Christine Nevogt’s Blog

Mortgage rates rise as outlook brightens, as reported by the Phoenix Business Journal, despite the fact that mortgage rates still remain at near record lows, they did start to tick up a bit this week.   “Mortgage rates rose slightly this week amid positive economic news that the economy may be approaching the bottom of the recession”, says Freddie Mac (NYSE:FRE) chief economist Frank Nothaft. The average rate on a 30-year fixed-rate mortgage rose to 4.84 percent this week, which is still great considering that a year ago a 30 year fixed-rate mortgages averaged 6.05 percent.

http://www.bizjournals.com/phoenix/stories/2009/05/04/daily50.html

Christine Nevogt is a Real Estate Professional with Keller Williams Integirty First Realty in beautiful Scottsdale, AZ.   Christine has been structuring real estate deals since 2005 and currently specializes in REOs, Short Sales and  Creative Financing; lease options, subject-to, wraps and seller carry-back.  If you have any comments or questions for Christine she can be reached at 602.573.0267 or cnevogt@kw.com. You are also welcome to post on comment on her blog! For more information please visit http://www.quickhomesaleaz.com/  

Hot Market: Phoenix in the middle of recovery, as reported by Realty Times, “with listings down 17 percent for the metro area, sales are siphoning off inventory and buyers are picking deals at prices they haven’t seen in more than 5 years, according to blogger Ron Wilczek, West USA Realty.   Year over year sales are up despite the fact that foreclosure sales still dominate the market. but even those foreclosure numbers appear to be stabilizing.

http://realtytimes.com/rtpages/20090508_hotmarket.htm

Christine Nevogt is a Real Estate Professional with Keller Williams Integirty First Realty in beautiful Scottsdale, AZ.   Christine has been structuring real estate deals since 2005 and currently specializes in REOs, Short Sales and  Creative Financing; lease options, subject-to, wraps and seller carry-back.  If you have any comments or questions for Christine she can be reached at 602.573.0267 or cnevogt@kw.com. You are also welcome to post on comment on her blog! For more information please visit http://www.quickhomesaleaz.com/  

NAR: Pending Home Sales, Affordability Rise, as reported by Realtor Magazine, pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the latest report by the NATIONAL ASSOCIATION OF REALTORS ®.   œCompared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment,” says NAR President, Charles McMillan.
http://www.realtor.org/rmodaily.nsf/pages/News2009050401

Christine Nevogt is a Real Estate Professional with Keller Williams Integirty First Realty in beautiful Scottsdale, AZ.   Christine has been structuring real estate deals since 2005 and currently specializes in REOs, Short Sales and  Creative Financing; lease options, subject-to, wraps and seller carry-back.  If you have any comments or questions for Christine she can be reached at 602.573.0267 or cnevogt@kw.com. You are also welcome to post on comment on her blog! For more information please visit http://www.quickhomesaleaz.com/  

Bernanke: Economy should grow again later in 2009, as reported by Business Week, Federal Reserve Chairman Ben Bernanke told Congress Tuesday that  he expects the economy  to pull out of a recession and start growing again later this year, although he warned that the economic activity will still be subpar even after the recovery.   “The housing market, which has been in a slump for three years, has shown some signs of bottoming,” he said.

http://www.businessweek.com/ap/financialnews/D9804MFO0.htm

Christine Nevogt is a Real Estate Professional with Keller Williams Integirty First Realty in beautiful Scottsdale, AZ.   Christine has been structuring real estate deals since 2005 and currently specializes in REOs, Short Sales and  Creative Financing; lease options, subject-to, wraps and seller carry-back.  If you have any comments or questions for Christine she can be reached at 602.573.0267 or cnevogt@kw.com. You are also welcome to post on comment on her blog! For more information please visit http://www.quickhomesaleaz.com/  

Real Estate Outlook: Indicators of Recovery, an article from Realty Times, examines some “extraordinarily positive signs” that are pointing to a recovery.   Last week, new mortgage applications for home purchases and refinancings were up 77% from the same week last year.   That’s huge!   Mortgage rates continue to average well below 5% – 4.7% last week for a 30-year fixed-rate mortgage.   So far, nearly 600,000 homebuyers have already taken advantage of the $7,500 tax credit from last year, or the $8,000 credit for this year.   The mortgage rebound is even creating a mini hiring boom.   Hard-hit local housing markets across the country  are making a comeback in terms of sales gains.   Nationally, home prices have begun to move up again after many months of declines.  
http://realtytimes.com/rtpages/20090428_realestateoutlook.htm

Christine Nevogt is a Real Estate Professional with Keller Williams Integirty First Realty in beautiful Scottsdale, AZ.   Christine has been structuring real estate deals since 2005 and currently specializes in REOs, Short Sales and  Creative Financing; lease options, subject-to, wraps and seller carry-back.  If you have any comments or questions for Christine she can be reached at 602.573.0267 or cnevogt@kw.com. You are also welcome to post on comment on her blog! For more information please visit http://www.quickhomesaleaz.com/  

Hard-Hit Areas to Receive Federal Funds, an article from Realtor Magazine Online, reports that cities nationwide hardest hit by foreclosures started to receive federal Neighborhood Stabilization Program money last week.   Cities are using the money to purchase foreclosed properties, fix them up and sell them to first-time homebuyers.   The city of Glendale plans to use some of its federal money to rehab foreclosed homes and turn them into rental housing for seniors.  
http://www.realtor.org/rmodaily.nsf/pages/News2009042706

Christine Nevogt is a Real Estate Professional with Keller Williams Integirty First Realty in beautiful Scottsdale, AZ.   Christine has been structuring real estate deals since 2005 and currently specializes in REOs, Short Sales and  Creative Financing; lease options, subject-to, wraps and seller carry-back.  If you have any comments or questions for Christine she can be reached at 602.573.0267 or cnevogt@kw.com. You are also welcome to post on comment on her blog! For more information please visit http://www.quickhomesaleaz.com/  

Washington Report: Appraisals to Change, an article from Realty Times, on May 1 the national rules for real estate appraisals will change dramatically – at least for lenders who want to sell their loans to Fannie Mae and Freddie Mac.   Lenders will be required to adopt the “HVCC”  - the home valuation code of conduct – and guarantee that each loan they sell to Fannie or Freddie complies with the code.   The new codes ban brokers from ordering appraisals.   Much of the business will be pushed to third-party appraisal management companies.   The new code might even raise the cost of appraisals to the consumer in some cases.  
http://realtytimes.com/rtpages/20090420_washingtonreport.htm

Christine Nevogt is a Real Estate Professional with Keller Williams Integirty First Realty in beautiful Scottsdale, AZ.   Christine has been structuring real estate deals since 2005 and currently specializes in REOs, Short Sales and  Creative Financing; lease options, subject-to, wraps and seller carry-back.  If you have any comments or questions for Christine she can be reached at 602.573.0267 or cnevogt@kw.com. You are also welcome to post on comment on her blog! For more information please visit http://www.quickhomesaleaz.com/  

RL Brown: Signs encouraging, numbers still down over 2008, an article from The Phoenix Business Journal, reports that the local housing market is exhibiting some encouraging signs.   In March, there were 912 new home sales, compared to 713 in February.   “In spite of the continuing drumbeat of national economic news, the metro Phoenix new housing market is showing signs of stabilization and even improvement.”   Many builders have depleted their spec home inventory.   Resales were up dramatically from last year, though a large segment of those were bank-owned or foreclosured properties.   In March, there were 7,687 existing homes sales, compared to 4,102 a year ago.  
http://www.bizjournals.com/phoenix/stories/2009/04/20/daily17.html

Christine Nevogt is a Real Estate Professional with Keller Williams Integirty First Realty in beautiful Scottsdale, AZ.   Christine has been structuring real estate deals since 2005 and currently specializes in REOs, Short Sales and  Creative Financing; lease options, subject-to, wraps and seller carry-back.  If you have any comments or questions for Christine she can be reached at 602.573.0267 or cnevogt@kw.com. You are also welcome to post on comment on her blog! For more information please visit http://www.quickhomesaleaz.com/

Obama launches mortgage rescue plan, an article from  CNNMoney.com, reports that the first participants in the Treasury Department’s program to help homeowners avoid foreclosure include some of the nation’s largest banks.   JPMorgan Chase will get up to $3.6 billion in subsidy and incentive payments, Wells Fargo – $2.9 billion, Citigroup –  $2 billion, GMAC Mortgage – $633 million, Saxon Services – $407 million and Select Portfolio Servicing – $376 million.   JPMorgan Chase and Wells Fargo began modifying loans under the government initiatives earlier this month.   The plan calls for servicers to reduce monthly payments to 31% or less  of eligible borrowers’ pre-tax income or to refinance eligible mortgages even if the homeowner has little or no equity.   The government is allocating $75 billion to subsidize part of the payment reduction, and to provide incentives for servicers and borrowers to participate.  
http://money.cnn.com/2009/04/15/real_estate/obama_mortgage_plan/index.htm?postversion=2009041520

Christine Nevogt is a Real Estate Professional with Keller Williams Integirty First Realty in beautiful Scottsdale, AZ.   Christine has been structuring real estate deals since 2005 and currently specializes in REOs, Short Sales and  Creative Financing; lease options, subject-to, wraps and seller carry-back.  If you have any comments or questions for Christine she can be reached at 602.573.0267 or cnevogt@kw.com. You are also welcome to post on comment on her blog! For more information please visit http://www.quickhomesaleaz.com/

Phoenix Real Estate Resale Market – Foreclosures Drop, an article from EVLiving.com, reports that  foreclosure activity  was down significantly in March  to 31% of resale homes sold from 51% in February.   Declining prices have attracted potential investors and owner-occupants, especially in the lower-income ranges.   Anticipation that home prices will rise again in the next few years is driving investment interest.   Surprisingly, the median price for a foreclosed home ($146,880) was higher than the median price for a traditional home ($127,000) last month.   “The first reason is more expensive homes continue to be foreclosed, with 15 in March, three over $2 million, and 7% of the foreclosures were in the $300,000 range,” said Jay Butler, director of Realty Studies in the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus.   “The other reason is that for the last year, slightly more than 30% of the traditional sales were foreclosed homes that were sold again with a median price markdown of 15%.   The markdown varied throughout the Valley ranging from 44% in Maryvale to 17% in Avondale to 10% in Tempe.”
http://www.evliving.com/2009/04/15/5445/phoenix-real-estate-resale-market-foreclosures-drop/

Christine Nevogt is a Real Estate Professional with Keller Williams Integirty First Realty in beautiful Scottsdale, AZ.   Christine has been structuring real estate deals since 2005 and currently specializes in REOs, Short Sales and  Creative Financing; lease options, subject-to, wraps and seller carry-back.  If you have any comments or questions for Christine she can be reached at 602.573.0267 or cnevogt@kw.com. You are also welcome to post on comment on her blog! For more information please visit http://www.quickhomesaleaz.com/