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June National Housing Report Reflects Significant Increases

by Lisa Bray

June National Housing Report Reflects Significant Increases

Home sales are reflecting significant increases for the third month in a row this year. Only three of the fifty-two metro areas included in the May survey experienced lower sales than the previous month. May became the sixth consecutive month with fewer year-over-year inventory losses than the previous month despite tight credit availability and inventory.

“The usually strong spring selling months appear to be following traditional growth patterns. We’ve now seen three straight months of increased sales over the previous month - although we may not match the growth rates we saw last year, we are seeing significant increases in both sales and prices and that’s a positive sign,” states Margaret Kelly, RE/MAX CEO

The average Days on Market for all homes sold in May was sixty-six which is eight days lower than the average seen in April and four days lower than the average in May last year. The low Days on Market average continues to be the result of a low inventory of homes for sale. At the rate of home sales in May, there was a 3.8 Months Supply of Inventory, down slightly from 3.9 in April. A supply of 6.0 is considered balanced.

Please visit the video below for additional National Housing Report details for June 2014.

If you’re looking to buy or sell a home in the Goodyear and West Valley area, please contact the Lisa Bray today.

www.LisaBray.com

602-762-3691
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More Than Just A Home

Fannie Mae Updating Waiting Periods after Short Sales

by Lisa Bray

Fannie Mae Updating Waiting Periods after Short Sales

For several years now, Fannie Mae has allowed buyers that previously were involved in a short sale or deed in lieu of foreclosure to buy again using Conventional financing in as little as two years with a twenty percent down payment and a minimum 680 credit score. However, after August 16th of this year, Fannie Mae is updating the waiting period after short sale and pre-foreclosure sales.

Fannie Mae is planning to end their early purchase program. The updated program has a longer waiting period of four years but requires a lower down payment and credit score standard. What this means for buyers is that after August, homeowners that experience a short sale or deed in lieu of foreclosure are able to buy again using Conventional financing, four years after having their name removed from title. After this waiting period, buyers can qualify using the standard Conventional qualifying requirement of a five percent down payment and a minimum 620 credit score.

In addition, if a homeowner can prove with strong documentation that the short sale was due to an extenuating circumstance such as loss of employment, then the waiting period may still be reduced to two years.

If you’d like more information about Fannie Mae’s updated waiting periods or would like to learn about qualifying for a loan in your area, please contact me. – Lisa

www.LisaBray.com

602-762-3691
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More Than Just A Home

Wonderful West Valley 4th of July Celebrations

by Lisa Bray

Wonderful West Valley 4th of July Celebrations

July 4th in Arizona is a traditionally hot day filled with popsicles, pools, picnics, and fireworks. If you’re looking for the most exciting family fun events happening on this joyous holiday, here are some wonderful West Valley 4th of July Celebrations happening in your neighborhood this Friday.

Goodyear:

The Goodyear Ballpark and Recreational Complex in Goodyear hosts it’s annual Star Spangled 4th Celebration from 6:00 p.m. to 10:00 p.m. This fun event features a kid’s zone with inflatable bouncers and water activities, a Village Inn pie-eating contest, and an F-16 jet fly over. Food and drinks including beer and margaritas are available with for purchase as well as unlimited ride wristbands for $10. Visit goodyearaz.gov/ballpark to learn more.

Surprise:

In the mood to catch a game with your Forth of July festivities? Watch a Rookie League baseball game between the Kansas City Royals and the San Diego Padres at 5:30 p.m. at the Surprise Stadium in Surprise. The 4th of July Celebration also includes a fireworks show set to patriotic music after the game. Concession are available for purchase. Canned food donations are accepted for admission for St. Mary’s Food Bank Alliance and Valley View Community Food Bank. To purchase tickets and for more details call 623-222-2000 or visit surpriseaz.gov.

Tolleson:

Tolleson Veterans Park in Tolleson hosts their free admission Tolleson Independence Day Celebration from 5:00p.m. to 10:00 p.m. Kids can enjoy sliding down a forty foot inflatable slide and can catch the F-16 jet flyover from Luke Air Force Base at 7:00 p.m. Water, Gatorade, and watermelon will be provided with food available for purchase. Free parking and shuttle service will be available. Visit tollesonaz.org. for more details

Please enjoy this fun, and festive Independence Day with your friends and family. Happy 4th of July! –Lisa

 

www.LisaBray.com

602-762-3691
Join me on Facebook!

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