In addition to the links that are found on the left sidebar year-round, you will also find seasonal highlights.  Below you will find a list of the major Winter and Spring events in the Phoenix/Scottsdale metro area that have recently been added.  If you know of any great events that might be missing, please let me know.  

NOVEMBER

• Zoo Lights
• Glendale Glitters

DECEMBER

• Zoo Lights
• Glendale Glitters
• Las Noches de Las Luminarias (Desert Botanical Gardens)
• Tempe Festival of the Arts

JANUARY

• Glendale Glitters
• Celebration of Fine Art
• P.F. Chang's Rock 'n' Roll Marathon
• Barrett Jackson Car Auction
• Waste Management Phoenix Open

FEBRUARY

• Celebration of Fine Art
• Scottsdale Parada Del Sol Parade
• Scottsdale Arabian Horse Show
• Arizona Beer Week
• Cactus League Baseball

MARCH

• Cactus League Baseball
• Celebration of Fine Art
• Scottsdale Parada Del Sol Rodeo
• Scottsdale Arts Festival
• Arizona Barbeque Festival
• Arizona Bike Week
• Phoenix Film Festival

APRIL

• Phoenix Film Festival
• Scottsdale Culinary Arts Festival
• Pat's Run
• Cave Creek Earth Day Expo
• Earth Day Phoenix
• McDowell Mountain Music Festival

Getting Your Furnace Ready for Winter

Source:  Fidelity National Home Warranty Company

How Much Should You Put Down?

Courtesy of Keeping Current Matters/The KCM Blog 
Posted: 17 Nov 2011
Like most questions, the answer is “it depends”. Today, I thought I’d give you some things to consider.

Let’s begin the discussion with loans that don’t require Mortgage Insurance. The suggestion is to borrow as much as you can afford. As an example, borrowing $310,000, as opposed to $300,000, will increase your mortgage payment by about $51 at 4.5%. Recognize that by doing so, you will have $10,000 in the bank. It is my experience that it is easier to find $50 more every month than it is to save $10,000. Even if you had the discipline to set aside the $50 monthly, it would take you 200 months to re-accumulate the $10,000 in principal (longer with lost interest).

Understand too, that the interest paid on the extra money borrowed is tax-deductible. In a 25% tax bracket the $51 additional has a real cost of about $38!


Having the $10,000 liquid has other potential advantages as well:

1. If rates go up in the future, you could potentially make more interest than you are spending.
2. If you can avoid using credit cards for furniture, home improvements, etc., you can save a bundle on those non-tax deductible interest rate costs.
3. In a world where home values have declined, the more you borrow, the less you have at risk. You transfer the risk of the future value of the home to the lender.

Now, many borrowers today will need some sort of Mortgage Insurance, whether it’s a Conventional Loan with less than 20% down or an FHA Mortgage. These borrowers should sit with their loan officer and run the numbers because the cost of the Mortgage Insurance can vary based on loan-to-value and other factors. Examine the costs and the relative benefits.

Thanksgiving Thoughts

Even in these difficult times, we have so much to be thankful for.  My younger son had to replace his refrigerator this week... although bummed by the unexpected expense and the hassle he faced dealing with defrosting food and searching for a new fridge, he called it a "First World Problem" and acknowledged that he was, at least, fortunate to own a home and to be able to deal with such unplanned events.  Indeed, he's right.  Think of all the things we take for granted each and every day... Think of those who don't know where their next meal is coming from or where they will lay their head tonight.  Think of parents who are unable to feed and clothe their children.  Think of the elderly who can't afford their needed medications. Think of those who owned a home, paid their bills, put food on the table, but today face foreclosure and an unsure future. 

As you sit down at your table this year, or as you celebrate in whatever way is meaningful to you, be thankful and be moved to help others.  As has become my personal tradition each year, I share the words of Abigail Van Buren (Dear Abby)...

 O, heavenly Father: We thank thee for food and remember the hungry. We thank thee for health and remember the sick. We thank thee for friends and remember the friendless. We thank thee for freedom and remember the enslaved. May these remembrances stir us to service, that thy gifts to us may be used for others.

 

Please take a moment to view this Thanksgiving Card. 

With grateful appreciation,
Pook

November Mid-Month Pricing Update and Forecast

Article Courtesy of Michael Orr
The Cromford Report

Each month about this time we look back at the previous month, analyze how pricing has behaved and report on how well our forecasting techniques performed. We also give a forecast for how pricing will move over the next 30 days.
 
For the monthly period ending November 14, we are currently recording a sales $/SF of $82.36 averaged for all areas and types. This is 1.7% higher than the $80.99 we now measure for October 15. Our forecast range was $79.06 to $82.26 with a mid-point of $80.67. In a pattern similar to last month, this month the actual figure fell just above our forecast range by 10 cents. Pricing (as measured by $/SF for all areas and types) hit bottom in the second half of August and again in the first half of September but has been moving steadily upwards since then. We are now back at the level we last saw on July 3.


The current price level is 2.01% lower than last year on November 14.


On November 14 REO sales across Greater Phoenix (all types) averaged $62.95 per sq. ft. (up 0.8% from October 15). 


Pre-foreclosures and short sales averaged $72.25 (up 0.4%) while normal sales averaged $104.56 (up 0.6%). Normal sales gained market share, moving from 35.0% to 36.4% of sales, while REOs were the big losers, moving from 37.9% to 33.8%. Short sales and pre-foreclosures advanced once again this month, moving from 27.1% to 29.8% - another record high.


It is clear that the age of the REO is in decline while short sales and pre-foreclosures are becoming ever more important. As they become scarcer, REOs are getting more expensive. In addition the pricing for short sales and pre-foreclosures is no longer declining.


It is clear that the overall price movement (up 1.7%) is more than twice the movement of each individual component (REO up 0.8%, normal up 0.6%, short sales up 0.4%). This happens because of the change in the mix in favor of more expensive normal and short sales and away from the cheaper REOs.


On November 14 the pending listings for all areas & types showed an average list $/SF of $80.61, 3.0% above the reading for October 15 - so pending $/SF has moved upwards in a serious way for the first time in many months. This is a very positive signal, especially when all three sales components are moving upwards at the same time. Among pending listings we have a fast growing 30.5% normal, a sharply declining 28.3% REO and a steadily growing 41.2% in short sales and pre-foreclosures. The average pricing for pending listings on November 14 in each category were: $110.40 normal, $67.21 short sales & pre-foreclosures and $62.64 for REOs. Normal and REO are significantly higher but short sales and pre-foreclosures are lower than they were was last month. Together with the changing mix this tells us we are likely to see a further rise in sales price per sq. ft. over the next month.


Our new mid-point forecast for the average monthly sales $/SF on December 14 is $84.79, which is 2.95% above the November 14 reading, and we have a 90% confidence that it will fall within ± 2% of this mid point, i.e. in the range $83.09 to $86.49. A substantial change in the mix can still have a significant effect on the average price per sq. ft. and we are seeing considerable variation from day to day. However notice that even the lowest point in our forecast range is higher than today's reading.


It is now becoming very clear that our reading for September 15 - $78.54 per sq. ft. - will remain the low point over the near term. The lowest monthly average sales price is $150,503 and was also set on September 15. However the record low monthly median sales price is still standing at $107,000 and this was set nine months ago on February 24. Our current monthly median sales price is back up to $112,000, so median price changes have not followed the pattern of average prices or $/SF.

Market Summary for the Beginning of November

Article Courtesy of Michael Orr
The Cromford Report

On the surface the preliminary numbers for October suggest it was quite similar to September. Looking at the ARMLS data across all areas and types we see the following:


Sales per Month: 7,556 in October - down 7% from September but up 16% from this time last year.


Active Listings (including AWC): 27,063 on November 1 - up 0.7% from October 1 but down 40% from this time last year.


Active Listings (excluding AWC): 19,578 on November 1 - up 1.3% from October 1 but down 50% from this time last year.


Pending Sales: 10,509 on November 1, down 3% from October 1, but up 9% compared with this time last year.


Listing Success Rate: 75.9% on November 1 - down slightly from 76.2% on October 1 but up significantly from 56.1% on November 1, 2010.


Contract Ratio: 91.9 on November 1, down from 95.1 on October 1 but up from 39.4 last year at this time.


Days Inventory: 98 on November 1, the same as October 1 but dramatically down from 184 at this time last year


Cromford Market Index™: 156.0 on November 1, down from 159.4 on October 1 and 87.9 on November 1, 2010.


Sales Price as a Percentage of List: 96.70% on November 1, almost the same as 96.84% on October 1 but up from 95.21% on November 1, 2010
Just like in October, we can see that all these numbers are far better than 12 months ago but most are not quite as good as the previous month. Supply rose very slightly while demand declined slightly.
However the overall figures hide some spectacular difference between the geographic areas. For example, when it comes to active listings (including AWC), there was little overall change when averaged across all areas and types (up 0.7%), but the following cities increased their supply of single family detached homes far more than average:

• Rio Verde (up 34%)
• Fountain Hills (up 20%)
• Gold Canyon (up 19%)
• Sun City West (up 18%)
• Sun City (up 15%)
• Avondale (up 14%)
• Waddell (up 12%)
• Sun Lakes (up 10%)
• Surprise (up 9%)
• Anthem (up 7%)
• Scottsdale (up 6%)

The following had significant falls in active single family detached listing counts:

• Youngtown (down 5%)
• Queen Creek (down 6%)
• Tempe (down 8%)
• Apache Junction (down 9%)
• Tonopah (down 12%)
• Laveen (down 13%)

We have emphasized many times that changes in the balance of supply versus demand take a long time to be reflected in changes to pricing. This is illustrated by the latest numbers. The supply increased and demand fell during October, yet pricing made the most positive move it has done for at least 15 months, driven by the large reduction in supply over the last 12 months:

• average active listing $/SF - up 2.3% to $139.98 per sq. ft.
• average pending listing $/SF - up 1.8% to $79.65 per sq. ft.
• average monthly sales $/SF - up 1.1% to $80.95 per sq. ft.

Again, the overall average numbers hide discrepancies between different segments of the market. The monthly average sales price $/SF movements for the different price ranges are:

Price Range	Oct 2011 Avg $/SF	Sep - Oct 2011	One Year Change	Lowest $/SF	Lowest Date	Current $/SF Relative to Lowest $/SF
Below $100,000	$44.67	UP 2.3%	UP 3.0%	$41.63	Feb 2011	UP 7.3%
Below $25,000	$20.10	UP 3.8%	UP 4.7%	$17.92	Aug 2010	UP 12.2%
$25,000 to $49,999	$30.36	DOWN 1.6%	UP 5.4%	$28.07	Sep 2010	UP 8.2%
$50,000 to $74,999	$43.59	UP 3.2%	UP 2.4%	$40.81	Mar 2011	UP 6.8%
$75,000 to $99,999	$51.32	UP 2.5%	UP 1.1%	$48.94	Dec 2010	UP 4.9%
$100,000 to $124,999	$60.64	DOWN 0.9%	DOWN 1.0%	$58.53	Jan 2011	UP 3.6%
$125,000 to $149,999	$69.73	UP 0.2%	UP 1.3%	$66.43	Jan 2011	UP 5.0%
$150,000 to $174,999	$76.05	DOWN 0.3%	UP 2.6%	$74.10	Oct 2010	UP 2.6%
$175,000 to $199,999	$82.39	DOWN 0.8%	DOWN 0.1%	$81.58	Mar 2011	UP 1.0%
$200,000 to $224,999	$88.48	UP 0.8%	UP 1.8%	$85.96	Feb 2011	UP 2.9%
$225,000 to $249,999	$92.90	DOWN 0.5%	DOWN 0.5%	$90.80	Aug 2011	UP 2.3%
$250,000 to $274,999	$98.98	UP 6.2%	UP 4.3%	$95.57	Jan 2011	UP 6.7%
$275,000 to $299,999	$101.81	DOWN 0.9%	DOWN 0.3%	$100.67	Jun 2011	UP 1.1%
$300,000 to $349,999	$114.05	UP 7.4%	UP 8.1%	$101.90	Feb 2009	UP 11.9%
$350,000 to $399,999	$116.00	DOWN 3.2%	DOWN 3.4%	$111.98	Jan 2009	UP 3.6%
$400,000 to $499,999	$132.77	UP 2.9%	UP 4.2%	$126.12	Mar 2009	UP 5.3%
$500,000 to $599,999	$149.22	UP 1.8%	UP 2.1%	$139.66	Sep 2010	UP 6.8%
$600,000 to $799,999	$168.75	UP 1.6%	UP 3.4%	$157.43	Aug 2010	UP 7.2%
$800,000 to $999,999	$188.48	DOWN 7.3%	UP 5.4%	$177.33	Sep 2010	UP 6.3%
$1,000,000 to $1,499,999	$241.31	UP 4.0%	UP 20.4%	$191.18	Sep 2010	UP 26.2%
$1,500,000 to $1,999,999	$234.11	DOWN 6.2%	UP 0.3%	$221.50	Nov 2010	UP 5.7%
$2,000,000 to $2,999,999	$326.34	UP 10.9%	UP 2.5%	$288.90	Jul 2010	UP 13.0%
$3,000,000 and Above	$385.24	DOWN 7.3%	UP 10.9%	$347.46	Oct 2010	UP 10.9%

We can see that there were no price ranges hitting new lows last month. Below $150,000 recent pricing tends look healthy and on a strong upward trend. Above this point the picture is rather mixed. All but 5 ranges are showing price appreciation for the last 12 months. So why does the overall market number not show price appreciation? The reason is that the sales volume has decreased in the upper ranges so the more expensive homes make less contribution to the overall mix, driving the overall average down.


Maricopa County Foreclosures
New notices were down 4% to 4,354 in October. Trustee sales were down 17% to 2,364 the lowest number since March 2008. Sales to third parties were 1,125 leaving only 1,239 going back to the lenders - the lowest total since October 2007.


REO inventory is down to 10,451 almost exactly half of what it was 12 months ago.

QR Codes - Be careful out there!

In today's smartphone world, many people are familiar with QR (Quick Response) codes.  But, for those who have no idea what I'm talking about, let me explain.  A QR code is the funny square box that you see on many products and in many ads today.  You can use a scanning app (such as Scanlife or others) on your smartphone to photograph the code and then be taken directly to a particular website or webpage.  For example, if you scan this QR code it will take you directly to my website.  

I mention this because, while I love this technology, it also scares me a little... actually, a lot.  I fear that our phones and all the GPS locator apps set us up for possible invasion into our personal lives.  We have invited the world into our phones, tablets, and computers and all the private information we have stored in them.  With that thought always being in the back of my mind, I wasn't surprised to see the article I've included below about the potential dangers of QR codes.  Do I feel safe because I'm an iPhone user not an Android user?  Not really.   

My message today is to be careful out there... there is malware out there that will do you harm.  Be vigilant in keeping your personal information secure.  When ordering things online or going to any site that asks for personal information, make sure the URL begins with https:// - that "s" after http means "secure."  

BTW (by the way), I can assure you that if you use my QR code, it will only take you to my website... no malware hidden in there!

Android Users: Beware of QR Codes, Expert Says

Courtesty of REALTOR® Mag

Daily Real Estate News | Friday, November 04, 2011 

 

A growing attack to smartphones, particularly Google’s Android, is coming from QR codes, the scannable bar codes that can be scanned with your smartphone to instantly connect you to more information. 

QR codes have been catching on in marketing, and real estate professionals have widely adopted them as well. 

But watch before you scan, says one malware security researcher. 
These codes have become a main target for viruses and hackers who are using them to steal personal data from your phone, malware researcher Sergey Golovanov with Kaspersky Lab in Moscow told Forbes.com.

“QR malware codes are mainly spreading through Android,” Golovanov says. “We haven’t found any QR malware for the iPhones yet. Everyone is looking for the Android users. We don’t know why. But one of the reasons is probably because iPhone has a closed operating system and Android has an open operating system so it is easier to create software for them.”

When you unknowingly scan a malware QR code with your smartphone, you’ll be redirected to a malicious web address that may end with “.APK” or “.JAR” file extensions. However, Golovanov says there’s no way to be certain when your device has been affected by one of these malware QR codes.
Source: “Is the iPhone Safer Than Google’s Android?” Forbes (Nov. 3, 2011)

Insurance Anyone?

Courtesy of Keeping Current Matters/The KCM Blog
Posted: 03 Nov 2011 04:00 AM PDT

I am often asked about the different types of insurances that surround real estate. And while I am no expert on the topic, I do feel qualified to give an overview and some insight to assist you in asking intelligent questions to true insurance professionals. So, here it goes:

• Homeowner’s Insurance covers the replacement cost of the home and is required by lenders to ensure that their collateral (the home) will be replaced in case of damage. The amount of the policy need not include the value of the land. There are variables in cost by company and by the amount of the deductible.  Many people include riders to their homeowner’s policy for personal property (like jewelry) or get discounts because they tie it to their auto policies, etc. Recognize also that policies vary for owner occupied homes to second homes to vacation homes to investment properties.
• Flood Insurance is mandated by the Federal Government if your property is located in a Flood Zone. Flood Insurance Premiums are used to assist FEMA in rebuilding areas affected by flooding (like from a hurricane). Traditionally, “acts of God” have been excluded from many insurance policies. That was what forced the Flood Maps and mandatory coverages. (I imagine there is Tornado and Earthquake Insurance Policies as well, in areas where they are more likely.)
• Title Insurance is usually split into two policies – an Owner’s Policy and a Lender’s Policy. Both basically insure the same thing- that the owner of record is the rightful owner and that the liens of record (mortgages, for example) are the ones that everyone has agreed to. The title company searches the public records and certifies the title and the liens. Often, they clear prior liens and handle the transfer of ownership from seller to buyer with the County Clerk. Additionally, they provide information about real estate taxes, judgment and bankruptcy searches, and Certificates of Occupancy and Building Permits.
• Life and Disability Insurances are something to consider when you own a home. What if the worst case scenario happens? Depending on your age and health, the cost can be worth it. There are many types of life insurance (term vs. universal life insurance, for example) that can accomplish different goals from paying off your mortgage to planning for retirement. A strong life insurance professional is as important as a strong accountant. Cheapest is rarely best. Financially, many are covered in case of death but get crushed at times of disability. Investigate the cost….it usually makes good sense.

I expect today’s piece to get you thinking about what you must have and what you might consider for insurance. Just scratching the surface. Go get the recommendation of a professional. Check out cost, sure…but don’t lose sight of the concept of protecting your assets and your family.

It's Simple: Now is the Time to Buy a Home

Courtesy of Keeping Current Matters/The KCM Blog

Posted: 31 Oct 2011 04:00 AM PDT

“The millionaire says to a thousand people, ‘I read this book and it started me on the road to wealth.’  Guess how many go out and get the book? Very few. Isn’t that incredible? Why wouldn’t everyone get the book? A mystery of life.”  – Jim Rohn

Mr. Rohn explains that if we want to make the right financial decisions in our lives, we should depend on the same sources the wealthy read. This past month four different iconic financial resources said the same thing:

IT’S TIME TO BUY A HOME!

Here are all four resources.

Forbes Magazine: The Next Mortgage Crisis
Wall Street Journal: It’s Time to Buy That House
MarketWatch.com: Now Might Be the Best Time Ever to Buy a Home
JP Morgan Market Insights: Housing: A Time To Buy

Enjoy reading them!!

"This is a test. This is only a test."

Source:  COX Communications

Important Information About the Nationwide Emergency Alert System Test.

On November 9, 2011 a nationwide Emergency Alert System (EAS) test will be conducted at 2 p.m. EST/11 a.m. PST. This is the first time that the EAS will be tested on a national level. Please note that no actual emergency is taking place, this is just a test.

So, what exactly is the Emergency Alert System?

• The EAS is a system used by the local and federal governments to alert citizens to critical information during an emergency.

Okay, but why does it even need to be tested?

• A national alert has never been issued and the process for issuing a national alert has never been tested. It is not certain that the system will work properly at a national level.
• This national test will ensure that the system works as intended, and the results make it possible to improve the national EAS's capabilities should it ever be needed.

Well, how long should it last and what will we see and hear?

• The test should last approximately thirty seconds.
• “This is a test” will be audible. However, the visual message may not signify that “this is a test” as the code transmitting the message will not have this text.
• A background screen and/or video scroll signifying that “This is a test” to supplement the message may or may not appear on the screen.
• Visual problems are working to be corrected, and Outreach to the help of hearing impaired organizations is ongoing to enlighten that community about the test.

Where can I find more details?

• Visit www.cox.com and select our “help and support” tab for more information.
• http://updates.cox.com/cgi-bin3/DM/t/hxxR0BVeyFJ0ZZK0MBd0En
• http://updates.cox.com/cgi-bin3/DM/t/hxxR0BVeyFJ0ZZK0MBe0Eo

Remember, this is only a test. No action is needed on your part so please do not be alarmed.

FHFA Announces HARP Enhancements

Source:  Fannie Mae Website

The Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac have announced enhancements to the Home Affordable Refinance Program (HARP) that are intended to make it easier for lenders to refinance the mortgages of eligible borrowers. Guidelines for Fannie Mae Seller/Servicers will be available November 15, 2011.
FHFA Announcement

Underwater Refinance Program Expanded

Courtesy of Keeping Current Matters/The KCM Blog

Posted:  27 October 2011

At a campaign stop in Nevada on Monday, President Obama announced an expansion of the HARP (Home Affordable Refinance Program) which would eliminate the current maximum LTV of 125%. The initiative is being looked at as a way to reward those homeowners who have been good payers of their mortgages but, because of declining home values, they could not take advantage of today’s lower interest rates.

While the actual details on the program will not be released until next month, here’s the buzz:

• It will only pertain to loans currently being serviced by Fannie Mae or Freddie Mac
• Because of the removal of the LTV cap, appraisals may not be required
• With the only qualifying criteria announced being that the last six payments be on time, it is possible that income documentation may be streamlined and credit scores might be more forgiving
• Fees allegedly will be reduced
• Incentives may be offered to people who shorten their repayment time
• It also sounds that the banks may be given some incentive by not holding them liable for the underwater portion of the new loan (a major incentive for sure).

The government is on the hook for these loans already. By lowering the payments (by offering lower rates), they will likely help these loans to continue to perform and make it less likely for the underwater homeowner to walk away.

The original HARP was expected to help 5 million families.  After two years, it has yet to reach 900,000; therefore, estimates ranging from 800,000 to 1.6 million borrowers who may benefit need to be taken with a grain of salt.

Whether the Administration is looking for purely political rhetoric points or not, my advice to underwater homeowners is too keep an eye out for the final guidelines because you just might be able to lower your payments.

House Prices: Where Will They Be in the Spring?

Courtesy of Keeping Current Matters/the KCM Blog
Posted 10/18/11

Many sellers want to wait until the spring before putting their home on the market. This might be for any of several reasons:

1. They don’t want to be inconvenienced during the holiday season.
2. They believe that they will see more potential buyers and as a result will get a higher price.
3. In the northern part of the country, they might not want people walking through the snow and then into their house.
4. All of the above

In a normal real estate market, this may make sense. However, this market has been anything but normal. This spring will also see some abnormalities. The biggest difference will be the direction prices will take. 

In years past, the spring market would favor the seller because increased demand would outpace any increase in supply: the number of houses coming onto the market would not be as great as the number of buyers newly entering the market. In most situations, when demand is greater than supply, prices increase.

The reason this spring will be different is that the supply of homes coming to the market will be dramatically impacted by foreclosure properties being released by the banks. Many believe this increase in inventory will far outweigh buyer demand. In situations where supply is greater than demand, prices decrease.

Will This Actually Happen? 

RealtyTrac, in their latest foreclosure report, explained:

“U.S. foreclosure activity has been mired down  since October of last year, when the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork. While foreclosure activity in  September and the third quarter continued to register well below levels from a  year ago, there is evidence that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back up.

This will impact prices.

What Do Experts Believe the Impact Will Be?

Here are the pricing projections by several major entities:

• Zillow believes we will not see a bottom in prices until the first quarter of 2012.
• Standard & Poors thinks prices will drop 5% in the next few months. 
• JP Morgan Chase believes prices will depreciate 6 to 7% over the next six months.
•  Barclays says prices will fall 7% by the end of the first quarter of 2012.

Bottom Line

You may pay a hefty price for the convenience of not having your property on the market right now.

Should I Buy or Should I Rent?

Courtesy of Keeping Current Matters

We believe very strongly that now is the time to buy a home. Some will say we are just saying this to create real estate transactions and commissions. Because of that, today we will quote what those outside the real estate profession are saying to the people who look to them for financial advice.

The Wall Street Journal

Last week, in an article entitled It’s Time to Buy That House, the WSJ told their subscribers:

“It’s an excellent time to buy a house, either to live in for the long term or for investment income…Houses aren’t the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump.”

In an article two weeks ago, MarketWatch.com (the on-line blog for WSJ) told their readers:

“Now could be the best time in history to buy a home.”

Forbes.com

In a report to their subscribers, Capital Economics reported that:

“The previous declines in house prices and the more recent drop in mortgage rates to record lows have created an unusual situation in which the median monthly mortgage payment is more or less the same as the median rental payment.”

Why is this important? Last week, Forbes explained to their readers:

“If rents simply kept up with inflation at a 3.2% annual increase, a $1,500 rent payment would cost that renter nearly $900,000 over the next 30 years. The same $1,500 payment made to their mortgage would be only $540,000 (because the payments don’t increase with inflation).”

They went on to explain the advantages of homeownership during retirement:

“Even with a dismal 1% growth rate over 30 years, a $300,000 property would appreciate well over $100,000 giving the homeowner an additional nest egg for retirement…
At a time when retirement is becoming much more challenging, an extra $400,000 (or likely more) can make a major difference not to mention the impact of NOT having to pay a mortgage.  How much less would you have to save for retirement if you didn’t pay the mortgage?”

Bottom Line

When the iconic financial newspaper and the iconic financial magazine say that it now makes financial sense to purchase a house, perhaps it’s time to buy a home.

Forebearance Period Extended For FHA Home Loans

Courtesy of Bill Kamboukos of Strategic Mortgage

The Obama administration recently announced it will require servicers of mortgages insured by the Federal Housing Administration to extend the forbearance period provided to unemployed homeowners because of the unusually long time it is taking for people to find new jobs in this economic downturn.

The new program puts in place that servicers of FHA-insured mortgages must allow qualified homeowners to go without making a monthly payment for 12 months before the foreclosure process begins. Previously, the minimum forbearance required of FHA loan servicers was four months.

In addition, the administration said mortgage servicers who participate in the federal Making Home Affordable Program also will be required to give their delinquent and unemployed mortgage borrowers at least 12 months forbearance when that is possible under regulator and investor guidelines. That is an increase from the previously mandated three months forbearance.

While the Making Home Affordable forbearance has been limited to jobless borrowers who are no more than three months behind on mortgage payments, the administration said the assistance also will be extended to unemployed homeowners who are more seriously delinquent.

HUD said details of the revised forbearance program, including exactly how many months delinquent a borrower may be when filing for help, are still being drafted.

"The current unemployment forbearance programs have mandatory periods that are inadequate for the majority of unemployed borrowers," said U.S. Housing and Urban Development Secretary Shaun Donovan in announcing the changes.

He noted that 60 percent of the unemployed have been out of work more than three months and 45 percent have been out of work more than six months.

The decision to extend forbearance periods for out-of-work borrowers is meant to "allow homeowners to stay in their homes while they look for a job," he told reporters.

Donovan said 3,500 families become 90 days delinquent on their mortgages each month because of unemployment, and extending the forbearance period would increase the likelihood of repayment.

The new program does not apply to houses purchased through loans provided through Fannie Mae or Freddie Mac, who own or guarantee about half of the nation's mortgages.

Fannie Mae and Freddie Mac currently offer three to six months forbearance to unemployed borrowers, with the possibility of a further extension of up to a year on a case by case basis, according to Corinne Russell, spokeswoman for the Federal Housing Finance Agency that regulates them.

The Obama administration said it hopes the changes initiated for the federal foreclosure prevention programs will set a standard for Fannie Mae, Freddie Mac and the rest of the mortgage industry, including banks that have their own forbearance programs, said U.S. Treasury spokeswoman Andrea Risotto.

As additional information on the actual implementation of this program becomes available we will provide additional information.In the mean time, if you have an FHA home loan and you feel you will qualify for this program; your first step may be to contact your current home loan servicer directly.

7 Best Cities for Retirement

Courtesy of REALTOR®Mag/National Association of REALTORS®

Daily Real Estate News | Tuesday, October 18, 2011

 

U.S. News & World Report released its 2012 report on the top places to retire, taking into account lifestyle, cost of living, and home prices, among other factors. 

Some of the publication’s top picks for retirees:

• Flagstaff, Ariz.: Pleasant year-round weather and one of the sunniest places in the nation. 
• Boone, N.C.: Views of the Blue Ridge Mountains at an affordable price: The median home sales price was $215,250 in 2010. 
• Traverse City, Mich.: Plenty of shore line for lake houses and an affordable median home price of $155,715.
• Walnut Creek, Calif.: Abundant green space mixed in with city amenities. 
• Ithaca, N.Y.: College town with Cornell University and Ithaca College that also boasts plenty of nearby scenery.  
• Lincoln, Neb.: A place for second careers with one of the country’s lowest unemployment rates (3.5 percent in 2010).
• Pittsburgh: Lots of amenities but low-cost living (median home sales price was $97,900 in 2010).

See which other cities made the list. 

Source: “The 10 Best Places to Retire in 2012,” U.S. News & World Report (Oct. 17, 2011)

Market Summary for the Beginning of October

Article Courtesy of Michael Orr
The Cromford Report

Sales volumes dropped in September while supply failed to decline for the first time since December 2010. To compensate we saw positive pricing movement for the first time since the second quarter.
Looking into the ARMLS data across all areas and types we see the following:

Sales per Month: 7,832 in September - down 11% from August but up 17% from this time last year.

Active Listings (including AWC): 26,869 on October 1 - up 0.2% from September 1 but down 40% from this time last year.

Active Listings (excluding AWC): 19,327 on October 1 - up 0.6% from September 1 but down 50% from this time last year.

Pending Sales: 10,841 on October 1, down 5.8% from August 1, but up 12.4% compared with this time last year.

Listing Success Rate: 75.7% on October 1 - up from 74.5% on September 1 and up significantly from 56.9% on October 1, 2010.

Contract Ratio: 95.2 on October 1, down from 99.5 on September 1 but dramatically up from 40.0 last year at this time.

Days Inventory: 99 on October 1, the same as September 1 but dramatically down from 179 at this time last year.

Cromford Market Index™: 159.3 on October 1, up from 155.6 on September 1 and 85.4 on October 1, 2010.

Sales Price as a Percentage of List: 96.70% on October 1, almost the same as 96.72% on September 1 but up from 95.43% on October 1, 2010.

We can see that all these numbers are far better than 12 months ago but most are not as good as last month. However the Cromford Report Index™ continued to improve. This is because this index is a seasonally adjusted measure and it is normal for inventory to increase between September and October. In fact the inventory increased only 0.2%, far less than in an average year and causing most of the improvement in the index.

It is also normal for sales volume and pending listings to decline between September and October. This year sales volumes fell faster than pending sales, which is partly due to the decline in REO listings. With fewer lender-owned and HUD properties available, last year's sales volume for REOs is no longer sustainable. We now see demand in slight decline and expect to see the Cromford Market Index™ fall back from its recent highs as a result. 

REOs are losing market share very quickly now. Fewer trustee sales are taking place. There were 2,689 residential trustee sales in Maricopa County during September 2011, 44% fewer than the 4,808 of September 2010. In addition a larger percentage of these auctions are now won by third parties (42% in September 2011 versus 20% a year ago). So the quantity of homes reverting to the beneficiary is dropping extremely fast. Only 1,280 single family homes went back to the lenders in Maricopa County in September 2011. This is the lowest total since November 2007. It is also 61% lower than the 3,289 that they received in September 2010. They are selling far more than this number through ARMLS each month and so the lenders' inventory is being rapidly depleted.

It is a clear sign of the strength and dominance of negative sentiment that this remarkable turn round is mostly overlooked. At the same time, a completely irrelevant increase in foreclosures between July and August (due entirely to August having 23 trustee sale days instead of July's 20) managed to make headlines in the local papers. When bad news is amplified like this and good news is ignored we know sentiment has swung too far.

For the housing doom fans who like foreclosures, September 2011 was a pretty dismal month. There were a total of 4,544 new notices issued in Maricopa County of which 4,335 were residential. This is 39% lower than September 2010. This new number is actually slightly higher than April through July 2011, but 15% lower than last month and lower than every month prior to April until we get all the way back to December 2007. The downward trend has slowed but remains in place. The bigger news is that there were only 2,840 trustee sales of all property types. This is 44% down from September 2010. This is also the lowest number since March 2008 (except for November 2010 when Bank of America completely halted its trustee sales). Foreclosures are clearly well past their peak and the short sale is looking likely to overtake the foreclosure in the coming months as the primary mechanism to resolve homeowners' financial distress.

Pricing
After hitting a low point in late August and again in mid September, pricing is on a slight upward trend again. The monthly median sales price has climbed from $107,000 on August 18 to $114,950 on October 3 (all areas & types). That's a 7.4% increase in less than 7 weeks and illustrates how violently the monthly median sales price reacts when REOs start disappearing from the mix and increasing in price at the same time. For Greater Phoenix REOs the monthly median sales price has jumped from $80,000 to $86,400 in the same period, an 8% increase. Pricing for short sales and foreclosures has not followed suit and neither have sales prices for normal sales. In fact pricing has been a little weaker at the higher price points cancelling out some of the gains at the bottom of the market. The overall average price per sq. ft. is up only modestly. Having hit a decade low of $78.51 per sq. ft on September 15, we are now looking at $79.81 per sq. ft. for October 3, a bounce but not a very convincing one. The most encouraging sign is that the pending $/SF has finally started to change direction and is moving up again after trending downward for a prolonged 15 month period since May 2010. We wait with bated breath to see if it can keep this up throughout October.

Mid-Month Pricing Update and Forecast for September

Article Courtesy of Michael Orr
The Cromford Report

Each month about this time we look back at the previous month, analyze how pricing has behaved and report on how well our forecasting techniques performed. We also give a forecast for how pricing will move over the next 30 days.

For the monthly period ending September 15, we are currently recording a sales $/SF of $78.83 averaged for all areas and types. This is 0.7% lower than the $79.40 we now measure for August 16. Our forecast range was $77.17 to $80.21 with a mid-point of $78.74. Once again our forecasting technique proved remarkably accurate as the actual figure is only 9 cents higher than the mid point of our forecast range. The reason for the unusual accuracy over the last two months is that the market has remained fairly stable although it did change substantially after mid June. For the last three months sales activity has been concentrated at the bottom end of the market with the middle and top end much weaker than during the spring.

On September 15 REO sales across Greater Phoenix (all types) averaged $61.65 per sq. ft. (up a substantial 3.5% from August 16). Pre-foreclosures and short sales averaged $73.27 (down 0.3%) while normal sales averaged $100.73 (down a startling 4.9%). Normal sales gained market share, moving from 32.4% to 33.1% of sales, while REOs lost substantial market share, moving from 45.0% to 41.4%. Short sales and pre-foreclosures were the winners again this month, moving from 22.6% to 25.4% and recovering from a dip in August after a strong spike at the end of June. 

On September 16 the pending listings for all areas & types showed an average list $/SF of $78.47, 0.5% above the reading for August 16 - the first time we have seen a rise for several months. Among pending listings we have 27.6% normal, a sharply declining 35.0% REO and a fast growing 37.4% in short sales and pre-foreclosures. The average pricing for pending listings on August 16 in each category were: $108.70 normal, $68.90 short sales & pre-foreclosures and $60.82 for REOs. We can see that compared with last month the pending $/SF averages are up for REOs, but down for normal listings and (especially) short sales.

The price gap between REOs and short sales has narrowed substantially and disappeared completely for several price ranges.

Our new mid-point forecast for the average monthly sales $/SF on October 15 is $79.21, which is 0.49% above the September 15 reading, and we have a 90% confidence that it will fall within ± 2% of this mid point, i.e. in the range $77.63 to $80.79. A substantial change in the mix can have a significant effect on the average price per sq. ft. and we are still seeing considerable variation from day to day.
 
Since we are projecting a small and insignificant rise in pricing it is possible that our reading for August 25 - $78.69 per sq. ft. - will remain the low point over the near term. While prices for lender owned homes are on the rise, short sales and normal listings are still displaying considerable price weakness, so the overall price direction is still vague. The lowest monthly average sales price is $150,201 set on August 25. However the record low monthly median sales price is still standing at $107,000 and this was set seven months ago on February 24. Our current monthly median sales price is back at $110,000, where it has been for the majority of the last 9 months.

There have been several media stories making a big deal about increased foreclosure numbers in August. Outside Arizona, and especially in judicial foreclosure states. these may have had some significance. Inside Maricopa County, they seem to have no significance at all. The rise in completed foreclosures from July to August was small at 8% and less than the 15% increase in the number of days that the calendar gave the trustees to work. There was a noticeable rise in foreclosure notices issued by Recontrust, the company that handles the notices for Bank of America. However the notices for other trustees were at roughly the same level as July and substantially down from 2010. The underlying downward trend is reinforced by the month to date numbers for September. We are projecting about 4,500 new foreclosure notices during September, a drop of some 16% from August and about 2,850 trustee sales, a drop of about 21%. Part of the drop is because September has 9% fewer working days (21) than August (23). Nevertheless it still looks like the foreclosure tide is on its way out, and the inventory of bank owned homes continues to fall, as does the count of pending foreclosures.

Contrary to Statements By the Media, the Maricopa County Foreclosure Rate Dropped in August

Article Courtesy of Michael Orr
The Cromford Report

There were 2,914 trustee sales for single family homes in Maricopa County in the calendar month of August.


There were 2,701 similar sales in July.


You might think that this indicates trustee sales were increasing. However you would be wrong.


There were only 20 working days on which trustee sales could be held in July, while there were 23 in August. This means that we should have expected the August number to be 15% higher if the daily foreclosure rate was flat. In fact the daily rate of foreclosure fell by 6% from 135 per working day in July to 127 per working day in August, continuing the strong downward trend we have seen since March.


This indicates how overly-simplistic mathematical logic can send entirely the wrong message that foreclosures are increasing when they are not. Our calendar is a strange device that can distort our view of the market unless we take its idiosyncrasy into account. That's why we measure 7-day, 30-day and 90-day moving averages rather than relying purely on calendar month totals. 


As of September 12 we have seen only 912 trustee sales recorded for all property types since September 1. This is an exceptionally low number. If trustee sales continue at this rate throughout September (with its 21 working days), then the total for September will be close to the total last November (with only 19 working days) when we had several institutions including Bank of America doing no trustee sales at all while they addressed the national robo-signing controversy. September looks very likely to be a very weak month for foreclosures, measured on both a calendar month and daily rate basis. In fact the 90-day average for the daily rate of foreclosure is today at the lowest level since July 2008, over 3 years ago.


When correctly measured, the rate of foreclosures is currently falling fast. Do not let the stories in the media mislead you!

The Rental Picture

Article Courtesy of Michael Orr
The Cromford Report

The percentage of people renting their home has increased significantly since 2007 because so many individuals and families have lost the house they once owned to foreclosure or short sale.
  
Although the majority of rental transactions happen outside of the ARMLS system, a significant number are advertised and conducted through ARMLS and their transaction database gives us a very useful sample of what is happening out there in the rental world, particularly for single family detached homes. 


Demand:
On September 11, the rate with which leases are being signed is 2,828 per month. This compares with 2,553 on September 11, 2010 and 2,425 on September 11, 2009. A growth rate of 5.3% from 2009 to 2010 has doubled to 10.8% over the last year. These figures are for all property types. If we look exclusively at single family detached homes there were 2,222 per month in 2011, 1,900 in 2010 and and 1,891 in 2011, all measured on September 11. The growth rates were almost zero from 2009 to 2010 but nearly 17% from 2010 to 2011. Notice that single family detached homes were 79% of the total rental leases closed through ARMLS in the most recent month, up from 74% last year.


Supply:
On September 11, there are 4,893 single family detached homes offered for lease out of a total number active listings of 7,059. First we can see that the single family homes constitute only 69% of the active listings but 79% of the closed leases, suggesting that their turnover is faster than for condos and mobile homes. However that 69% has grown from only 58% at the same date last year. In fact supply of single family detached homes reached an unusually low number of only 2,852 on April 1, 2011 and has increased by nearly 72% since then. Clearly a large number of new rental homes are coming onto the market to meet the strengthened demand. In fact supply is growing faster than demand judging from the last 5 months, although this is coming off a period when supply was falling fast.


Pricing:
The average rental rate across the ARMLS territory for single family homes is currently between 68c and 69c per sq ft. Last year at this time it was 66c to 67c so we have seen a slight increase in rental rates over the twelve month period. This continues a trend from 2009 since we were measuring 64c to 65c back then. It remains to be seen whether this pattern will continue now that supply seems to be on a strong upward trend.


Although we do not publish rental charts on this web site, we do run a number of custom Cromford rental reports for clients and if you wish to dig deeper into this data please send an email describing your needs and requesting a price quote.