market: Open House Burglars - 11/30/07 09:41 PM
In NY, and NJ two women were caught with stolen items that were missing from open houses that they attended. In all they made off with $73.000 in loot. These two women would go to open houses and while one of the women was engaging the agent, the other would go in search of things to take at a five finger discount. The police have recovered most of the stolen items, and the two women are being held on $30,000 bail.
This should serve as a warning to Real Estate Agents, we need to be more vigilant with our clients belongings, and … (7 comments)

market: Interest Rates - 11/30/07 09:15 PM
I read an article from REALTOR® Magazine online that points out that interest rates are at 2 year lows. The 30 year fixed dropped to 6.1 percent this week. And with the industry and the economy being the way it is now, another rate cut could be in the future.
Lenders I talk to say that another 25 basis points or in other words another quarter of a percent could be cut in December. That would be great, and then again, it might not be as good as I hope. Most mortgages are already being traded at lower rates in anticipation of … (2 comments)

market: Do you have a pool? I have some advice for the Winter, and your pool. - 11/02/07 03:11 PM
First of all here is the link to the article I read on REALTOR® Magazine.
http://www.realtor.org/RMODaily.nsf/pages/News2007110206?OpenDocument
It gives you seven tips on how to protect your pool and what to do to maintain it during the winter. If you have a pool and live in a cold climate this could be useful. I know here in Phoenix, some of us cover the pool, or if it is heated we maintain it as we would normally. I know for colder climates the process of maintaining a pool is more involved and takes a great amount of time and effort. Hopefully these tips can … (0 comments)

market: List Prices Drop in Big Cities - 11/02/07 01:19 AM
Here is a link to an article on REALTOR® Magazine.
http://www.realtor.org/RMODaily.nsf/pages/News2007103104?OpenDocument
In many cities across the United States prices are dropping. Really? Are they? I did not notice. Nor did I hear anything about this on the news. In reality it is hard to pick up a paper, read an online article, or watch the news without hearing about how homes are losing money. This article pinpoints some big cities and the percentage of listings that have lowered the listing price. Take a look and see.
(0 comments)

market: Tips for investors - 11/02/07 01:12 AM
I read an article on REALTOR® Magazine that gives 8 points for investors to look for when contemplating a purchase of an investment. I will not go into detail, but the tips given are pretty good and they could be printed out and given to our investor clients who might need some tips on buying. I hope you find this link useful.
http://www.realtor.org/RMODaily.nsf/pages/News2007103106?OpenDocument
(1 comments)

market: RATE CUTS, GOOD OR BAD? - 11/01/07 10:54 PM
First of all I have to give a praise to my lender buddy who has been on the money again with his prediction about the rates and the cut. He also mentions that the interest rates were already beginning to trade at lower rates in anticipation of these rate cuts. And that the rate cuts do help but not much. On the other hand he does say he is seeing more loan options available to a broader array of consumers.
Anyway, what do you think? Are the rate cuts actually helping our industry? Or are they simply band aids on a gaping … (4 comments)

market: Nationwide, 2 Million Vacant Homes - 10/28/07 05:34 PM
When I saw the headline for this article my mouth dropped. I imaged how many neighborhoods are almost completely vacant. I know here in Surprise, AZ there are subdivisions that are 70% vacant. Is that unbelievable, or what? I know that things are bad, but they could get worse with many mortgages set to adjust in the coming months and years. This may make this number even higher in the future. Thus reducing home values and making the number of listings and vacant homes skyrocket. This however is not as bad as it sounds. Let me explain, there are still reasons why this market is still … (14 comments)

market: A New Anti-Predatory Loan Bill - 10/22/07 07:21 PM
I was reading that Democrats are going to introduce a new bill. This bill would set standard rules for lending across the country. One part of the bill would require lenders to be licensed. Another would require them to have due diligence when they check if a borrower is able to repay the loan they are offered.
There are many pages of this bill, you can check out the bill at this link; http://www.house.gov/apps/list/press/financialsvcs_dem/press102207.shtml
(5 comments)

market: Arizona Update - 10/21/07 03:03 AM
OK I have the numbers for Arizona, again I must add that this is for Single Family Detached homes, This does not include New Homes, Condos, FSBO's, etc...
Are your ready? 48,071 a new record.
I still have to see the silver lining. Homes are still selling and the inventory is perfect for that picky buyers. I know that the future is brighter than what we have to look at now. And I am glad I am along for the Ride.
(0 comments)

market: Open House, a NAR report. - 10/15/07 10:16 PM
I read today a report about the effectiveness of open houses. and if they are useful or not. I will not go into detail, but I will state that I believe Open Houses can and will potentially lead to future clients and business. I think the days of holding traditional Open Houses is fading. New and fresh ideas are going to be invented and experimented with in order to find out what is going bring buyers walking through our Open House doors.
Personally I have good luck with Open Houses, I have had held the old tried and true Open House with … (1 comments)

market: Where its a Great Time to Buy - 10/09/07 02:08 PM
Here is a link to an article that mentions 10 places where it is a great time to buy. I am a bit surprised at some of the cities that made the list, and more surprised to find out what cities did not make the list. I wish I knew what the criteria was for deciding what cities would make the list. Was it cities that have depreciated, those that are depreciating, or is it those that depreciated and will make a comeback? I wish I knew.
Anyway here is the link:
http://www.realtor.org/RMODaily.nsf/pages/News2007100901?OpenDocument
(6 comments)

market: Home Sales Down - 10/08/07 10:56 PM
Really? I did not notice. Let me come back to reality. Home sales are down 21.5%. However, this number could use an asterisk, I say this because they have only been keeping track since 2001. So what are the numbers for 1940, 1979, 1999? If theses numbers are only based on sales from this decade then, how can we compare them to a down market like todays? If we had numbers from the 80's an 90's we might have an equal comparison. I will not ramble on but, I think that yes, numbers are down, and we are facing a down market. Despite the current … (0 comments)

market: Yeah home prices are down but.... - 10/04/07 11:22 PM
I recently wrote a post regarding the Prices of homes in some American Cities. I recently came across an article that made me want to post the link to show the new outlook for home prices. To me this is a great article with great statistics. It shows home price peaks, the date these cities hit their peak. It also shows the appreciation in percentage points for a 10 year period. It also contains the amount of months in which these cities have found themselves in a downturn. It also contains the amount in percentage points of depreciation on how much these … (4 comments)

market: Bailout, Bailout, Bailout!!! - 10/01/07 08:36 PM
A new bill is being proposed to help out struggling home owners. This bill would make changes the the bankruptcy code to allow judges the power to wipe out debt or lowering the principal and or interest. This would be a step that would be used instead of repayment. While this is supposed to be good for the sellers, it is mentioned that it could be good for Lenders as well. I fail to see what difference this could actually make. Here is the link to the article I read talking about the new bill.
http://money.cnn.com/2007/10/01/real_estate/subprime_bankruptcy_change/index.htm?postversion=2007100115
(8 comments)

market: Healthy Market? - 10/01/07 08:24 PM
Today I read an article (see link below) that mentioned how market is healthy. I think that the housing market is a little down, but I would not say it is healthy. It is not bad, it is not good, it is just different, and this article shows why. Please feel free to read it and comment on it.
http://www.realtor.org/RMODaily.nsf/pages/News2007100103?OpenDocument
(2 comments)

market: Interest Rates on the Rise, Again! - 09/28/07 12:04 AM
Wouldn't you know it, interest rates are on the rise again. I know that the Fed just cut rates and that it was a good thing, but, I keep trying to figure out for who? If they cut the rates again, what would be the outcome? Would we actually see the interest rates charged to our clients/buyers go down? Or am I being naive?
I like to think people are basically good. However, I wonder who is benefiting from the recent rate cuts? Is  greed at play here? 
I might be wrong, but, if this industry is going to get back on … (1 comments)

market: Home Prices, Which Way are They Heading? - 09/27/07 03:05 PM
Here is a link to the REALTOR Magazine article I read that tells you which direction home prices are heading. It also gives you a list of cities where home prices are falling. I am not surprised about what cities made the lists. While this may be bad for home sellers, home buyers are going to be getting great deals on home prices. Maybe we should highlight this in our presentations with our buyers. And how the large inventory of homes gives them a variety of choices in different areas. In addition more leverage to negotiate and bargain with in the … (1 comments)

market: Fastest Growing Counties - 09/26/07 10:03 PM
The Fastest Growing Counties statistics have been released on CNN, I happened to read it in an article/slide-show on AOL. I think you will be surprised by the number one Fastest Growing County. Hint, it happens to be in Arizona. Three happen to be in Florida. It is hard to imagine with all the inventory in some places that growth is still taking place. This is a good sign that the Builders are optimistic about moving their homes. As REALTORS should take a bit of that hope and optimism and apply it to our lives and our business. Comments always welcome.
http://realestate.aol.com/gallery/fastest-growing-counties
(4 comments)

market: Realogy President and CEO on Inman TV - 09/24/07 06:21 PM
The President and CEO of Realogy gives his take on the Real Estate Industry. He talks about the change in the market and the cycles it goes through. He gives his opinions on MLS's and how they are good and bad. I hope you enjoy this video from Inman News. Real Estate Video by - Real Estate Blogger … (0 comments)

market: So much for the Rate Cut!!! - 09/21/07 12:44 AM
I never honestly thought the rate cut would make a big difference in lending or for the rates charged to our buyers. Well maybe it does on the lending side because they can now make more money offering the same rates or, charge more in fact. The new rate is what the rates had been trading at before the RATE CUT announcement. The bottom line is that rates actually went up http://money.cnn.com/2007/09/20/real_estate/mortgage_rates/index.htm?postversion=2007092010. So what good did the rate cut actually do? In my opinion I believe that buyers will realize that now is a good time to buy. And as REALTORS we can make our clients … (5 comments)

 

Ulises Romo

Phoenix, AZ

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