Arizona Homeowner February / 2010
Inventive Home Lending 1400 E. Southern Avenue, Suite 615 Tempe, Arizona 85282 RETURN SERVICE REQUESTED
The financing of your real estate can be a daunting task. You want the best interest rate and you want the pre-approval, application and close of escrow processes to be hassle-free. I understand. I listen. I respond quickly. • I specialize in custom-designing a specific loan for each individual client. With over 400 loan programs at my fingertips, you will get a mortgage that best fits your unique situation. • I use the latest technology in loan underwriting. You’ll receive a loan decision within hours. Don’t wait days to find out if you qualify for the home you really want! • Closing thousands of loans and working with thousands of borrowers assures you that I have the knowledge and expertise to handle any situation. • My impeccable reputation is my best asset. I always strive to exceed your expectations!
CALL ME TODAY!
STARGAZING
2010: A Road to Recovery? Due to the overall economy, many people are more than happy to move on from 2009. It was just not a good year financially for many. But despite how bad 2009 was, there is light at the end of the tunnel for our real estate market. In 2009 we started seeing a rebound in housing that is setting the stage for an improved economy for 2010 and beyond. If we look back to early 2009, there was much uncertainty everywhere. The fall 2008 presidential elections gave us a new president on the heels of a devastating stock market plunge. And everywhere you looked, banks big and small were going out of business. And due to all of the uncertainty, home sales at the end of 2008 and beginning of 2009 were almost at a standstill. It was a scary time entering 2009. By spring of 2009, we started seeing some confidence come back. The bank failures slowed, and the stock market started regaining ground. And at about that time savvy investors and homebuyers took advantage of cheap bank-owned home prices and homebuyer incentives that started a buying frenzy. At the close of 2009 Metro Phoenix recorded just above 93,000 single-family homes sold (an average of 7,750 sold per month). That was a solid 55% rebound from the 60,108 homes sold in 2008. And the strong 2009 home sales numbers actually set the mark of being the 3rd best year on record for our market behind 2004 and 2005. Much of the gains in the stock market in 2009 resulted from companies strengthening themselves by cutting expenses and payroll. And as a result, many people took pay cuts or were laid off in 2009. That caused a lot of personal pain for many and added to the mortgage delinquency and foreclosure problem. But when you’re in the grips of a recession, you want to look for any signs of good news. History has taught us that in a recession, the bottom is often reached
while unemployment is still at a discouraging level. We remain hopeful that we are at the bottom for unemployment with gains coming in 2010. In 2010, we expect to see continued improvement in the stock market as consumers start to spend more on products. Our real estate market will probably not be as strong as the record numbers evidenced in 2009. However, low interest rates and home buying incentives should help keep homes selling at a level that outpaces foreclosures. And that is an important key to our recovery. Arizona, and our national economy, is really at the mercy of how well real estate continues to sell. For every home sold, property taxes get paid, and products and services get purchased. A good home sales environment immediately benefits the livelihood of the real estate community of Realtors, lenders, title companies, and the county tax assessor. But when you really look at how much money an average new home buyer pumps back into the economy you see that everyone from Hoover vacuums to Home Depot benefits. And the cash put back into the local and national economy is what will create jobs and a stable economy. The obstacles to an improvement in 2010 include continued job loss and foreclosures that could sour both the stock and real estate markets. I therefore believe that both the Federal Reserve and the Obama administration will have to continue to do what they can to keep interest rates low while extending incentives to purchase homes and other products. That is the medicine to cure what ails us. I wish everyone the best of luck with improving their lives and livelihood in 2010!
Desert Skies Offer Abundant Viewing
HELP FOR HOMEOWNERS
• Mortgage rates are at a 50-year low. Almost everyone can benefit by either buying a new home or refinancing to a low fixed rate. Call now for a free review of your options. • First-time home buyers are eligible for up to an $8K tax credit for buying and closing on a home by 12/1/09. That’s free money if you buy a home by the deadline! • If you are behind on your mortgage payments the government has offered incentives to lenders to modify your loan so that the interest and payment is lower. (We do not offer loan modifications but would be happy to offer free advice on how you can get help.) • If you have a Fannie Mae, Freddie Mac, FHA or VA loan you may be eligible for refinancing even if your owe more on your loan then your home is worth. (Call us to determine if you are eligible.)
Brady Holland President 480.627.2423 bradyh@ihlending.com www.ihlending.com
MORTGAGE RATES AS OF 1/10/10 Loan Rates for $150K-$417K
30-Year Fixed at 5.000%/5.309% APR 15-Year Fixed at 4.625%/4.879% APR
stay safe at home Burglary Prevention Tips
Loan Rates for $418K-$1.5M
5/1 ARM at 4.375%/4.672% APR 7/1 ARM at 4.750%/5.099% APR
*Note: Quotes assume primary home financing with 720+ fico score on a single family property with 20%-30% equity. All quotes offered at 1% origination fee. Certain restrictions apply.
MB0905347
Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net
perfect winter snacking Yard House’s Spinach Feta Dip
Event Calendar February 2010 The Sleeping Beauty Symphony Hall, Feb. 11th – 14th 602.381.5155 or balletaz.org This romantic fairytale is brought to life as the beauty and grace of Ballet Arizona’s dancers bring enchantment to this wonderful story. The Sleeping Beauty has been dazzling audiences for more than 100 years, both with its timeless choreography and unforgettable score by Tchaikovsky.
Mary Poppins ASU Gammage Auditorium, Feb. 11th – 28th 480.965.5062 or asugammage.com Relive this Disney classic story live. The tale begins as the magical nanny Mary Poppins floats down from the sky to bring joy and fun back into the Banks’ lives. Including many familiar songs we all know and love such as A Spoonful of Sugar and the impossible word Supercalifragilisticexpialidocious, this wonderful musical will leave you happily humming and tapping your toes. Phoenix Home and Garden’s Arizona Style Showplace Scottsdale Quarter, Feb. 12th – 14th 480.664.3960 or phgmag.com/azstyle Celebrating their 30th anniversary, Phoenix Home and Garden magazine brings Arizona Style to you with this exciting three-day event. Guests will explore 70,000 square feet of inspiring design, home and garden exhibitions and showcases. Gather innovative ideas and listen to seminars throughout the day as experts highlight trends and trade secrets for creating inviting spaces in and around your home. Enchanted Kingdom Luncheon and Fashion Show Arizona Biltmore, Feb. 20th 480.922.8212 or childhelp.org Be a part of this magical afternoon all in support of a heartwarming cause. Begin with many fun activities such as photos in Cinderella’s horse-drawn carriage and a treasure chest raffle. Later sit down to a fabulous lunch and children’s fashion show. Childhelp Wings is a non-profit organization dedicated to helping victims of child abuse and at-risk children by providing prevention, treatment and community outreach. Phoenix Suns vs. LA Clippers US Airways Center, Feb. 26th 602.379.7867 or usairwayscenter.com Cheer on our own Phoenix Suns as they slam-dunk their way into victory against the LA Clippers. The Suns have started this season with a bang, so let’s help them to continue this streak and play their way into the NBA Championship. Go Suns!
You’re setting off for a week-long vacation in the Caribbean and the last thing you want to worry about is the safety and security of your home. But have you thought of everything you could do to help keep would-be burglars at bay? Follow these 10 quick tips to make your abode the last one any thief would even think of trying to enter. 1. Light up the night. A few strategically lit spots outside will do worlds of good to discourage burglars. Make sure the doors and entryways are lit, as well as walks and areas where windows are easily accessed from the ground level. Driveways and garage areas are great places for motionsensor lights, which are good deterrents as well. Set your exterior lights to come on just after dusk and turn off at around 11 p.m. or so. If you’re away, it’s important to install timers on a few interior lights and adjust the times they go on and off so it appears someone is home from the outside. 2. Hire a homesitter. There really is no better way to dissuade would-be burglars from picking your home to rob than to have someone stay at your house if you’re away for an extended time. Seeing someone coming and going is a surefire way to keep thieves away. 3. Vary your schedule. Maybe you’re not going away on vacation, but you and your spouse work long hours and are away from home for long periods of time. If at all possible, it pays to drop by your home during the day at different times just to check on things. Burglars do “case” homes they are considering entering and if they can’t be sure if homeowners will be in or out, they may move on to another locale. 4. Get wired. Yes, it’s a no-brainer. Installing an alarm system is a visible signal to criminals to keep out. Let’s face it: Would you try to rob a home with an alarm system sign out front or from one without a sign? The peace-of-mind alone is worth the cost of installation and monitoring to many homeowners. 5. Lock it up. There’s no doubt that a locked door or window is more difficult to enter than an unlocked one. You’d be surprised how many homeowners don’t keep all their windows and doors locked on a regular basis. Don’t forget the door that leads from your garage into your home. 6. Get your garage in order. Many homeowners forget to lock side doors that lead into the garage and garage doors themselves—or leave cars in front of the garage unlocked with the garage door opener inside in plain view. All it takes is a burglar to open your car, push the button, and gain entry into your home through the garage. If you leave a car in the driveway, make sure it’s locked. 7. Curtain call. Something as simple as keeping curtains pulled over windows or blinds pulled down can discourage a burglar who’s wondering if someone is home or not. If they can peek in your home for hours and see no one’s home, they may be more likely to choose your home to rob. 8. Get a neighbor buddy. Why not ask your neighbor to keep an eye on your home and you’ll do the same for them. This works whether or not you’re going out of town. Any sign of suspicious activity and your neighbor can call you or vice-versa. 9. Secure double doors. Double doors are easily pried open. The Phoenix Police Department recommends installing a flush lever at the top and bottom of double doors. They also suggest making sure the bolts are long, sturdy, and mounted into a solid door frame. 10. Stop the mail and paper. Sounds simple but some people forget to do it and let the papers pile up. What better signal to send to a burglar that you are away?
Your Home
You can’t find a much more ideal location to peep at the stars and planets than right here in the Grand Canyon State. Not only is the desert night sky a great place to stargaze (there are not many places that are still this dark!), but our area also boasts some of the finest and most renowned astronomy facilities in the country. So whether you’re a novice or an expert, if you’re an Arizonan, you must make some time to look up at our heavenly bodies. One good thing to know about stargazing: You don’t necessarily need to run out and buy an expensive telescope to see the stars. Many people who are just learning and getting into astronomy purchase a good pair of binoculars which really do enable the user to see planets. Also, there are clubs in the area that one can join and perhaps use telescopes of true
enthusiasts first before making a major purchase. A few local clubs to check out include the Saguaro Astronomy Club (visit saguaroastro.org), which meets a few times a month for lectures and for observing sessions. They are a great resource for those looking to start a new hobby. Another local source is the East Valley Astronomy Club (EVAC) made up of more than 200 astronomy enthusiasts. Founded in 1987 as a small group of amateur astronomers in the eastern suburbs of Phoenix, it’s now a non-profit organization whose goal is to help “forge a network of friendly people with a common interest in stargazing and astronomical science.” Visit eastvalleyastronomy.org to learn more about membership and events. You can also head straight to some of Arizona’s landmark astronomy institutions.
Spinach Feta Cheese Dip
Local Flavor!
Scottsdale Arabian Horse Show WestWorld, Feb. 11th – 21st 480.515.1500 or scottsdaleshow.com Since 1955 this local show has grown from just 50 to nearly 2400 horses. Owners, trainers, breeders and equine-loving spectators come from all over the world to watch and participate in this top-notch event. In addition to the competition, educational demonstrations and a shopping bazaar make this an annual must-do for many!
First on the list should be Lowell Observatory in Flagstaff. This private, non-profit research institution was founded in 1894 by Percival Lowell. Often referred to as “the people’s observatory,” Lowell focuses on research and aims to get the community involved in astronomy. What can you do there? Try nighttime telescope viewing, widescreen multimedia shows, and tours of the universe in the 3D space theatre. For more details, visit lowell.edu/index.php. Your next stargazing hot spot is Kitt Peak National Observatory (KPNO), which is part of the National Optical Astronomy Observatory (NOAO). Get this: Kitt supports the most diverse collection of astronomical observatories on earth (yes, we said on earth!) for nighttime optical and infrared astronomy and daytime study of the sun. Founded in 1958, Kitt Peak is located 56 miles southwest of Tucson on the Tohono O’odham Nation. The Visitor Center is open daily to the public. You want world-class stargazing? You’ve found it! Check out noao.edu/kpno. Finally, don’t forget the Dorrance Planetarium, newly reopened at the Arizona Science Center in Phoenix. The Dorrance Planetarium is the first in the world to showcase a state-of-the-art NanoSeam dome. Under the dome, visitors are immersed in the imagery of the galaxy and the astronomical marvels of the beautiful Arizona night skies. For more details, visit azscience.org/planetarium.
Ingredients: 1 gallon water 1 1/2 lbs. (or 3 bunches) fresh spinach 1/2 cup olive oil 1/4 cup garlic, minced 2 Tbs. parsley, chopped 1/2 Tbs. kosher salt
Featuring Yard House Glendale Westgate Center • Phoenix Desert Ridge • Scottsdale Fashion Square
yardhouse.com
1/2 Tbs. black pepper 1/2 lb. feta cheese, crumbled 1/2 lb. jack cheese, shredded 3/4 lb. cream cheese 1/4 cup grated parmesan cheese
Procedure: 1. Place water in a large pot and bring to a boil. 2. Place the spinach in the water and blanch until just wilted (approx. 20 - 30 seconds). Remove from water and place into a colander and then place into an ice bath so that it does not continue to wilt. 3. Squeeze to remove all excess water and then rough chop the spinach. Set aside. 4. Heat olive oil in a sauté pan and add minced garlic. Let the garlic turn golden brown and then add parsley, salt and pepper and sauté briefly and set aside. 5. Combine feta, jack and cream cheese in a mixing bowl. Mix cheeses until well combined. 6. Add garlic/parsley mixture and spinach to the cheese blend and continue mixing until thoroughly combined. 7. Place spinach mixture in a casserole dish, sprinkle the top with grated parmesan cheese and bake at 375˚F for 20 minutes or until bubbling slightly and golden brown on top. Serve with toasted pita bread (see below). For toasted pita, split pita to make two halves. Brush lightly with olive oil, place on a sheet pan and bake in oven until golden brown and crispy. Serves 4
Event Calendar February 2010 The Sleeping Beauty Symphony Hall, Feb. 11th – 14th 602.381.5155 or balletaz.org This romantic fairytale is brought to life as the beauty and grace of Ballet Arizona’s dancers bring enchantment to this wonderful story. The Sleeping Beauty has been dazzling audiences for more than 100 years, both with its timeless choreography and unforgettable score by Tchaikovsky.
Mary Poppins ASU Gammage Auditorium, Feb. 11th – 28th 480.965.5062 or asugammage.com Relive this Disney classic story live. The tale begins as the magical nanny Mary Poppins floats down from the sky to bring joy and fun back into the Banks’ lives. Including many familiar songs we all know and love such as A Spoonful of Sugar and the impossible word Supercalifragilisticexpialidocious, this wonderful musical will leave you happily humming and tapping your toes. Phoenix Home and Garden’s Arizona Style Showplace Scottsdale Quarter, Feb. 12th – 14th 480.664.3960 or phgmag.com/azstyle Celebrating their 30th anniversary, Phoenix Home and Garden magazine brings Arizona Style to you with this exciting three-day event. Guests will explore 70,000 square feet of inspiring design, home and garden exhibitions and showcases. Gather innovative ideas and listen to seminars throughout the day as experts highlight trends and trade secrets for creating inviting spaces in and around your home. Enchanted Kingdom Luncheon and Fashion Show Arizona Biltmore, Feb. 20th 480.922.8212 or childhelp.org Be a part of this magical afternoon all in support of a heartwarming cause. Begin with many fun activities such as photos in Cinderella’s horse-drawn carriage and a treasure chest raffle. Later sit down to a fabulous lunch and children’s fashion show. Childhelp Wings is a non-profit organization dedicated to helping victims of child abuse and at-risk children by providing prevention, treatment and community outreach. Phoenix Suns vs. LA Clippers US Airways Center, Feb. 26th 602.379.7867 or usairwayscenter.com Cheer on our own Phoenix Suns as they slam-dunk their way into victory against the LA Clippers. The Suns have started this season with a bang, so let’s help them to continue this streak and play their way into the NBA Championship. Go Suns!
You’re setting off for a week-long vacation in the Caribbean and the last thing you want to worry about is the safety and security of your home. But have you thought of everything you could do to help keep would-be burglars at bay? Follow these 10 quick tips to make your abode the last one any thief would even think of trying to enter. 1. Light up the night. A few strategically lit spots outside will do worlds of good to discourage burglars. Make sure the doors and entryways are lit, as well as walks and areas where windows are easily accessed from the ground level. Driveways and garage areas are great places for motionsensor lights, which are good deterrents as well. Set your exterior lights to come on just after dusk and turn off at around 11 p.m. or so. If you’re away, it’s important to install timers on a few interior lights and adjust the times they go on and off so it appears someone is home from the outside. 2. Hire a homesitter. There really is no better way to dissuade would-be burglars from picking your home to rob than to have someone stay at your house if you’re away for an extended time. Seeing someone coming and going is a surefire way to keep thieves away. 3. Vary your schedule. Maybe you’re not going away on vacation, but you and your spouse work long hours and are away from home for long periods of time. If at all possible, it pays to drop by your home during the day at different times just to check on things. Burglars do “case” homes they are considering entering and if they can’t be sure if homeowners will be in or out, they may move on to another locale. 4. Get wired. Yes, it’s a no-brainer. Installing an alarm system is a visible signal to criminals to keep out. Let’s face it: Would you try to rob a home with an alarm system sign out front or from one without a sign? The peace-of-mind alone is worth the cost of installation and monitoring to many homeowners. 5. Lock it up. There’s no doubt that a locked door or window is more difficult to enter than an unlocked one. You’d be surprised how many homeowners don’t keep all their windows and doors locked on a regular basis. Don’t forget the door that leads from your garage into your home. 6. Get your garage in order. Many homeowners forget to lock side doors that lead into the garage and garage doors themselves—or leave cars in front of the garage unlocked with the garage door opener inside in plain view. All it takes is a burglar to open your car, push the button, and gain entry into your home through the garage. If you leave a car in the driveway, make sure it’s locked. 7. Curtain call. Something as simple as keeping curtains pulled over windows or blinds pulled down can discourage a burglar who’s wondering if someone is home or not. If they can peek in your home for hours and see no one’s home, they may be more likely to choose your home to rob. 8. Get a neighbor buddy. Why not ask your neighbor to keep an eye on your home and you’ll do the same for them. This works whether or not you’re going out of town. Any sign of suspicious activity and your neighbor can call you or vice-versa. 9. Secure double doors. Double doors are easily pried open. The Phoenix Police Department recommends installing a flush lever at the top and bottom of double doors. They also suggest making sure the bolts are long, sturdy, and mounted into a solid door frame. 10. Stop the mail and paper. Sounds simple but some people forget to do it and let the papers pile up. What better signal to send to a burglar that you are away?
Your Home
You can’t find a much more ideal location to peep at the stars and planets than right here in the Grand Canyon State. Not only is the desert night sky a great place to stargaze (there are not many places that are still this dark!), but our area also boasts some of the finest and most renowned astronomy facilities in the country. So whether you’re a novice or an expert, if you’re an Arizonan, you must make some time to look up at our heavenly bodies. One good thing to know about stargazing: You don’t necessarily need to run out and buy an expensive telescope to see the stars. Many people who are just learning and getting into astronomy purchase a good pair of binoculars which really do enable the user to see planets. Also, there are clubs in the area that one can join and perhaps use telescopes of true
enthusiasts first before making a major purchase. A few local clubs to check out include the Saguaro Astronomy Club (visit saguaroastro.org), which meets a few times a month for lectures and for observing sessions. They are a great resource for those looking to start a new hobby. Another local source is the East Valley Astronomy Club (EVAC) made up of more than 200 astronomy enthusiasts. Founded in 1987 as a small group of amateur astronomers in the eastern suburbs of Phoenix, it’s now a non-profit organization whose goal is to help “forge a network of friendly people with a common interest in stargazing and astronomical science.” Visit eastvalleyastronomy.org to learn more about membership and events. You can also head straight to some of Arizona’s landmark astronomy institutions.
Spinach Feta Cheese Dip
Local Flavor!
Scottsdale Arabian Horse Show WestWorld, Feb. 11th – 21st 480.515.1500 or scottsdaleshow.com Since 1955 this local show has grown from just 50 to nearly 2400 horses. Owners, trainers, breeders and equine-loving spectators come from all over the world to watch and participate in this top-notch event. In addition to the competition, educational demonstrations and a shopping bazaar make this an annual must-do for many!
First on the list should be Lowell Observatory in Flagstaff. This private, non-profit research institution was founded in 1894 by Percival Lowell. Often referred to as “the people’s observatory,” Lowell focuses on research and aims to get the community involved in astronomy. What can you do there? Try nighttime telescope viewing, widescreen multimedia shows, and tours of the universe in the 3D space theatre. For more details, visit lowell.edu/index.php. Your next stargazing hot spot is Kitt Peak National Observatory (KPNO), which is part of the National Optical Astronomy Observatory (NOAO). Get this: Kitt supports the most diverse collection of astronomical observatories on earth (yes, we said on earth!) for nighttime optical and infrared astronomy and daytime study of the sun. Founded in 1958, Kitt Peak is located 56 miles southwest of Tucson on the Tohono O’odham Nation. The Visitor Center is open daily to the public. You want world-class stargazing? You’ve found it! Check out noao.edu/kpno. Finally, don’t forget the Dorrance Planetarium, newly reopened at the Arizona Science Center in Phoenix. The Dorrance Planetarium is the first in the world to showcase a state-of-the-art NanoSeam dome. Under the dome, visitors are immersed in the imagery of the galaxy and the astronomical marvels of the beautiful Arizona night skies. For more details, visit azscience.org/planetarium.
Ingredients: 1 gallon water 1 1/2 lbs. (or 3 bunches) fresh spinach 1/2 cup olive oil 1/4 cup garlic, minced 2 Tbs. parsley, chopped 1/2 Tbs. kosher salt
Featuring Yard House Glendale Westgate Center • Phoenix Desert Ridge • Scottsdale Fashion Square
yardhouse.com
1/2 Tbs. black pepper 1/2 lb. feta cheese, crumbled 1/2 lb. jack cheese, shredded 3/4 lb. cream cheese 1/4 cup grated parmesan cheese
Procedure: 1. Place water in a large pot and bring to a boil. 2. Place the spinach in the water and blanch until just wilted (approx. 20 - 30 seconds). Remove from water and place into a colander and then place into an ice bath so that it does not continue to wilt. 3. Squeeze to remove all excess water and then rough chop the spinach. Set aside. 4. Heat olive oil in a sauté pan and add minced garlic. Let the garlic turn golden brown and then add parsley, salt and pepper and sauté briefly and set aside. 5. Combine feta, jack and cream cheese in a mixing bowl. Mix cheeses until well combined. 6. Add garlic/parsley mixture and spinach to the cheese blend and continue mixing until thoroughly combined. 7. Place spinach mixture in a casserole dish, sprinkle the top with grated parmesan cheese and bake at 375˚F for 20 minutes or until bubbling slightly and golden brown on top. Serve with toasted pita bread (see below). For toasted pita, split pita to make two halves. Brush lightly with olive oil, place on a sheet pan and bake in oven until golden brown and crispy. Serves 4
Arizona Homeowner February / 2010
Inventive Home Lending 1400 E. Southern Avenue, Suite 615 Tempe, Arizona 85282 RETURN SERVICE REQUESTED
The financing of your real estate can be a daunting task. You want the best interest rate and you want the pre-approval, application and close of escrow processes to be hassle-free. I understand. I listen. I respond quickly. • I specialize in custom-designing a specific loan for each individual client. With over 400 loan programs at my fingertips, you will get a mortgage that best fits your unique situation. • I use the latest technology in loan underwriting. You’ll receive a loan decision within hours. Don’t wait days to find out if you qualify for the home you really want! • Closing thousands of loans and working with thousands of borrowers assures you that I have the knowledge and expertise to handle any situation. • My impeccable reputation is my best asset. I always strive to exceed your expectations!
CALL ME TODAY!
STARGAZING
2010: A Road to Recovery? Due to the overall economy, many people are more than happy to move on from 2009. It was just not a good year financially for many. But despite how bad 2009 was, there is light at the end of the tunnel for our real estate market. In 2009 we started seeing a rebound in housing that is setting the stage for an improved economy for 2010 and beyond. If we look back to early 2009, there was much uncertainty everywhere. The fall 2008 presidential elections gave us a new president on the heels of a devastating stock market plunge. And everywhere you looked, banks big and small were going out of business. And due to all of the uncertainty, home sales at the end of 2008 and beginning of 2009 were almost at a standstill. It was a scary time entering 2009. By spring of 2009, we started seeing some confidence come back. The bank failures slowed, and the stock market started regaining ground. And at about that time savvy investors and homebuyers took advantage of cheap bank-owned home prices and homebuyer incentives that started a buying frenzy. At the close of 2009 Metro Phoenix recorded just above 93,000 single-family homes sold (an average of 7,750 sold per month). That was a solid 55% rebound from the 60,108 homes sold in 2008. And the strong 2009 home sales numbers actually set the mark of being the 3rd best year on record for our market behind 2004 and 2005. Much of the gains in the stock market in 2009 resulted from companies strengthening themselves by cutting expenses and payroll. And as a result, many people took pay cuts or were laid off in 2009. That caused a lot of personal pain for many and added to the mortgage delinquency and foreclosure problem. But when you’re in the grips of a recession, you want to look for any signs of good news. History has taught us that in a recession, the bottom is often reached
while unemployment is still at a discouraging level. We remain hopeful that we are at the bottom for unemployment with gains coming in 2010. In 2010, we expect to see continued improvement in the stock market as consumers start to spend more on products. Our real estate market will probably not be as strong as the record numbers evidenced in 2009. However, low interest rates and home buying incentives should help keep homes selling at a level that outpaces foreclosures. And that is an important key to our recovery. Arizona, and our national economy, is really at the mercy of how well real estate continues to sell. For every home sold, property taxes get paid, and products and services get purchased. A good home sales environment immediately benefits the livelihood of the real estate community of Realtors, lenders, title companies, and the county tax assessor. But when you really look at how much money an average new home buyer pumps back into the economy you see that everyone from Hoover vacuums to Home Depot benefits. And the cash put back into the local and national economy is what will create jobs and a stable economy. The obstacles to an improvement in 2010 include continued job loss and foreclosures that could sour both the stock and real estate markets. I therefore believe that both the Federal Reserve and the Obama administration will have to continue to do what they can to keep interest rates low while extending incentives to purchase homes and other products. That is the medicine to cure what ails us. I wish everyone the best of luck with improving their lives and livelihood in 2010!
Desert Skies Offer Abundant Viewing
HELP FOR HOMEOWNERS
• Mortgage rates are at a 50-year low. Almost everyone can benefit by either buying a new home or refinancing to a low fixed rate. Call now for a free review of your options. • First-time home buyers are eligible for up to an $8K tax credit for buying and closing on a home by 12/1/09. That’s free money if you buy a home by the deadline! • If you are behind on your mortgage payments the government has offered incentives to lenders to modify your loan so that the interest and payment is lower. (We do not offer loan modifications but would be happy to offer free advice on how you can get help.) • If you have a Fannie Mae, Freddie Mac, FHA or VA loan you may be eligible for refinancing even if your owe more on your loan then your home is worth. (Call us to determine if you are eligible.)
Brady Holland President 480.627.2423 bradyh@ihlending.com www.ihlending.com
MORTGAGE RATES AS OF 1/10/10 Loan Rates for $150K-$417K
30-Year Fixed at 5.000%/5.309% APR 15-Year Fixed at 4.625%/4.879% APR
stay safe at home Burglary Prevention Tips
Loan Rates for $418K-$1.5M
5/1 ARM at 4.375%/4.672% APR 7/1 ARM at 4.750%/5.099% APR
*Note: Quotes assume primary home financing with 720+ fico score on a single family property with 20%-30% equity. All quotes offered at 1% origination fee. Certain restrictions apply.
MB0905347
Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net
perfect winter snacking Yard House’s Spinach Feta Dip