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 FHA Lifts 90 Day Seasoning Ban for Investors!
FHA announced that they will temporarily lift the ban requiring 90 day seasoning before the property can be sold to a buyer wishing to use FHA financing. This will go into effect February 1st, 2010 and be in place for one year unless otherwise extended or withdrawn by the FHA Commissioner. If FHA discovers there is a significant increase in mortgage defaults or mortgage insurance claims attributable to insured mortgages obtained through this waiver, the Commissioner may, at his discretion, withdraw this waiver immediately.
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Valley Real Estate Market Trends Normalize |
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Written by Angela
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Thursday, 10 December 2009 13:52 |
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With over 14 years experience as a full time Realtor in Phoenix the current market data is not surprising to me and fits the typical trends for the Phoenix marketplace. The months of Oct through Dec are historically slow in the Phoenix real estate market. As expected the Market Speed has declined from the busy summer season: 61 in July, to 51 in September, to the current 46. Overall, the gradual slowing trend continues. Months Supply is beginning to increase implying that demand is declining faster than supply. During the summer months we saw a shortage of homes in the lower end marketplace ($150,000 and below). Prices are mixed with Ask and In Escrow Prices declining and Closing Price unchanged at $135K. In general, REO and Short prices are steady, while Standards are displaying price weakness that is likely to persist through the slow winter season. All other things being equal look for this trend of diminishing activity to continue through the usual holiday cycle. Significant market events most likely await the onset of the Spring selling cycle. Thanks to Security Title for their market data analysis- (-: |
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INFO THAT HITS US WHERE WE LIVE |
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Written by Jimmy Vercellino
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Monday, 18 January 2010 00:00 |
>> Market Update
INFO THAT HITS US WHERE WE LIVE Our hearts go out to the people of Haiti recovering from the terrible tragedy of last Tuesday's earthquake. We know everyone's thoughts are with the Haitians. It has been inspiring to see the American people support the relief efforts in so many ways.
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