NATnews - Housing business picks up in Valley; foreclosures drop

Our market is still moving in a POSTIVE direction!!!

Housing business picks up in Valley; foreclosures drop - Here are some key data and predictions from Land Advisors' debut real-estate forecast event last week:
• Almost one-fourth of metro Phoenix's current new-home developments will sell out in the next six months.
• Phoenix's housing market hit bottom in early April, said Mike Orr, principal of the Cromford Report, a real-estate research firm. Based on current price trends, the housing market could start to see positive appreciation rates by March.
• Last month was the second-best November for home sales in the area's history. Only November 2004 was better.
• Meanwhile, both foreclosures and preforeclosures fell in Phoenix during November. Foreclosures dropped 21% from October to 3,808. Preforeclosures dipped 9%, to 7,149.
http://www.azcentral.com/arizonarepublic/business/articles/2009/12/08/20091208biz-catherine1209.html

New FHA Guidelines Could Amp Condo Sales - "FHA approved" may soon become the most popular condo amenity, thanks to the new guidelines established by the FHA to take effect February 1, 2010. The guidelines addressed the two imperatives facing condominium sales: down payments and the financial integrity of condo associations. "FHA approved" used to mean a 3.5% down payment. Starting early next year, "FHA approved" will mean 3.5% down plus a financially stable association approved by your lender. This is huge. See the full article for details on the new guidelines.

http://realtytimes.com/rtpages/20091209_fhaguidelines.htm

Mortgage applications jump 8.5% as interest rates tick up - Mortgage applications jumped 8.5% the week ended Dec. 4, as more borrowers refinanced loans to lock in interest rates near record lows, according to the Mortgage Bankers Association. Refinancing applications were up 11.1% from the previous week; purchase applications were up 4%. Customers looking to refinance existing mortgages accounted for 74% of all applications, up from 72% the previous week.

http://www.usatoday.com/money/economy/housing/2009-12-09-mortgage-applications_N.htm