June 4, 2009 - New articles - updates on the market

Average Ariz. home price fell 20% in
year, an article from azcentral.com, reports that the average
purchase price of a home in Arizona dropped almost 20% in the past year. 
However, the combined year-over-year index is only down 13.6% when appraisals
for refinancing are taken into account.  In metro Phoenix, year-over-year home
values were down 17.3%.  The FHFA uses data that compares the same houses over
and over, both in terms of actual sales and appraisals.  There are signs that
the sharp drop in values may soon be a thing of the past for Arizona.  Between
Q4 2008 and Q1 2009, the drop in values was less than 1%.  
http://www.azcentral.com/business/abg/articles/2009/06/04/20090604abg-fischercover0604.html

Buyers: Bring on the Open Houses, an article from
Realtor Magazine Online, reports that more than 90% of potential home
buyers plan to attend open houses as they look for a home to purchase, according
to a recent survey conducted by Trulia.com.  Here's how they find out about open
houses: 1) Web sites - 62%; 2) Real estate agents - 53%; 3) Neighborhood signs -
36%; and 4) Newspapers or other printed sources - 31%.
http://www.realtor.org/RMODaily.nsf/pages/News2009060306

Mortgage Applications Rise From
Buyers, an article from Realtor Magazine Online, reports that
mortgage application volume dropped 16.2% last week due to fewer people
refinancing.  However, the purchase index climbed 4.3% compared to the previous
week. 
http://www.realtor.org/RMODaily.nsf/pages/News2009060303

Additional articles that you may find of
interest:

Queen Creek 'raising' property tax rates

http://www.eastvalleytribune.com/story/139986

Meritage Homes reinvents itself to survive
http://www.azcentral.com/business/realestate/articles/2009/05/31/20090531housing-regroupbuilder0531.html

New home permits in metro Phoenix jump in April
http://www.kvoa.com/Global/story.asp?S=10474565

Facebook leads social networking space as Twitter growth
skyrockets
http://www.bizjournals.com/phoenix/stories/2009/06/01/daily19.html?s=industry

Assuring Accurate Appraisals, Part
II: What's A Consumer To Do?
http://realtytimes.com/rtpages/20090604_accurateappraise.htm

First-time Home Buyers Grabbing
Houses and Tax Credit
http://rismedia.com/2009-06-03/first-time-home-buyers-grabbing-houses-and-tax-credit/