Sunday, May 27, 2012

Memorial Day 2012

I have always found it strange to wish someone a Happy Memorial Day.  I can never bring myself to say those words.  Yes, we all look forward to the first long weekend that marks the unofficial beginning of summer and the first barbecue of the season, picnic, trip to the lake... or the Indy 500.  But, while all of those things make Memorial Day weekend a fun time, we need to remember the real meaning of Memorial Day... a day to remember and honor those who died protecting the rights we cherish.

As I have done in past years, I'd like to share some information about how Israel honors its fallen heroes.  On Yom Hazikaron, the Israeli Memorial Day, a siren is sounded twice throughout the country during a 24 hour time period, from sunset to sunset. The first siren marks the beginning of Memorial Day at 8:00 p.m. and the second is sounded at 11:00 a.m, before prayers are recited at all military cemeteries.  When the siren is sounded, the entire nation observes a two-minute standstill of all traffic and daily activities.  For the entire day, all places of public entertainment are closed and all radio and television stations play music appropriate to the mood of the day and broadcast programs honoring fallen soldiers.  Everyone participates in honoring those who died serving their country.
 
Enjoy your holiday weekend, but please take some time to honor the memory of those who made the ultimate sacrifice to give us the freedoms we cherish.
.. all gave some, some gave all.

And, as we remember those who died in service to our country, give thanks to those who are serving now and to all our Veterans for their past service to our country.  



Below are several links that I thought you might find of interest.  

Memorial Day History
American Widow Project
You Tube Rememberance
Buglers at Arlington National Cemetery

Saturday, May 12, 2012

Lost Our Home Pet Foundation - RescuePalooza

I'm happy to say that Lost Our Home Pet Foundation's RescuePalooza event was a huge success today!! Caleb, the big, sweet Catahoula Leopard Dog that I walked (and fell in love with) this week, went home with his new family today! His sister, Jessa, is still available, but the daughter of Caleb's new owner may come back tomorrow to get her. So many sweet, adorable pets were there today... and some were lucky enough to find their new fur-ever homes! Here's the link to Lost Our Home: lostourhome.rescuegroups.org

Remember, you, too can help!     Volunteer • Adopt • Foster • Donate

Wherever you live, support local rescue groups!

Thursday, May 10, 2012

Lost Our Home Pet Foundation


As many of you know, I do volunteer work for Lost Our Home Pet Foundation. The mission of Lost Our Home Pet Foundation is to be a resource for real estate professionals and other members of the community who discover an abandoned pet, and to provide options for pet owners faced with difficult economic circumstances, while promoting the spaying and neutering of pets.



Up until yesterday, all of my volunteer time was spent on my computer, handling "Courtesy Posts" to rescue websites for pets that LOH is unable to take in.  Yesterday was my first visit to LOH's brand new facility at the NW corner of Shea and 32nd Street.  My first job was walking dogs... and Caleb was the first dog that I walked.  He's a Catahoula Leopard Dog with big, sad eyes, and a sweet, loving personality.  His sister, Jessa, shares a kennel with him at LOH and both are absolute heart-tuggers.  They're hoping to find a new forever home together.  After walking Caleb, I walked two adorable little guys, Peanut (a long haired Chihuahua) and Sofie (a Yorkshire Terrier).  Walking two at the same time was definitely a lot of laughs... I think more time was spent getting untangled than actually walking!  I spent a little time helping in the cat room and did some kennel cleaning before I left.  While I'll continue to handle Courtesy Posts, I also plan to go back to the shelter regularly.  There is lots to be done there and volunteers are desperately needed... and I definitely need a furry fix now and then!

The number of pets that are abandoned or given up due to hardships is huge.  Because the new facility is small, most pets that are available for adoption are kept in foster homes.  There is always a great need for fosters. 

LOH also maintains a pet food bank to help those in financial need keep their pets fed.  Donations of pet food and supplies are always needed.

  
In recognition of the Grand Opening of Lost Our Home Pet Foundation's new facility
this Saturday, May 12th, from 10-2, I wanted to spread the word about LOH's mission and ask for your support.   I hope you will consider attending RescuePalooza and will spread the word to others.  It will be a fun event filled with shopping, playing, eating, live music, great people and pets... all while celebrating the grand opening of the newest shelter in town!  For more information, please see the "flyer" below.  Whether you are able to attend or not, please remember that you, too, can help!   


Volunteer • Adopt • Foster • Donate  

Inline image 2

Friday, May 4, 2012

Pook's Message - 5/4/12

Today I am including two articles with the same information... Both include the latest information from Michael Orr, director of the Center for Real Estate Theory at ASU, regarding the current trend in housing prices in the Phoenix area.  The first article comes from The Arizona Republic and the second comes directly from the source, Arizona State University/W.P. Carey School of Business.  Bottom line is that prices are going up in most areas of the Valley, with the luxury market being slower to show this increase and, in some areas, still showing a decrease in prices.  Today's third article suggests that the housing market nationwide has hit bottom and is now turning around, and the final article reminds us, once again, that interest rates are at historic lows and buying a home won't get cheaper than it is today.  As I've said before, Phoenix was hit hard, but is making a dramatic turn-around. Inventory is down, homes are selling (often within hours of being listed and receiving multiple offers), prices in many areas are going up significantly, and interest rates are at historic lows. Don't believe me?  Ask someone who has made an offer recently and discovered there were several other offers, including a full-price cash offer.  if you've been sitting on the fence, now is the time to make a move.  For stats on the Northeast Valley and stats specific to PV and Scottsdale, please visit my website.  If you'd like stats on other Metro Phoenix areas, contact me.

Home Prices in Phoenix Area Up 20 Percent in Past 12 Months

Source: The Arizona Republic | azcentral.com
Article by Catherine Reagor - Apr. 26, 2012 11:36 PM


Home prices are surging in metro Phoenix, climbing 8 percent in March alone and 20 percent in the past 12 months.

The median price of a house in the region climbed to $134,900, according to a new report from the W. P. Carey School of Business at Arizona State University.

The trend is projected to continue throughout the year, although at a slower pace.

Mike Orr, director of the Center for Real Estate Theory at ASU, doesn't expect home prices to continue to climb as fast as they did in March over the next few months. But he projects metro Phoenix's housing appreciation for 2012 to reach 25 percent by September.

Orr credits the turnaround to steep drops in foreclosures and in the number of homes for sale, coupled with an increase in sales.

Fewer foreclosures means fewer inexpensive homes for buyers. The number of homes taken back by lenders in metro Phoenix is down 60 percent from March 2011.

Housing inventory has dropped steadily during the past year because of a record number of investors snapping up properties out of foreclosure.

Home sales are up 35 percent from a year ago as more regular buyers have joined investors in the mix.

"Prices have begun to rise at a fast pace, and bargains are no longer plentiful," Orr said. "Most homes that are priced well are attracting multiple offers within a couple of days, and many are exceeding the asking price."

March's price increase was the sixth in a row for Phoenix's housing market. Most real-estate analysts say the streak of rising home prices, along with slower foreclosures, is proof a housing recovery is under way.

A growing number of national real-estate analysts say metro Phoenix is leading the U.S.' housing market's recovery.

Metro Phoenix's median home price is still at least $130,000 lower than it was during the boom but almost $30,000 higher than it was in August 2011.

Foreclosures are down, and so are the sales of lender-owned homes. Since March 2012, the number of foreclosures resold by lenders has plummeted 61 percent. At the same time, regular sales, new-home sales, investor purchases and short sales have climbed. All those types of transactions have higher median prices.

The number of houses on the market across the Phoenix area is down 64 percent from March 2011.
Frustrated real-estate agents have buyers ready to sign contracts but can't find houses for them.
Don Paulsen of Peoria-based West USA Realty said the number of homes on the market is even lower when the number of homes that already have contracts written on them is subtracted.

An example would be a short sale in which the owner accepted an offer and the agent is showing the status as AWC -- active with contingencies -- until they get lender approval, he said.

"The reality is most agents will not show those homes because they know there is already an accepted contract on them," Paulsen said.

Orr also expects foreclosures to continue to fall, which means even fewer inexpensive homes will be for sale.

"The very low number of inexpensive homes available for resale means more buyers are considering purchasing new homes as an option," Orr said. "This signals the start of a distinct upward trend in new-home sales."

Pinal County home prices are up 21.3 percent in price per square foot from March 2011 to March 2012, with Maricopa County prices per square foot up 12.9 percent.

The areas showing the greatest increases are those that suffered the most price damage from the foreclosure wave from 2007 to 2011, Orr said. Examples include El Mirage, up 20 percent in average price per square foot; Maricopa, up 20 percent; San Tan Valley, up 31 percent; Tolleson, up 20 percent; Glendale, up 16 percent; Phoenix, up 17 percent; and Anthem, up 17 percent.

In contrast, some areas least affected by foreclosures are still showing price decreases. Examples are Paradise Valley, down 2 percent; Tempe and Fountain Hills, down 3 percent; Sun City West, down 12 percent; and Wickenburg, down 18 percent.

Owner-occupied home sales, which have been eclipsed by foreclosures and short sales in recent years, also increased 47 percent from March 2011 to March 2012.

Prices are still below March 2011, but Orr said the trend has reversed recently, with the price per square foot rising 8.1 percent from February to March. The median normal resale price is now $166,650, still 4.8 percent below the $175,000 in March 2011.

New-home sales are concentrated in the southeast Valley, with Gilbert and Chandler recording the most sales in March, Orr reported.

Phoenix-Area Housing Update: Prices Up, New-Home Sales Coming Back

Source:  ASU/W.P. Carey School of Business
By Debbie Freeman/Communications Manager, W. P. Carey School of Business
Posted: April 26, 2012


Inline image 1The latest report from Mike Orr at the W. P. Carey School of Business shows the median single-family-home price in the Phoenix area went up more than 20 percent in the last year.

Foreclosures are dramatically down in the Phoenix-area housing market. This means fewer cheap homes coming onto the market, prices rising for the sixth month in a row as a result, and many buyers finally starting to turn their attention from bargain resale homes to new-home sales. A new report from the W. P. Carey School of Business at Arizona State University reveals some trends for Maricopa and Pinal counties, as of March:

• The number of foreclosures completed this March was down a huge 60 percent from March 2011.
• The median single-family-home price went up more than 20 percent from last March.
• New-home sales rose 35 percent in the same time period.

Mike Orr, the report’s author, says the home-buying season is in full swing and peak activity will last until June. The median single-family-home price in the Phoenix-area was $134,900 in March. That’s up 20.4 percent from a year ago when it was $112,000. Realtors will note the average price per square-foot went up 14.4 percent.

“Prices have begun to rise at a fast pace, and bargains are no longer plentiful,” says Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business. “Most homes that are priced well are attracting multiple offers within a couple of days, and many are exceeding the asking price.”

Orr emphasizes there’s been a dramatic change in the types of transactions happening in the market. Normal resales, new-home sales, investor flips and short sales are on the rise, while lender-owned home sales are down 61 percent from the year before.

Overall, the supply of single-family homes on the market (without an existing contract) went down 64 percent from March 2011 to March 2012. Orr estimates there is only a 23-day supply of homes priced under $250,000 available and that the market is very unbalanced, with far more buyers than sellers. The existing supply is heavily weighted toward the higher-priced end of the market.

“The very low number of inexpensive homes available for resale means more buyers are considering purchasing new homes as an option,” says Orr. “This signals the start of a distinct upward trend in new-home sales.”

When it comes to resales, Orr says all-cash buyers are still receiving preference over those with offers that require some form of financing. That’s because lenders need an appraisal, and appraisers are typically looking at months-old home sales for comparison. Those are priced well below the current market value.

“This puts ordinary home buyers at a severe disadvantage,” explains Orr. “More than 26 percent of Phoenix-area transactions are investor purchases.”

Orr’s full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed at http://wpcarey.asu.edu/finance/real-estate/upload/Full-Report-201204.pdf. More analysis is also available from knowWPCarey, the business school’s online resource and newsletter, at http://knowwpcarey.com.

Yet Another Housing Bear Turns Bull


Courtesy of Keeping Current Matters/The KCM Blog
Posted: 01 May 2012 

Every day there seems to be more positive news about the real estate recovery. We attempt to give you two things in this blog:
  1.   The actual data that indicates where the housing market is headed
  2.   Quotes from analysts who have scrutinized this data
Today, we want to give you a quote by Ivy Zelman which appeared last week in a Wall Street Journal article Stunned Home Buyers Find the Bidding Wars Are Back. 

“We very much believe we’ve hit bottom.”

Why is the quote from Zelman important? She is an industry expert consistently recognized by Institutional Investor, Greenwich Associates, StarMine and The Wall Street Journal as an industry-leading analyst. She has been nicknamed ‘Poison Ivy’ for her harsh positions on housing over the last several years. Now, Zelman is calling a bottom and projecting prices to moderately increase in the next twelve months.

Again, another expert on housing is calling a bottom; another bear turns bull.

Buying a Home Won't Get Much Cheaper

Source:  CNNMoney
Article by Les Christie / May 3, 2012



Several housing experts are predicting that this year will be the last chance for homebuyers to cash in on the weak housing market.
NEW YORK (CNNMoney) -- Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market. 

With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable -- but it won't stay this way for much longer. 

Stuart Hoffman, chief economist for PNC Financial Services (PNC, Fortune 500), said he expects home prices to flatten out by the third quarter and start climbing by next year. 

A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores. 

Some economists, like Trulia's Jed Kolko, expect home prices to pick up even more quickly. Trulia's data shows that the national average for asking prices already increased 1.4% in the first quarter of 2012, compared with the last three months of 2011.

"This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer," he said. 

Prospective homebuyers who've been sitting on the fence shouldn't worry if they aren't quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets.

Hoffman, for example, is forecasting a 2% increase in 2013 compared with 2012. Meanwhile David Stiff, chief economist for Fiserv, predicts that prices will turn in the last quarter of 2012 and will rise 4.2% for the 12 months through September 2013. 

Foreclosures start to fade. One major factor that will drive the trend is the cooling of the foreclosure crisis. Stan Humphries, chief economist for Zillow, said that the percentage of mortgage loans 90 days or more late, a good predictor of future foreclosures, is "falling fast." 

That percentage dropped 15% year-over-year to 3.1% through the end of 2011, according to the Mortgage Bankers Association. And the decline is accelerating: More than 70% of the decline came in the last three months of the year.

Before things slow down, however, buyers should brace themselves for a temporary spike in the number of foreclosures as banks start expediting the processing of hundreds of thousands foreclosures that were stuck in the system following the robo-signing scandal. That backlog should move more quickly now that new guidelines for processing foreclosures have been outlined in the $26 billion foreclosure settlement

Many of the bank-owned properties currently coming out of the foreclosure pipeline are being snapped up by investors who are fixing them up and renting them out -- often to those who were displaced by the foreclosure of their own home. That has helped to lift prices on foreclosed properties, according to Alex Villacorte, the director of analytics for Clear Capital, which specializes in housing market valuations. 

"That could have a significant impact on the market overall in terms of providing a rising floor to home values," he said.

In some markets hit hard by foreclosures, the turnaround in prices is already underway. Phoenix recorded an 8.4% jump in home prices during the three months ended April 30, compared with the three months ended January 31, according to Clear Capital. 


"It's crazy," said Tanya Marchiol, founder of Team Investments, a Phoenix real estate investing firm. "Stuff I was selling six months ago for $60,000 to $80,000 is now $90,000 to $110,000."
Miami saw a 4.6% increase quarter-over-quarter through April, and Tampa, Fla., was up 4.4%, according to Clear Capital.

Goodbye 3.8% mortgage. In addition to home prices, mortgages could also move higher. 

Mortgage rates have been at or near historic lows for much of the past six months. The average interest rate for a 30-year, fixed-rate mortgage has not topped 4.5% since July 2011 and this week, it hit 3.84%, a new low.

But rates aren't expected to remain at these record-low levels much longer. As the economy continues to recover, rates will move higher, said Doug Lebda, CEO of LendingTree, the online lending site. Although, he said, they will "stay very reasonable." 

The Mortgage Bankers Association is forecasting that the 30-year fixed will hit 4.5% by the end of the year.

Greater demand for loans will help fuel the increase, according to Lebda. 

Even though mortgage rates have been cheap, borrowing for home purchases has been sluggish. The Mortgage Bankers Association estimates that homebuyers will take out mortgage loans totaling about $415 billion this year, an increase of less than 3% compared with 2011. Next year, however, it forecasts that amount will almost double to $706 billion.


As housing markets stabilize and prices stop falling, homebuyers will be even more confident about buying, said Humphries. 

"People can now see the light at the end of the tunnel," he said. "And that can be enough to get them off the fence." To top of page