Some of Arizona’s most Successful Agents call John Hall & Associates home.

Tag Archive: HUD

Phoenix Real Estate Market – August 2011

by on Aug 1, 2011 | Buying, Careers and Training, Real Estate Statistics, Selling


(Video Report: Phoenix Real Estate Market – August 2011)

July has 8,377 closed transactions as of 8/1/2011. Of those 3,597 (43%) are Bank Owned and 1,991 (24%) are Short Sales. The percentage of distressed sales continues in the 2 out of 3 range.

July 2011 had the 4 highest number of homes sold compared to the last 11 years. It’s an above average or above normal number. However 7/11 was down 21% from June in a month to month comparison; but 7/11 was up 18% from 7/10 in a year over year comparison. Note: ARMLS is currently over-reporting 6/11 total closings @ 11,125. My search today for 6/11 closings found 10,582, which is the number I used for this report.

Our inventory remains low with 20,217 in active status. We could add the ~7,600 properties in AWC status (6,900 – 91% of these are short sales), but I like to compare to previous reports of actives less the properties with contracts on them. So we now have a 2.4 month supply of active inventory, but only because there were ‘only’ 8,377 closings instead of +10,000. A balanced market has 4-6 months inventory, so we’re still in a seller’s market with lots of multiple offer situations.

Bank owned properties have a 1 month supply with approx 3,600 active and 3,600 closed in July. HUD owned homes have a 2 week supply with 289 active and 554 closed.

Short sales come in with 3,900 active, 6,900 AWC, 3,900 pending, and 1,991 (24%) closed.

Prices in July had little newsworthy developments as they continued to bump along the bottom. The median price was down slightly in July (110k), but has basically been unchanged since 12/10. Both the average price ($155k) and the price per square foot (~$80) are at or below their previous low figures from 2/11.

As I look back at July’s performance, I remember when July/August used to have a ‘close before school starts’ flurry of activity. But with only 1 of 3 sales normal (non-distressed), and 73% of all closings vacant, the back to school rush might apply more to rentals than sales in this market.

That’s how I see it on August 1, 2011. Try to stay cool this month.

Jim Sexton
John Hall & Associates Inc.

90 Day FHA Anti-Flip Rule Waived

by on Jan 27, 2010 | Careers and Training

If you didn’t see the press release from HUD on January 15th, I’m sure you’ve heard about it’s talking points.  This was the notice that explains HUD will be waiving their 90 day no flip policy on FHA loans. The waiver is scheduled to go into effect Feburary 1st, 2010 and last 1 year.

Ken Janzen of Counsel Mortgage talks more about the requirements needed to take advantage of this waiver.

Washington DC 2009 – The Jim Sexton Report

by on May 21, 2009 | Careers and Training, Legal Issues


NAR Midyear 2009MLS Committee-
There was discussion regarding whether Google is scraping web sites thereby violating IDX rules. This is an issue from Indianapolis, which is very controversial. I think it’s a well intentioned-poorly worded and interpreted rule that will be changed at the next NAR meeting – November in San Diego. In the meantime, although the MLS committee passed it, it got sent back to a task force by NAR’s board. I’m not aware of ARMLS taking any enforcement action regarding this matter.

The Summit-
An all day event with speakers and panelists discussing the economy and the issues of the day – short sales and why do they take so long. Take your pick of which speakers to watch. Alan Greenspan was good.

Shaun Donavon HUD Secretary spoke of HUD programs and was quoted as saying that the $8000 tax credit could be used as a down payment.  And then Monday 5/17 HUD’s ruling was reversed – tax credit can’t be used as down payment.

Hill visits-
I met with John Shadegg and lobbied on NAR’s behalf. The issues were:
1. Keep Freddie and Fannie alive;
2. Keep the loan limits at 2008 levels-$417 FNMA-$346 FHA;
3. Extend and expand the $8000 tax credit beyond 11/30/09 and to all homebuyers;
4. Retain current Capital Gains rates;
5. Extend TALF funds from 3-year term to 5 years.
6. Make health care available for all independent contractors better utilizing group programs.
7. Preserve the Mortgage interest deduction.
8. Don’t pass “green” legislation requiring an energy audit tied to sales.

Both Representatives were in agreement with the REALTOR® positions.