The Federal Reserve reports that banks are more reluctant to originate mortgages to borrowers with flawed credit than they were in 2006, but are nevertheless stepping up their purchases of loans that have been packaged into mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac.

Rates on 30-year fixed-rate mortgages averaged 3.83 percent with an average 0.7 point for the week ending May 10, down from 3.84 percent last week and 4.63 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. That’s a new low in Freddie Mac records dating to 1971.

For 15-year fixed-rate mortgages, rates averaged 3.05 percent with an average 0.7 point, down from 3.07 percent last week and 3.82 percent a year ago. That’s a new low in records dating to 1991.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.81 percent with an average 0.5 point, down from 2.85 percent last week and 3.41 percent a year ago. Rates on five-year ARMs hit an all-time low in records dating to 2005 of 2.78 percent during the week ending April 19.

For one-year Treasury-indexed ARMs, rates averaged 2.73 percent with an average 0.5 point, up from 2.7 percent last week and 3.11 percent a year ago.

Although mortgage rates are down nearly a full percentage point from a year ago, applications are at about the same level, according to a separate survey by the Mortgage Bankers Association.

Demand for purchase mortgages during the week ending May 4 was up a seasonally adjusted 3.4 percent from the week before, but was down 0.4 percent from a year ago, the MBA said in releasing its Weekly Mortgage Applications Survey.

Addressing a conference on banking today, Federal Reserve Chairman Ben Bernanke restated the Fed’s concerns that mortgage lending standards remain too tight.

While a return to “pre-crisis lending standards” for home loans “wouldn’t be appropriate,” Bernanke said current standards “may be limiting or preventing lending to many creditworthy borrowers.”

A recent Fed survey showed banks are less willing to originate loans that meet Fannie Mae and Freddie Mac’s minimum credit scores than they were in 2006 — in some cases, even when borrowers make 20 percent down payments. The reason, Bernanke said, is the risk that Fannie and Freddie will make them buy back defaulted loans if the underwriting or documentation is judged deficient.

In a Jan. 4 white paper, the Federal Reserve outlined what it sees as “extraordinary problems plaguing the housing market,” including an excess supply of vacant homes, tight mortgage credit, and the costs of an “unwieldy and inefficient” foreclosure process.

“The significant tightening in household access to mortgage credit likely reflects not only a correction of the unsound underwriting practices that emerged over the past decade, but also a more substantial shift in lenders’ and (Fannie Mae and Freddie Mac’s) willingness to bear risk,” the white paper warned.

Ironically, Bernanke said that banks are also stepping up their purchases of mortgage-backed securities, particularly those that are guaranteed by Fannie and Freddie.

“In this challenging time for housing markets, banks are attracted by the securities’ government guarantee,” he said. Some larger banks “may be accumulating these securities in preparation for more-stringent liquidity regulations.”

The Fed says banks’ purchases of MBS “have grown rapidly” in recent months. Increased demand for MBS pushes their prices up, and their yields down. So while banks are still keeping stringent underwriting standards in place, they are helping push mortgage rates for borrowers who can qualify down, by channeling more of their reserves into MBS.

Article written by Inman News.

1.   Arizona has 3,928 mountain peaks and summits-more mountains than any one of the other Mountain States (Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming).

2.   All of New England, plus the state of Pennsylvania would fit inside Arizona’s borders.

3.   Arizona became the 48th state and last of the contiguous states on February 14, 1912.

4.   Arizona’s disparate climate can yield both the highest temperature across the nation and the lowest temperature across the nation in the same day.

5.   There are more wilderness areas in Arizona than in the entire Midwest. Arizona alone has 90 wilderness areas, while the Midwest has 50.

6. Arizona has 26 peaks that are more than 10,000 feet in elevation.

7.   Arizona has the largest contiguous stand of ponderosa pines in the world stretching from near Flagstaff along the Mogollon Rim to the White Mountains region.

8.   Yuma, Arizona is the country’s highest producer of winter vegetables, especially lettuce.

9.   Arizona is the 6th largest state in the nation, covering 113,909 square miles.

10.   Out of all the states in the U.S., Arizona has the largest percentage of its land designated as Indian lands.

11.   The “Five C’s” of Arizona’s economy are: Cattle, Copper, Citrus, Cotton, and Climate.

12.  More copper is mined in Arizona than all the other states combined, and the Morenci Mine is the largest copper producer in all of North America.

13.   Clark Gable and Carole Lombard, two of the most prominent movie stars of Hollywood’s Golden Age, were married on March 18, 1939, in Kingman, Arizona.

14.   Covering 18,608 sq. miles, Coconino County is the second largest county by land area in the 48 contiguous United States.

15.   The world’s largest solar telescope is located at Kitt Peak National Observatory in Sells, Arizona.

16.   Bisbee, Arizona is known as the Queen of the Copper Mines because during its mining heyday it produced nearly 25 percent of the world’s copper and was the largest city in the Southwest between Saint Louis and San Francisco.

17.   Billy the Kid killed his first man, Windy Cahill, in Bonita, Arizona.

18.   Arizona grows enough cotton each year to make more than one pair of jeans for every person in the United States.

19.   Famous labor leader and activist Cesar Chavez was born in Yuma.

20.   In 1912, President William Howard Taft was ready to make Arizona a state on February 12, but it was Lincoln’s birthday. The next day, the 13th, was considered bad luck so they waited until the following day. That’s how Arizona became known as the “Valentine State.”

21.   When England’s famous London Bridge was replaced in the 1960s, the original was purchased, dismantled, shipped stone by stone and reconstructed in Lake Havasu City, Arizona, where it still stands today.

22.   Mount Lemmon, in the Santa Catalina Mountains, is the southernmost ski resort in the United States.

23.   Rooster Cogburn Ostrich Ranch in Picacho, Arizona is the largest privately-owned ostrich ranch in the world outside South Africa.

24.   If you cut down a protected species of cactus in Arizona, you could spend more than a year in prison.

25.   The world’s largest to-scale collection of miniature airplane models is housed at the library at Embry-Riddle Aeronautical University in Prescott, Arizona.

26.   The only place in the country where mail is delivered by mule is the village of Supai, located at the bottom of the Grand Canyon.

27.   Located on Arizona’s western border, Parker Dam is the deepest dam in the world at 320 feet.

28.   South Mountain Park/Preserve in Phoenix is the largest municipal park in the country.

29.   Palo Verde Nuclear Generating Station, located about 55 miles west of Phoenix, generates more electricity than any other U.S. power plant.

30.   Oraibi, a Hopi village located in Navajo County, Arizona, dates back to before A.D. 1200 and is reputed to be the oldest continuously inhabited community in America.

31.   Built by Del Webb in 1960, Sun City, Arizona was the first 55-plus active adult retirement community in the country.

32.   Petrified wood is the official state fossil. The Petrified Forest in northeastern Arizona contains America’s largest deposits of petrified wood.

33.   Many of the founders of San Francisco in 1776 were Spanish colonists from Tubac, Arizona.

34.   Phoenix originated in 1866 as a hay camp to supply military post Camp McDowell.

35.   Rainfall averages for Arizona range from less than three inches in the deserts to more than 30 inches per year in the mountains.

36.   Rising to a height of 12,643 feet, Mount Humphreys north of Flagstaff is the state’s highest mountain.

37.   Roadrunners are not just in cartoons! In Arizona, you’ll see them running up to 17-mph away from their enemies.

38.   The Saguaro cactus is the largest cactus found in the U.S. It can grow as high as a five-story building and is native to the Sonoran Desert, which stretches across southern Arizona.

39.   Sandra Day O’Connor, the first woman appointed to the U.S. Supreme Court, grew up on a large family ranch near Duncan, Arizona.

40.   The best-preserved meteor crater in the world is located near Winslow, Arizona.

41.   The average state elevation is 4,000 feet.

42.   The Navajo Nation spans 27,000 square miles across the states of Utah, Arizona and New Mexico, but its capital is seated in Window Rock, Arizona.

43.   The amount of copper utilized to make the copper dome atop Arizona’s Capitol building is equivalent to the amount used in 4.8 million pennies.

44.   Near Yuma, the Colorado River’s elevation dips to 70 feet above sea level, making it the lowest point in the state.

45.   The geographic center of Arizona is 55 miles southeast of Prescott near the community of Mayer.

46.   You could pile four 1,300-foot skyscrapers on top of each other and they still would not reach the rim of the Grand Canyon.

47.   The hottest temperature recorded in Arizona was 128 degrees at Lake Havasu City on June 29, 1994.

48.   The coldest temperature recorded in Arizona was 40 degrees below zero at Hawley Lake on January 7, 1971.

49.   A saguaro cactus can store up to nine tons of water.

50.   The state of Massachusetts could fit inside Maricopa County (9,922 sq. miles). 51. The westernmost battle of the Civil War was fought at Picacho Pass on April 15, 1862 near Picacho Peak in Pinal County.

52.   There are 11.2 million acres of National Forest in Arizona, and one-fourth of the state forested.

53.   Wyatt Earp was neither the town marshal nor the sheriff in Tombstone at the time of the shoot-out at the O.K. Corral. His brother Virgil was the town marshal.

54.   On June 6, 1936, the first barrel of tequila produced in the United States rolled off the production line in Nogales, Arizona.

55.   The Sonoran Desert is the most biologically diverse desert in North America.

56.   Bisbee is the Nation’s southernmost mile-high city.

57.   The two largest manmade lakes in the U.S. are Lake Mead and Lake Powell-both located in Arizona.

58.   The longest remaining intact section of Route 66 can be found in Arizona and runs from Seligman to Topock, a total of 157 unbroken miles.

59.   The 13 stripes on the Arizona flag represent the 13 original colonies of the United States.

60.   The negotiations for Geronimo’s final surrender took place in Skeleton Canyon, near present day Douglas, Arizona, in 1886.

61.   Prescott, Arizona is home to the world’s oldest rodeo, and Payson, Arizona is home to the world’s oldest continuous rodeo-both of which date back to the 1880s.

62.  Kartchner Caverns, near Benson, Arizona, is a massive limestone cave with 13,000 feet of passages, two rooms as long as football fields, and one of the world’s longest soda straw stalactites: measuring 21 feet 3 inches.

The story below was sent to me from one of my clients, Gwen, author of the article is unknown. I want to share this with you because many women also have heart attack and the symptoms are not always so pronounced as they are in men but still just as deadly.

A NURSE’S HEART ATTACK EXPERIENCE

I am an ER nurse and this is the best description of this event that I
have ever heard. Please read, pay attention, and send it on!

FEMALE HEART ATTACKS

I was aware that female heart attacks are different, but this is the best
description I’ve ever read.

Women and heart attacks (Myocardial infarction). Did you know that women
rarely have the same dramatic symptoms that men have when experiencing
heart attack.. you know, the sudden stabbing pain in the chest, the cold
sweat, grabbing the chest & dropping to the floor that we see in the
movies. Here is the story of one woman’s experience with a heart attack.

‘I had a heart attack at about 10:30 PM with NO prior exertion, NO prior
emotional trauma that one would suspect might have brought it on. I was
sitting all snugly & warm on a cold evening, with my purring cat in my
lap, reading an interesting story my friend had sent me, and actually
thinking, ‘A-A-h, this is the life, all cozy and warm in my soft, cushy
Lazy Boy with my feet propped up.

A moment later, I felt that awful sensation of indigestion, when you’ve
been in a hurry and grabbed a bite of sandwich and washed it down with a
dash of water, and that hurried bite seems to feel like you’ve swallowed a
golf ball going down the esophagus in slow motion and it is most
uncomfortable.. You realize you shouldn’t have gulped it down so fast and
needed to chew it more thoroughly and this time drink a glass of water to
hasten its progress down to the stomach. This was my initial
sensation–the only trouble was that I hadn’t taken a bite of anything
since about 5:00 p.m.

After it seemed to subside, the next sensation was like little squeezing
motions that seemed to be racing up my SPINE (hind-sight, it was probably
my aorta spasms), gaining speed as they continued racing up and under my
sternum (breast bone, where one presses rhythmically when administering CPR).

This fascinating process continued on into my throat and branched out into
both jaws. ‘AHA!! NOW I stopped puzzling about what was happening — we
all have read and/or heard about pain in the jaws being one of the signals
of an MI happening, haven’t we? I said aloud to myself and the cat, Dear
God, I think I’m having a heart attack!

I lowered the foot rest dumping the cat from my lap, started to take a
step and fell on the floor instead. I thought to myself, If this is a
heart attack, I shouldn’t be walking into the next room where the phone is
or anywhere else… but, on the other hand, if I don’t, nobody will know
that I need help, and if I wait any longer I may not be able to get up in
a moment.

I pulled myself up with the arms of the chair, walked slowly into the next
room and dialed the Paramedics… I told her I thought I was having a
heart attack due to the pressure building under the sternum and radiating
into my jaws. I didn’t feel hysterical or afraid, just stating the facts.
She said she was sending the Paramedics over immediately, asked if the
front door was near to me, and if so, to un-bolt the door and then lie
down on the floor where they could see me when they came in.

I unlocked the door and then laid down on the floor as instructed and lost
consciousness, as I don’t remember the medics coming in, their
examination, lifting me onto a gurney or getting me into their ambulance,
or hearing the call they made to St. Jude ER on the way, but I did briefly
awaken when we arrived and saw that the radiologist was already there in
his surgical blues and cap, helping the medics pull my stretcher out of
the ambulance. He was bending over me asking questions (probably something
like ‘Have you taken any medications?’) but I couldn’t make my mind
interpret what he was saying, or form an answer, and nodded off again, not
waking up until the Cardiologist and partner had already threaded the
teeny angiogram balloon up my femoral artery into the aorta and into my
heart where they installed 2 side by side stints to hold open my right
coronary artery.

I know it sounds like all my thinking and actions at home must have taken
at least 20-30 minutes before calling the paramedics, but actually it took
perhaps 4-5 minutes before the call, and both the fire station and St Jude
are only minutes away from my home, and my Cardiologist was already to go
to the OR in his scrubs and get going on restarting my heart (which had
stopped somewhere between my arrival and the procedure) and installing the
stints.
Why have I written all of this to you with so much detail? Because I want
all of you who are so important in my life to know what I learned first hand.

1 Be aware that something very different is happening in your body, not
the usual men’s symptoms but inexplicable things happening (until my
sternum and jaws got into the act). It is said that many more women than
men die of their first (and last) MI because they didn’t know they were
having one and commonly mistake it as indigestion, take some Maalox or
other anti-heartburn preparation and go to bed, hoping they’ll feel better
in the morning when they wake up… which doesn’t happen. My female
friends, your symptoms might not be exactly like mine, so I advise you to
call the Paramedics if ANYTHING is unpleasantly happening that you’ve not
felt before. It is better to have a ‘false alarm’ visitation than to risk
your life guessing what it might be!

2. Note that I said ‘Call the Paramedics.’ And if you can take an aspirin.
Ladies, TIME IS OF THE ESSENCE!

Do NOT try to drive yourself to the ER – you are a hazard to others on the
road.

Do NOT have your panicked husband who will be speeding and looking
anxiously at what’s happening with you instead of the road.
Do NOT call your doctor — he doesn’t know where you live and if it’s at
night you won’t reach him anyway, and if it’s daytime, his assistants (or
answering service) will tell you to call the Paramedics. He doesn’t carry
the equipment in his car that you need to be saved! The Paramedics do,
principally OXYGEN that you need ASAP. Your Dr will be notified later.

3. Don’t assume it couldn’t be a heart attack because you have a normal
cholesterol count. Research has discovered that a cholesterol elevated
reading is rarely the cause of an MI (unless it’s unbelievably high and/or
accompanied by high blood pressure). MIs are usually caused by long-term
stress and inflammation in the body, which dumps all sorts of deadly
hormones into your system to sludge things up in there. Pain in the jaw
can wake you from a sound sleep. Let’s be careful and be aware. The more
we know the better chance we could survive.

A cardiologist says if everyone who gets this mail sends it to 10 people,
you can be sure that we’ll save at least one life.

*Please be a true friend and send this article to all your friends (male &
female) who you care about!*

Article Summary

1.) Arizona housing inventory is the lowest it has been in over 5 years. (see chart below)
2.) The 5 largest banks just settled a major suit with the government, bringing nearly 2 Billion to the AZ economy.
3.) Home prices in AZ have risen for four consecutive months, first time since the housing collapse. (see chart below)
4.)Re/max agents handling a large portion of the foreclosure business in Arizona have seen foreclosures dry up in recent months.

The Good News

Arizona real estate has been in the news quite a bit over the last month. First, there was the report released that confirmed Arizona was the only state in the U.S. that experienced an increase in home values. The speculation is that because Arizona was one of the hardest hit states when the housing bubble burst that it is also going to be one of the first to rebound.
Next came the news that the 5 biggest mortgage companies in the United States agreed to a 26 Billion dollar settlement with the government. This 26 Billion is to go back into the pockets of homeowners that had been harmed by fraudulent foreclosure processes put in place by the banks. This is also seen as great economic news for the state of Arizona. Arizona residents are expected to receive nearly 2 Billion dollars from the banks settlement, that money will go directly into the Arizona economy.

So with all this good news, what is this 90 day window we are talking about? Before we explain why all this good news might not last, let me give you one more piece of good news. Take a look at the three charts below, for the first time since the market collapsed all of the major market trends are pointing in the right direction.

Average Sales Price In Arizona.

We have now seen the average sales price rise for 4 consecutive months. The metric jumped nearly $15,000 in 4 short months. So what are the reasons for the turn around?

Why is Arizona the only state that is seeing this kind of improvement? The economy is partially to thank, but the real secret is the shortage in houses for sale.

Arizona Housing Inventory

The housing inventory in Arizona has been steadily declining now for the past year, this has more to do with the lack of foreclosures being processed by the banks than anything else, but we will get to that in a moment. At the height of the housing crisis, there were over 57,000 homes on the market in Arizona, as of the writing of this article there are just above 16,000. We have not seen inventories this low since the height of the market back in 2005 and 2006.

Days on market

The average days on market has been nearly cut in half over the past year, this is truly incredible when you consider this is not the amount of days that it takes to receive an offer, but instead it reflects the amount of days necessary to complete the entire transaction. Still not stunned? Consider this, the days on market metric also includes short sale listings, which can take upwards of 6 months to get closed. Yet the DOM is still under 90 for the first time in years.

Fallout from the bank settlement

The truth is all of these current factors, the low inventory, the rising home values, and in some part the economic turnaround are due to one forgotten truth. While the banks were in negotiations with the federal government they basically quit foreclosing on properties. They did this because they knew they were going to have to pay out a sum of money for every house they foreclosed on between 2009 and when the agreement was reached.

So the banks made a strategic decision to halt foreclosures and save themselves the penalty they would eventually be paying. So many homeowners that were late on payments never received a foreclosure date, and many of those that had already been issued a foreclosure date saw that date pushed back until after a settlement could be reached.

Short Term Gain

This dramatic decrease in foreclosures eventually helped dry up the houses for sale in Arizona, which in turn increased competition for the current homes on the market and drove up prices. There is however a flip side of the coin. Even though these huge banks were not processing as many foreclosures, it does not mean that homeowners were not still falling behind on their payments.

Long Term Pain

So as the banks begin to ramp back up their foreclosure process, they will not only be dealing with the foreclosures to come, but they will also be cleaning up all the foreclosures they let slip through the cracks during the bank negotiations. Its possible, because of these circumstances prices might not only fall, but fall back even further than they were just 4 or 5 months ago.

What got the banks into trouble in the first place was moving to quickly, and not paying enough attention. Lets hope that the banks have learned their lesson and will take their time getting these foreclosure homes back on the market. While we can’t predict the banks, one thing is clear, with the banks ramping up their foreclosure process again the inventory levels can’t stay this low. More homes on the market means less competition, and less competition typically means lower prices.

Now that we know the banks have come to an agreement and will resume the foreclosure process, we expect it will take nearly 90 days before the market will see a major impact. Let us know in the comments below how long you think it will take, and if you disagree with us completely please let us know, we value your opinion.

The foreclosure nightmare that has plagued the U.S. and Arizona in particular over the last few years will eventually come to an end, but what we are seeing now is not that end, but it paints a good picture of what the end will look like.

Article Written by Relocateaz

Be aware that buried deep in the 214 page “Jobs Bill” HB 2001 signed by Governor Jan Brewer on February 17, 2011, is a requirement for homeowners to sign and send back an affidavit in order to receive The State General Fund Credit.

Homeowners: carefully read any property tax valuation notice received this month and return the affidavit promptly so you don’t lose out on the State Aid Credit you’ve been automatically receiving.

The affidavit must be completed and mailed with the annual Notice of Full Cash Value to the County Assessor within 60 days or your residential property will be reclassified as Class 4 (rental) instead of Class 3 (residential). By signing the affidavit, property owners are swearing that they are the owner- occupant and eligible for the state aid property tax credit.

If the affidavit is not returned, the state aid credit, which goes to area schools, will be paid by you, the property owner and your property taxes will go up by as much as $600!

Click below to access HB 2001 Jobs Bill in its entirety. Look for Section 42-12052 (pg. 148) and Section 42-15103 (pg. 155) – www.azleg.gov

The new changes to the HARP program are going to be fantastic! The 2009 version of HARP was always well intentioned but it was seriously lacking in realistic guidelines and has overall failed homeowners struggling to make their payments. This new version will have much more flexible minimum requirements, in some cases we’re talking, no credit score requirements.
So when legislators announced a few weeks ago the intention of a HARP program revamp, it sent the entire mortgage industry into a frenzy! Unfortunately we are still left waiting to hear what exactly these changes will be.  Currently the program is set to begin March 12, 2012.  A few days ago we were let in on the overarching guidelines we expect to see which will qualify homeowners to refinance their homes in this unique financial environment.
As with any government program there many guidelines within any loan program, but to keep it short and sweet I have focused on the key features & perks.
Let’s call it HARP Revamp Cliffs ‘Notes as of January 2012:

1.    You must currently have a Fannie or Freddie loan that was guaranteed before June 1, 2009. Below are links to see if you qualify: http://www.fanniemae.com/loanlookup/      https://ww3.freddiemac.com/corporate/

2.    HARP will allow qualified borrowers to refinance the current home loan to current interest rates – which are at historically rock bottom levels.

3.    Depending on the idiosyncrasies of your individual financing situation, you may qualify to slip by credit score requirements or dodge debt ratio requirements.

4.    The value of the home compared to your mortgage is irrelevant. Did you hear that for those of you underwater?

5.    A HARP refinance may allow for a history of late mortgage payments. Again, not entirely sure what this will look like, but this could be HUGE for many homeowners.

As news comes in on what exactly we’ll be seeing in March, I’ll be sure to keep you updated to be sure you have every opportunity to take advantage of this fantastic new loan program.

For More Information Please Call me at: 602-740-0747 or Email: jnamock@gmail.com

Information is Courtesy of

AMG Mortgage Group
623-236-8490 direct  623-293-6368 cell

Or Click on a City Below (Scroll Down for more Choices)

Realtor.com reports US home listings drop 21% from year ago

By Inman News
Inman News™

The total number of homes listed for sale on Realtor.com fell by 3.5 percent from September to October, to 2.12 million — the fifth consecutive monthly decline, the company said.

Inventories of homes listed for sale on Realtor.com were down nearly 21 percent in October from a year ago, with 135 of 146 markets tracked posting double-digit annual percentage declines.

Lower inventories, combined with generally stable list prices, can be seen as a positive sign that the overall housing market is holding its own, Realtor.com said in summarizing statistics pulled from its databases.

But housing markets remain fragile, particularly those with high unemployment rates and large numbers of seriously delinquent borrowers, the company said.

Analyzing a combination of factors, including unemployment rates and annual changes in median list price, median age of inventory, total listings, and Realtor.com search rank, Realtor.com compiled a top 10 list of “Turnaround Towns.”

Eleven of the 20 markets that have seen the greatest annual decline in active listings were in Florida, including Miami, Orlando, and Fort Myers, where inventories were down 40 percent or more from a year ago.

Four other top 20 markets for inventory declines were also located in so-called “sand states”: Phoenix-Mesa, Ariz. (-48 percent); Oakland, Calif. (-38 percent); Bakersfield, Calif. (-38 percent); and Fresno, Calif. (-37 percent).

At $189,900, the median list price of all homes tracked by Realtor.com in October was essentially unchanged from September and up 2.6 percent from a year ago. Although 46 markets posted annual declines in median list price, 100 markets held their own or posted gains.

The 10 markets posting the biggest annual decline in median list price were Chicago (-12.6 percent); Detroit (-10.9 percent); Las Vegas (-10.4 percent); Atlanta (-8.6 percent); Los Angeles-Long Beach (-7 percent); Ventura, Calif. (-7 percent); Sacramento, Calif. (-6.7 percent); Tampa-St. Petersburg-Clearwater Fla. (-6.6 percent); Orange County, Calif. (-6.6 percent); and San Francisco (-6 percent).

Eight of the 10 markets posting the largest annual increase in median list price were located in Florida.

The median age of Realtor.com listings in October was 110 days, up 2.8 percent from September but down 1.79 percent from a year ago. Most markets with the longest median inventory age were located in the Southeast, including the South-South Carolina RSA, which topped the list at 185 days.

The 10 markets with the freshest inventory by median age in October were Oakland, Calif. (49 days); Denver (52 days); Fresno, Calif. (61 days); Phoenix-Mesa (62 days); Stockton-Lodi, Calif. (66 days); Bakersfield, Calif. (66 days); Detroit (67 days); Washington, D.C. (67 days); San Francisco (68 days); and San Jose, Calif. (73 days).

*Final guidelines come out 11/15.

Courtesy of Tracy Tucker Nova Home loans

Even as realtors the question comes up almost every day. I believe a better question might be. Are we at the bottom of consumer confidence in the market yet? As we move forward in these questionable times of financial weakness, most ponder the notion of when we will see a turn around if at all. Amidst all the questions, fear and confusion I take heart in knowing that we as a people can and will overcome all adversity.

        When dealing with the unknown there is always fear. Fear of events to come or events we may never get the chance to witness. I believe that we are a bottom and showing signs of recovery. Home prices here in the Phoenix Area are at an all time low which gives buyers a great opportunity to buy at a low cost in the market.

         Can prices go lower? Yes absolutely the can go lower. But when you take into consideration that starter home around 125k would get you a payment for the same if not lower than the cost of rent (at least on a month to month basis). Then when you take advantage of the federal tax credit you receive when you write off the interest you paid on your loan.  It will be less then rent. People will start buying again. Even if prices go lower rental rates will most likely stay the same.

        Is now a good time to buy a home?  This is a question you will need to ask yourself. With the banks being so tight on financing and down payments on the rise. You will need to know exactly where you stand financially. Your credit score is a good place to start. With more and more insurance, utility and even employers basing their decision about you solely upon your credit score it’s not a bad idea just to know where you stand. You will need to make the choice of do I pay my self back buy owning a home or do I continue to pay someone else.

        In knowing all the things I know about our housing market. We  are at the bottom in some shape or form. It will be those that take advantage of the bottom that will bring it back up. With investors climbing over themselves to scarf up the lower end of the market to fix them up and sell them at a premium or maybe just to rent them to someone who is still sitting on the fence. The bottom is here. The American dream is still out there. The best difference is it comes at an affordable price.

Jamie Namock