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Tuesday, January 29, 2013

Prescott AZ Real Estate

 

Prescott AZ Real Estate


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Posted: 28 Jan 2013 08:46 PM PST

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Monday, January 28, 2013

Inside Lending Newsletter From Theron Wall

 

Inside Lending from Theron Wall

visit my website    email me now

Theron Wall

Theron Wall
Sr. Mortgage Consultant
3767 Karicio Lane, Ste B
Prescott, AZ 86303
Office: 928.445.8730
Fax: 928.445.1065
Cell: 928.533.7473

Wallick & Volk Mortgage

For the week of January 28, 2013 – Vol. 11, Issue 4

 

>> Market Update 

QUOTE OF THE WEEK... "There's no one to stop you but yourself."--Dave Thomas, founder of Wendy's and philanthropist

INFO THAT HITS US WHERE WE LIVE
... There's not much that's stopping the housing market from steadily moving forward. For 2012, the National Association of Realtors reported existing home sales UP 9.2% to 4.65 million units, flirting with levels not seen since 2007's 5.03 million homes. The median existing home price is UP 11.5% from December a year ago, the tenth month in a row of year-over-year gains. For 2012, the median price was UP 6.3%, the largest annual price gain since 2005! Completing the picture, although down in December, New Home Sales posted a 19.9% annual gain, their first  in 7 years. The median sales price for 2012 was UP 7.2% over 2011, while the FHFA index of prices for homes financed with conforming mortgages is UP 5.6% in the past year.

CORRECTION:
Last week's coverage of homeowner tax benefits from the "fiscal cliff" agreement should have read: "Mortgage principal reductions or cancellations by lenders will NOT be treated as ordinary income to homeowners." This tax break, which had been scheduled to expire 12/31/12, is good news for those receiving principal balance reductions from loan modifications, short sales, deeds-in-lieu, or foreclosures. NOTE: Always consult a tax professional for the definitive answer to any tax question.

BUSINESS TIP OF THE WEEK... Life rewards action. Instead of worrying about that big hill you're climbing, commit to one small step you can take today and focus on that. Call a former client, work on your weekly blog post, or just get yourself clear on the next action to take.

>> Review of Last Week

WALL STREET WINNING STREAK... The broadly-based Standard & Poor's 500 stock price index had been up eight days in a row as of Friday, its longest winning streak since November 2004. Even better, the S&P 500 closed for the week above the 1500 threshold for the first time since December 2007, before the recession began. The week's upward impetus was provided by generally upbeat Q4 corporate earnings, the big exception being Apple's disappointing report. Folks were also happy to see German business confidence up more than expected, a sign that Europe's biggest economy is on the mend.

There were precious few economic reports to dampen the enthusiasm, although the ones we saw carried the usual mixed messages. The Richmond Fed index of mid-Atlantic manufacturing showed contraction. Housing numbers are covered above. New unemployment claims dropped to 330,000, their lowest level in 5 years, while continuing claims fell to 3.16 million.

The week ended with the Dow UP 1.8%, to 13896; the S&P 500 UP 1.1%, to 1503; and the Nasdaq UP 0.5%, to 3150.

The light week of economic data and the move by investors into risk assets led to selling in the bond market, sending prices southward. The FNMA 3.5% bond we watch ended the week down .83, at $105.18. National average fixed mortgage rates inched up, but still stayed near historical lows in Freddie Mac's Weekly Survey. Purchase loan applications surged, according to the Mortgage Bankers Association, UP 26% versus the same time a year ago.

DID YOU KNOW?
... A survey  by the National Association of Home Builders (NAHB) put builder confidence at the highest level since April 2006.

>> This Week's Forecast

PENDING HOME SALES, THE FED, GDP, INFLATION, MANUFACTURING, JOBS... This week tells us about lots of things economic, but the forecasts are mixed. December Pending Home Sales should be down a bit and Wednesday's FOMC Rate Decision is expected to be unchanged, but the Fed's policy statement will be scrutinized for its economic prognostications. Earlier that day, we'll see an actual economic reading. Unfortunately, Q4 Advanced GDP is predicted to come in at a measly 1% annual growth rate.

Inflation is forecast to stay in check, as measured by Core PCE Prices, while the ISM Index of manufacturing should come in just over 50, showing expansion. The week concludes with its final biggie, Friday's December Employment Report. A gain of 180,000 new payrolls is predicted, enough to drop the Unemployment Rate a tenth of a percent.

>> The Week's Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Economic Calendar for the Week of Jan 28 – Feb 1

 Date

Time (ET)

Release

For

Consensus

Prior

Impact

M
Jan 28

08:30

Durable Goods Orders

Dec

1.6%

0.8%

Moderate

M
Jan 28

10:00

Pending Home Sales

Dec

0.0%

1.7%

Moderate

Tu
Jan 29

10:00

Consumer Confidence

Jan

65.1

65.1

Moderate

W
Jan 30

08:30

GDP–Advanced

Q4

1.0%

3.1%

Moderate

W
Jan 30

08:30

GDP Chain Deflator–Adv.

Q4

1.6%

2.7%

Moderate

W
Jan 30

10:30

Crude Inventories

1/26

NA

2.813M

Moderate

W
Jan 30

14:15

FOMC Rate Decision

1/30

0%–0.25%

0%–0.25%

HIGH

Th
Jan 31

08:30

Initial Unemployment Claims

1/26

345K

330K

Moderate

Th
Jan 31

08:30

Continuing Unemployment Claims

1/19

3.200M

3.157M

Moderate

Th
Jan 31

08:30

Personal Income

Dec

0.7%

0.6%

Moderate

Th
Jan 31

08:30

Personal Spending

Dec

0.3%

0.4%

HIGH

Th
Jan 31

08:30

PCE Prices–Core

Dec

0.1%

0.0%

HIGH

Th
Jan 31

08:30

Employment Cost Index

Q4

0.5%

0.4%

HIGH

Th
Jan 31

09:45

Chicago PMI

Jan

50.5

48.9

HIGH

F
Feb 1

08:30

Average Workweek

Jan

34.5

34.5

HIGH

F
Feb 1

08:30

Hourly Earnings

Jan

0.2%

0.3%

HIGH

F
Feb 1

08:30

Nonfarm Payrolls

Jan

180K

155K

HIGH

F
Feb 1

08:30

Unemployment Rate

Jan

7.7%

7.8%

HIGH

F
Feb 1

09:55

Univ. of Michigan Consumer Sentiment–Final

Jan

71.4

71.3

Moderate

F
Feb 1

10:00

ISM Index

Jan

50.5

50.7

HIGH

 

>> Federal Reserve Watch   

Forecasting Federal Reserve policy changes in coming months... The Fed is expected to continue to keep the Funds Rate at its super low level at this week's FOMC Meeting. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.

Current Fed Funds Rate: 0%–0.25%

After FOMC meeting on:

Consensus

Jan 30

0%–0.25%

Mar 20

0%–0.25%

May 1

0%–0.25%


Probability of change from current policy:

After FOMC meeting on:

Consensus

Jan 30

     <1%

Mar 20

     <1%

May 1

     <1%

UIE 

This e-mail is an advertisement for Theron Wall. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice, or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in the newsletter is the property of Wallick & Volk Mortgage and cannot be reproduced for any use without prior written consent. It is designed for real estate and other financial professionals only. It is not intended for consumer distribution. The material does not represent the opinion of Wallick & Volk Mortgage. BK 0018295 NMLS #256412



 



Equal Housing Lender  

MCID900139960

 

Friday, January 25, 2013

Capitol Insider - January 25, 2013

January 25, 2013

 

2013 REALTOR® Day at the Capitol

 

On January 15, the Arizona Association of REALTORS® held their annual REALTOR® Day at the Capitol. This year more than 200 REALTORS® from across the state gathered to learn and participate in the legislative process.

 

During the morning session, members of the association had the opportunity to become educated on the most current and important issues facing Arizona's real estate industry at the legislature. The morning session also offered a presentation from Dr. Lawrence Yun, chief economist and senior vice president of research at the National Association of REALTORS®, on the economic forecast of our nation and the State of Arizona.

 

The event also featured the association's annual recognition of the Arizona Association of REALTORS® Public Policy Champion Awards. These awards are determined by the legislator's voting record and diligent work on REALTOR® issues. Awards were presented to Representative Jeff Dial (Legislative District 18), Representative Bruce Wheeler (Legislative District 10), Senator Linda Lopez (Legislative District 2) and Senator Steve Yarbrough (Legislative District 17). Additionally, the lunch hour provided REALTORS® with the opportunity to meet with their legislators and voice their support or opposition for public policy that could either be helpful or harmful to the industry.  

 

It is important to remember that decisions are made every day that affect the real estate industry at the legislature. Opportunities such as REALTOR® Day at the Capitol serve as an excellent opportunity for members to make our voice heard. Nothing can impact our industry more than a unified effort working to impact legislation. The Arizona Association of REALTORS® would like to thank every REALTOR®, legislator, and elected official who attended and contributed to the success of this year's Day at the Capitol.

 

Governor's Budget Proposal

Last week, Governor Jan Brewer unveiled her $8.9 billion budget proposal for fiscal year 2014, which includes $317 million in new spending. As anticipated, the majority of the proposed new spending is for K-12, including $110 million in ongoing spending and $61.5 million in one-time expenditures. During Governor Brewer's State of the State speech, she spoke about a "performance funding plan." This plan is expected to cost $54.3 million in fiscal year 2014, to be comprised of $36.2 million in new general fund money and $18.1 million in funding reallocated from other sources and will be allocated based on two sets of criteria. First, schools will be provided "achievement funding" based on letter grades with any school with a C grade or higher receiving funding. Second, schools will be rewarded for increasing their level of performance. Additionally, the governor is asking for $40 million in one-time funding for equipment and other costs to assist K-12 schools implement the new Common Core State Standards.  

 

Other notable components of the governor's budget include:

 

·       $20 million to universities for soft capital. Colleges outside of Maricopa and Pima counties will receive an additional $3.3 million.

·       $65.7 million for child safety, to include an immediate $4.4 million to hire 50 new CPS caseworkers and $18 million to hire 150 more in fiscal year 2014.

·       $49 million for emergency residential placement; CPS childcare and foster placement.

·       Counties with populations under 200,000 will receive $5.5 million in assistance, which will be redirected from the state's lottery fund.

 

Contact Legislative and Political Affairs

Arizona Association of REALTORS®

255 E. Osborn Rd., Ste. 200  •  Phoenix, Arizona 85012

www.aaronline.com

 

Telephone: (602) 248-7787  •  Fax: (602) 351-2471

Copyright © 2012 Arizona Association of REALTORS®.

All rights reserved.

 

 


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Thursday, January 24, 2013

Market Trends Weekly - January 22, 2013

 

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Housing Starts Up 12.1%, Home Prices Up 7.4%

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Last week there were more signs that the housing sector continues to improve with housing starts rising and home prices seeming to increase. Is it all good news for the housing market? Read on for details.

Housing Starts surged by 12.1% in December to 954,000 units on an annualized basis. This was above expectations and the highest level since June 2008.

02

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January 22, 2013

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Building Permits, a sign of future construction, also increased, coming in slightly higher than the November reading.

In addition, research firm CoreLogic reported that home prices rose by 7.4% in the year ended in November. This figure, which includes the sales of distressed properties, was the largest year-over-year increase since 2006 and it has been positive for nine straight months. Also, the Obama Administration's December Housing Report showed that home prices had solid annual gains for the year ended in October, with the Federal Housing Finance Agency (FHFA) and Case-Shiller housing price indices up 5.6% percent and 4.3%, respectively, from one year ago.

It's also important to note that RealtyTrac's year-end 2012 foreclosure report showed that foreclosure activity increased in 25 states. However, median home prices also increased in 25 states, which pulled 1.6 million homeowners out of negative equity in 2012.

Housing Prices May See Continued Gains

Goldman Sachs has reported that the fundamentals are pointing towards larger gains for housing prices in the next couple of years. And with home loan rates remaining near record lows, great opportunities are available.

As always, one thing that's important to monitor is inflation. Since inflation reduces the value of fixed investments, inflation is considered the arch enemy of Bonds and, therefore, of home loan rates, which are tied to Mortgage Bonds. However, last week's wholesale-measuring Producer Price Index and the Consumer Price Index showed that inflation remains tame, meaning inflation is not a factor at this time.

The bottom line is that now remains a great time to consider a home purchase or refinance, as home loan rates remain near historic lows. Let me know if I can answer any questions at all for you or your clients.

Clinton Alcorn
480-614-5380
Clinton.Alcorn@carringtonms.com

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Your Carrington Loan Officer

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Clinton Alcorn
NMLS #: 964125
480-614-5380
Clinton.Alcorn@carringtonms.com 
9364 E Raintree Drive
Scottsdale AZ 85260

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This Week

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The markets were closed on Monday in observance of Martin Luther King, Jr. Day and the economic calendar is pretty quiet the rest of the week.

• More housing news is ahead, with Existing Home Sales on Tuesday and New Home Sales on Friday.
• The only other economic report will be Weekly Initial Jobless Claims on Thursday. Last week, claims fell to a five-year low and this may have been due to seasonal factors. Investors will be looking for any uptick in the numbers.

In addition, many companies will be reporting their earnings numbers and the markets will be closely watching the results. Positive earnings data could help push Stocks higher and shift investing dollars out of the Bond markets, which could have a negative impact on home loan rates.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.

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Economic Calendar for the Week of January 21 - 25

Date

ET

Economic Report

For

Estimate

Prior

Impact

Tue. January 22

10:00

Existing Home Sales

Dec

5.10M

5.04M

Moderate

Thu. January 24

08:30

Jobless Claims (Initial)

1/19

355K

335K

Moderate

Fri. January 25

10:00

New Home Sales

Dec

378K

377K

Moderate




© Copyright 2007-2013 Carrington Mortgage Services, LLC. headquartered at 1610 E. Saint Andrew Place, Suite B-150, Santa Ana, CA 92705. Toll Free # (800) 561-4567. NMLS Unique Identifier # 2600. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.org. AZ: Mortgage Banker BK-0910745; 2159 McCulloch Blvd #4, Lake Havasu City, AZ 86403. CA: Licensed by the Department of Corporations under the California Residential Mortgage Lending Act, File No. 413 0904. CO: Mortgage Company Registration # 2600 and Supervised Lender's Licenses # 989668 and # 989668-001.To check the license status of your mortgage loan originator, visit www.dora.state.co.us/real-estate/index.htm. GA: Georgia Residential Mortgage Licensee #22721. IL: Illinois Residential Mortgage Licensee. KS: Kansas Supervised Loan License # SL.0000313. MN: This is not an order to enter into an interest rate lock agreement under Minnesota Law. MS: Licensed by the Mississippi Department of Banking and Consumer Finance. NH: Licensed by the New Hampshire Banking Department. NJ: Licensed by the N.J. Department of Banking and Insurance. NY: Licensed Mortgage Banker—NYS Department of Financial Services.New York Mortgage Banker License #B500980/107664. NC: Carrington Mortgage Services, LLC is licensed under the North Carolina Agency Permit No. 102107 & 103455 and North Carolina Secure and Fair Enforcement Mortgage Licensing Act. OR: Mortgage Lender License #ML-4886. PA: Licensed by the Department of Banking. RI: Rhode Island Licensed Lender and Broker. VA: Licensed by the Virginia State Corporation Commission # MC-5382. WA: Consumer Loan License # CL-2600 & Mortgage Broker License # MB-2600. Also licensed in CT, DC, FL, ID, IN, KY, MD, ME, MI, NE, OK, SC, SD, TN, WI, WV, WY. NOTICE: All loans are subject to credit, underwriting, and property approval guidelines. Ordered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions, and programs are subject to change without notice. Carrington Mortgage Services is not acting on behalf of or at the direction of HUD/FHA or the federal government. All rights reserved.

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Visit Our Site: www.CarringtonHomeLoans.com

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Tuesday, January 22, 2013

Weekly Market Update from Curt and Shannon

 

 

 

January 22, 2013

 



The Dalpiaz Team
Curt and Shannon
141 S. McCormick Street Suite #107
Prescott, AZ 86303
Ph-928-777-8971
curt.dalpiaz@academy.cc
shannon.dalpiaz@academy.cc
LO License-#0912851 LO NMLS-#151454


Hello Brad,

The government has recently made some changes to mortgage rules, and it's important to stay on top of them. If you have any questions, please let me know.

My main goal is to make the loan process as smooth and stress-free as possible for customers. You can count on me for continuous guidance and support.

Sincerely,

Curt and Shannon
curt.dalpiaz@AcademyMortgage.com

 

 

 

Economic Data Exceeds Expectations

 

Highlights

Average 30 yr fixed rate

Stocks (Weekly)

 

December Core CPI was 1.9% higher than one year ago, the same as November

Weekly Jobless Claims dropped to the lowest level since January 2008

It was reported that Japan is considering a foreign bond buying program

Chinese GDP growth data was a little stronger than expected

 

Week of 01/18: +0.02%

 

Dow: 13,600 +100

 

 

 

Week of 01/11: -0.03%

 

NASDAQ: 3,125 +10

 

 

Positive economic data was the primary influence on mortgage rates last week. Unexpected strength in Retail Sales, Housing Starts, and Jobless Claims combined to push mortgage rates a little higher.

Stronger economic growth is great for the labor market and the stock market. Unfortunately, it also increases the risk that future inflation will move higher, so it is generally not good for mortgage rates. Two factors helped contain the increase in mortgage rates last week, however. First, the inflation data released last week showed that inflation is not a problem right now. In addition, Fed purchases of mortgage-backed securities (MBS) provided sufficient demand to keep mortgage rates at low levels.

The Housing data released during the week continued to be encouraging. December Housing Starts jumped 12%, well above the consensus forecast, to the highest level since June 2008. Building Permits increased 1%. The January NAHB Home Builder Confidence index remained at the highest level since 2006. The Fed's Beige Book reported improving real estate conditions in all twelve regions.




The Housing data will be the main focus on a very light Economic Calendar this week. Existing Home Sales will be released on Tuesday, and New Home Sales will be released on Friday. Leading Indicators will come out on Thursday. In addition, ongoing debt ceiling talks may influence mortgage rates.

 

 

 

The market commentary material provided is from a third party vendor, MBSQuoteline, and is not necessarily the opinions of the sender or the organization they represent. This information is intended for educational purposes only and should not be construed as investment and/or mortgage advice. Additionally, the material is deemed to be accurate and reliable, but there is no guarantee it is without error.

 

All products are subject to credit and property approval. Program terms and conditions subject to change without notice. Not all products are available in all states or amounts. Other restrictions and limitations apply.

Academy Mortgage Corporation
1220 East 7800 South
Sandy, UT 84094
p. 801-233-3700

Equal Housing Lender


Corp NMLS #3113 State Lic #912852 Corp Lic #0904081 NMLS #243638


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