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Market Notes March 21, 2010: Active listings held steady this week at 624, priced at an average of $56.02 per square foot, there are currently 378 homes pending close of escrow, and 36 homes closed last week, bringing that number now to 461 homes that have closed escrow year to date. The 378 homes pending close of escrow is slightly skewed, in that some short sale listings are now going "pending" upon seller acceptance, rather than "AWC", which had been the norm, and of course, short sale homes are not a guarantee to close, as some of you have found out. If there were any doubts as to the depth of the nations housing problems, the Federal Home Loan Bank in California has filed a formal complaint in Superior Court against nine securities dealers, citing fraud and misrepresentation when selling their mortgage backed securities. And not to be left out of the action, Fannie Mae and Freddie Mac now may force lenders, including Bank of America, JP Morgan Chase, Wells Fargo and Citigroup to buy back $21 billion of home loans this year in an effort to recoup money on misrepresented mortgages. However, on a good note, Fannie and Freddie announced that they will purchase $200 billion in seriously delinquent mortgages, which will free up investor capital, allowing them to buy back the fraudulent MBS's, or reinvest, the question is; will they reinvest in new mortgages? All of these actions certainly indicate a willingness by both the primary and secondary market lenders to begin to get their arms around the depth of this national problem, but these actions will also greatly effect the supply of homes on the market, and buyers ability to secure mortgages. If, as expected, the supply of foreclosed homes increase, it will put downward pressure on prices, and many experts expect to realize that in the 3rd quarter. These are interesting times, but the fact remains that there has never been a better time to take advantage of the Arizona housing market. Interest rates continue to remain low, the tax credit is still in effect, and the supply of low valued homes remains 10%-15% stronger than last year, so if you are looking for an investment, or that primary residence, give us a call today to discuss your options. There are currently 132 bank owned homes on the market, 213 investor owned & HUD homes available, and 280 short sale homes. The Maricopa Real Estate Co. is the number one listing office in the area, so if you have had difficulty securing that second home or primary residence, give one of us a call, we'd be happy to help. And remember, don't miss your chance to get a piece of the Valley of the Sun.
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