June new home sales rise 11 percent

New home sales in June posted the fastest increase in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners.
While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Earlier this month, the government reported that new home construction rose to the highest level since last fall. And data out last week showed home resales rose almost 4 percent in June, the third straight monthly increase.
"The worst of the housing recession ... is now behind us," said David Resler, chief economist at Nomura Securities. "We're turning the corner toward increased activity in housing."
New home sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000, the Commerce Department reported Monday.
Shares of big homebuilders soared on the news, with Beazer Homes USA up by more than 13 percent and Hovnanian Enterprises rising 8 percent in afternoon trading. But with home prices still falling, these companies won't be making much money anytime soon.
The median sales price of $206,200 was down 12 percent from $234,300 a year earlier and off nearly 6 percent from $219,000 in May.
In addition to lower prices, buyers are rushing to tax advantage of a federal tax credit that covers 10 percent of the home price or up to $8,000 for first-time buyers. Home sales need to be completed by the end of November for buyers to take advantage.
"The window of opportunity is closing," said Bernard Markstein, senior economist for the National Association of Home Builders.
June's results were the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.
There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007. If that number falls to just over 6 months, analysts say, builders will feel more comfortable ramping up construction.
Fallout from the housing crisis has played a central role in the U.S. recession, now the longest since World War II. Foreclosures have spiked, homebuilders have slashed construction, and financial companies have lost billions.
But it will still be a while before homebuilders turn into an engine for the economic recovery. Construction levels are still weak because builders still have too many unsold homes sitting vacant.

Weekly Foreclosure List

Good morning

Attached is the link for the weekly foreclosures listed in the week of 7-20 thru 7-27-09. Foreclosures are continuing to come on the market at an incredible rate. The prices of these homes are incredible. If you are looking to buy or know someone that is looking to buy now is the time. There are some remarkable loans out there right now. We can lead you to that right loan officer. Please give us a call if we can help you in any way.
Have a great work week!!!

http://www.paarmls.org/prs/maildoc/sd_AAAa0073t20090727091209.html

Janette & Jessica
Buyers Agents
The Stephanie Woods Team
928-237-4455

prescottreoagent@gmail.com

HUGE PRICE REDUCTION!

WOW Huge Price Reduction on an already great Deal!

Haystack Rd, Chino Valley
Reduced to $390,000
Home is 3600 Sq Feet Tuscan Style
Custom Home, Well designed, BEAUTIFUL!!
3 Car Garage
7AC

8800 Sq Feet Barn
Cooled, automatic Waters
16 Stalls
2 Bath Rooms
NICE!!

Want to see this AMAZING home Call 928-237-4455! Janette

This Home is well worth a look. Appraised for over a Million a when built.

prescottreoagent@gmail.com

Fannie Mae Toughens Guidelines On 2-Unit Homes, Trailing Spouses And Retirement Portfolios

Mortgage approvals are getting more difficult. Again.

After reviewing recent unemployment data and market fluctuations, plus patterns of mortgage fraud, Fannie Mae is making major mortgage guideline changes for the first time in more than 6 months.

The changes are broad, impacting 15 separate areas of the mortgage approval process as detailed in Fannie Mae's official announcement.

Across-the-Board Guideline Changes:

• Credit, income and asset documentation can't be more than 90 days old. The former guidelines allowed for 120 days.


• Lenders must compare actual federal tax returns from the IRS to a borrower's supplied income documentation. Previously, this review step was at the lender's discretion.


• "Tip" income must be verified.


• Trailing secondary wage earning is now prohibited. This means that P&G employees relocating to Cincinnati can't use a spouse's "expected" Cincinnati income until that spouse actually has a job.


• Stocks, bonds and mutual funds get assigned 70% of current market value. Formerly, this was 100%.


• Retirement assets get assigned 60% of current market value. Formerly, this was 70%.

By themselves, these bullet points would kick more than a handful of home loans out of the underwriting queue but of all the changes Fannie Mae is making, the most impactful one may new its new restrictions on mortgages for 2-unit properties.

Until now, Fannie Mae had treated duplex homes as somewhat "safe", granting them the same liberal underwriting policies as for a single-family home. Because of defaults and fraud prevention efforts, though, Fannie Mae decided to make getting approved for a 2-unit property decidedly more difficult.

Minimum credit scores are higher and maximum loan-to-values are lower.

When your 2-unit is your Primary Residence:

• Purchase: Maximum LTV lowered to 80%; 640 minimum FICO.


• Rate-and-Term Refinance: Maximum LTV lowered to 80%; 640 minimum FICO.


• Cash Out Refinance: Maximum LTV lowered to 75%; 680 minimum FICO.

When your 2-Unit is an Investment Property

• Purchase: Maximum LTV lowered to 75%; 660 minimum FICO.


• Rate-and-Term Refinance: Maximum LTV lowered to 75%; 660 minimum FICO.


• Cash Out Refinance: Maximum LTV lowered to 70%; 680 minimum FICO.

Overall, Fannie Mae's new 2-unit guidelines restrict loan-to-value limits by as much as 15 percent and raise minimum FICOs by up to 40 points -- 2 major shifts in policy. Because of it, going forward, fewer 2-unit mortgage applicants will qualify for mortgages and that should slow both purchase and refinance activity in the 2-unit market until the market returns to balance.
It's especially tough for owners of more than 4 financed properties.

Fannie Mae has said September 1, 2009, is the "effective date" for its underwriting changes so not every lender is underwriting to the new rules just yet. It's expected that by August 1, all of them well.

Therefore, if you know that you have a 2-unit home to refinance, or that you need your stock and/or retirement portfolio to qualify for your mortgage, consider moving up your timeframe to the next two weeks. Lenders often implement new guidelines without advance warning and that could leave you in the cold.

Better to get a good rate today than to be ineligible for a great rate tomorrow. If I can help you plan for an upcoming mortgage, call or email anytime.

2 New Bank Repo listings

Hello Again,

We have 2 new Bank owned Listings about to hit the market. You are the first to know so you can be the first to submit an offer!
Call us for more information.
Jessica or Janette (928)237-4455

Granada, Chino Valley
1700 Sq feet
.25 Acres
Paved Road
2 Car Garage
Listed under $150,000

Haystack Rd, Chino Valley
3800 Square Feet
7 Acres
3 Car Garage
Listed under $450,000

Would you like more info or to see one of these fantastic deals? Call us 928-237-4455.
This info is not available anywhere else!!

Jessica Perey and Janette Woolcott
Stephanie Woods Team
Keller Williams
PrescottREOAgent@gmail.com

Weekly Foreclosure List 7/13 thru 7/20/2009

Happy Monday! Hope your week is starting off well. Here is the weekly list of foreclosures added the week of 7/13 thru 7/20/2009. We have also included the pre-list of homes that will coming on the market soon. Just click on the link and take a look at just some of the screaming deals out there. If you have any questions about any of these listings or any other listings in the quad-city area please do not hesitate to call us. We would be happy to help you.

Have a great week.


Thank you

Janette & Jessica
The Stephanie Woods Team
928-237-4455

prescottreoagent@gmail.com


http://www.paarmls.org/prs/maildoc/sd_AAAa003vZ20090720121105.html


Pre-list of homes that are coming on the market soon. Call us for more information on these.


Chino Valley
Lauren Lane 2609 sq ft 2 car garage 1 acre
Yuma Drive 3 bed/2bath
Haystack Rd 3854 sq ft 3 car garage 7 acres

Prescott Valley
N Granada 1719 sq ft 2 car garage 3bed/2bath .20 acre
Land Court 1811 sq ft 3 car garage 2bed/2bath . 18 acre
Weaver Way 3654 sq ft 2 car garage .20 acre
Long Mesa Drive 1708 sq ft 3bed/2bath .20 acre
Loos Dr


Cottonwood
Sunset Dr


Lake Montezuma
Pima Way

JUST LISTED BANK REPO

JUST LISTED!!! YOU ARE THE FIRST TO KNOW!!!

7128 E Grass Land Court, Prescott Valley

Located in the Golf course community of Stoneridge

1811 Square Feet3 Car garage

Under $200,000

If you are interested call Jessica (928)237-4455, Prescottreoagent@gmail.com. To see it before anyone else!!!!

This home is not yet listed, information is not available through other sources

Pending home Sale UP!

Hello Everyone!

This is some interesting new from the National Association of Realtors.

Washington, July 01, 2009
Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

This is the link to the full article:
http://www.realtor.org/press_room/news_releases/2009/07/record_fourth

New Foreclosures

Good morning

You will find a link below that has all the new foreclosures listed in the quad-city area in the week of 6/29/2009 thru 7/06/2009. If you are interested in any of these or any other listings in the area please do not hesitate to call us. We have access to a pre-foreclosure list that will let you know the homes that are being foreclosed on but have not been put on the market. Please give us a call for this list.

http://www.paarmls.org/prs/maildoc/sd_AAAa005tZ20090706122438.html

There are some awesome loan packages out there right now for foreclosed homes or any other homes. Let us help you find the right lender for your purchase. Give us a call!!

Have a great week.

Prescott 4th of July

Wishing you all a great 4th of July. We hope you have a safe and happy holiday.

Don't forget there are amazing new programs out there to assist in your new home purchase. There is even one offering 22% downpayment on foreclosures. Give us a call today to find out the latest local information.

The Stephanie Woods Team

(928)710-0127 or (928)713-2133