State Targets Mortgage Fraud...

State targets mortgage fraud, from the Arizona Republic, reports that a wave of mortgage fraud in the Valley has prompted state legislation that would define it as a crime punishable by up to 10 years in prison. Cash back deals are a newer form of mortgage fraud whose rapid spread in Arizona has alarmed regulators and real estate industry leaders. The fraud involves obtaining a mortgage for more than a home is worth and pocketing the extra money in cash. The deals inflate home values and can affect values across whole neighborhoods. Ultimately, lenders end up with bad loans. Felicia Rotellini, superintendent of the Arizona Department of Financial Institutions, said her agency was flooded with calls Monday from people reporting cash-back deals and other potential mortgage fraud. Valley appraiser Dennis McMillen said mortgage fraud is an issue in the housing market but that it's not always due to inflated appraisals. In some cases, he said "real estate agents and mortgage brokers are withholding the cash-back agreements from the contract, thus the appraiser and title company does not know of these agreements." Don Matheson of Re/Max Excalibur in Scottsdale said "this is a very big problem and very damaging to our real estate market. We need to catch these people and put them in jail."



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West Valley's Resale Housing...

W. Valley feels cooldown; reports that the West Valley's housing market followed a Valley-wide slowing trend in 2006, with homeowners worrying about slipping values and a large number of listings on the market. The sluggish market was good news for buyers, as sellers reduced prices and agreed to pay closing costs in a bid to lure customers. "Buyers had a lot of choices in 2006 and remain in the driver's seat," said Meredith Andrews, a Realtor with Windermere West Valley. Despite last year's softening market, the Northwest Valley's growth did fuel success at master-planned communities in Peoria and Surprise, and multi-family projects in Glendale's sports and entertainment district. Sales remained strong at Vistancia, Peoria's largest master-planned community. The 7,100-acre community has sold 2,483 homes since it opened in 2004. In Surprise, Marley Park celebrated its one-year anniversary in September and welcomed residents and builders throughout the year. Developed by DMB Associates Inc, Marley Park offers a wide variety of architectural styles and features nine themed parks. As for the West Valley's resale housing market, Andrews expects a correction in the market by midyear.



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Average of 83 Says To Sell...

Reports that according to the Arizona Regional MLS, single-family houses in the Valley took an average of 83 says to sell in November, off the pace of the 65- and 61-day selling times in that same month in 2002 and 2003. Although some Valley residents can sell relatively quickly, others wind up waiting many months. Resale sellers are very important to the housing market, analysts say. If they can't sell their old homes, they can't buy new ones, and builders are stuck with too much inventory. Real estate agents point out some of the key reasons for slow sales, including too many homes on the market and sellers holding out for "boom prices". Single family inventory stood at 42,000 in November 2006, compared with 23,500 in November 2005. The article profiles several sellers of homes in the Valley and their experiences during this correction market period.
Some home sellers settle in for long wait

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Property Values Expected To Rise...

Phoenix property values expected to rise 11 percent in 2007, from the Phoenix Business Journal, reports that property values in Phoenix are expected to rise 11.1 percent in 2007, according to a fourth quarter survey by Arizona Tax Liens.com. Buyers and sellers projected an average increase of 10 percent statewide, citing the large number of people immigrating to Arizona, fueled by high-tech and biotech job growth in Tucson and Phoenix, low housing costs and baby boomers buying retirement homes. Of the 5,000 people surveyed, 59 percent planned to buy real estate in Arizona in 2007 and 32 percent planned to sell.

http://www.bizjournals.com/phoenix/stories/2007/01/01/daily11.html?t=printable