Good news for you Downtown Phoenix home renovators out there.

In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, the Federal Housing Administration (FHA)  has extended the FHA 90 day flip rule temporary waiver of the anti-flipping regulations. The extension will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. The extension  will continue through December 31, 2012, unless otherwise extended or withdrawn by FHA.

The waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers. (We like responsible renovations here. Flipping can be a little nasty, you know.)

All other terms of the existing waiver remain the same, and these transactions continue to be limited to sales meeting the following conditions:

• All transactions must be arms-length, which means buyer and seller are acting in their own interest in the sales transaction.
• In cases in which the sales price of the property is 20% or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions and documents, like a lender review of property inspection report, the justification for the increase in value.
• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
• No pattern or history of flipping can have occurred in the previous 12 months.. One investor can’t flip to another investor and then flip to an FHA buyer.

You can read the full FHA 90 day flip guidelines details here.

So whats the big deal? Well, homes that are purchased at a low price and re-sold at a much higher price in such a short time period with little repairs/renovations are sometimes fraudulent.  Lenders are afraid of lending on homes that may be inflated or acquired under duress. With the 90 day flip waiver, and extension until December 31, 2012, investors can now accept offers from FHA buyers in the first 90 days.

Nova Home Loans has an investor for these types of loans.  Please call J Please call Jeannie Bolger, Sr. Loan Officer –for more information.

Market trends are upon us again! Try to contain your excitement.

Our Friend Cynthia Lujan from Old Republic Title was nice enough to send us new stats on the current market.

Between November and December supply was is once again on a downward trend for all price ranges. The strongest decline in supply is for homes under $100,000. Sales rates look better between$200,000 and $400,000 while above $400,000 demand is still a problem.  Demand from owner occupiers remains subdued due to strict underwriting standards for “jumbo” loans, but cash buyers including landlords and other investors are quickly snapping up a large part of whatever comes onto the market.

The supply from foreclosures continues to fall with more pending foreclosures getting resolved by short sales. Lenders are receiving fewer homes into REO inventory as a higher percentage of trustee sales result in a sale to a third party. Despite public perception to the contrary, price per sq. ft. has gone up  in the past year. (Do we hear that on the national news? Noooo!)

The strongest recent movement is for the price range below $100,000, where price per sq. ft. hit bottom in February and is now up nearly 7% over the last 12 months. With supply on a downward trend again we anticipate that the peak spring season will find most buyers frustrated by a lack of choice and fierce competition from other buyers.

So what does this mean for you? Buy now!

The inventory of houses between $100,000- 200,000 are down 46.6% and sales prices are now 6.9% higher than last year. Homes from 200,000-400,000 numbers aren’t as dramatic, with supply down 26% and prices up .3%. As all we all learned in our 10th Grade Economics class, as supply grows more limited, demand will drive prices up.

Need help finding a home? Call me today at 602-456-9388

Another year of great downtown growth and CenPho Memories will all come together in grand celebrations this weekend.

So if you’re hopping downtown for the evening there are great events going on all night.

You know, a great standard is The Clarendon Hotel. The rooftop is always a great place to ring in the new year. I may be there. Not certain yet.

CityScape’s skate rink is still open! It’s only $10 from 3pm- 1am for unlimited skating and portion of the night’s proceeds benefit Phoenix Parks Foundation. There of course will be a midnight fireworks show and complimentary champagne toast for the 21+ crowd.

Of course, there’s always the fiesta Bowl Block Party, where several thousand of you find yourselves ever year. Tickets to the block party are $20.00 and can be purchased at the entrance gates to the Fiesta Bowl Block Party.

George & Dragon, that wily British pub in Midtown (4240 N. Central Ave.), will be doubling up their new years; celebrating the New Year once at 5 p.m. (12am in the UK)  and then again at midnight here in AZ! It’s a free party, and a bloody good time.

If you’re trying to keep it classy, The Paisley Violin on Grand will be serving a delicious four-course dinner and smooth Jazz the entire evening.

And the best part is, you don’t need to be behind the wheel for any of it. The Light Rail will be offering a safe way to get to and from all your favorite New Years destinations. So ring in the New Year right and stay safe this weekend!

Our friend Jeanie Bolger, Sr. Loan Officer at Nova Home Loans sent us over some valuable information we thought we’d share with you on steps to pay off debt collection.

We all know that in tough economic times it can be hard to make ends meet. If your bills have gone to collection is can severely affect your credit score. You can improve your credit score by deleting collection accounts. When banks have trouble collecting payment from debtors, they hire a debt collector (those are the people who call you at home or at work). When you pay off your debt, it’s important to work with the collector to pay off your loan and improve your credit score. And you have many options.

Your best case scenario is to have the account deleted from your credit report in exchange for payment. You will need to request the removal through a pay for delete letter to the collector offering a settlement payment if the collector deletes the account from your credit reports. You can also contact them by phone, but you’ll want the agreement in writing before taking action. Most collectors will want payment in full rather than the settlement payment, but will delete the account when full payment is collected.

If you cannot have the entry completely removed, offer a settlement payment to have it updated as “Paid in full”. Another option is to have the Account marked “Paid. Settled.” This will not boost your credit as much as a “Paid in Full” would, but may be your only option if you are unable to pay in full.

Make sure your keep a record of all your conversations, agreements, and proof of payment. Monitor your credit report to make sure the collector updates the account as paid. If the collector does not update the account, dispute the account with the credit bureau, providing proof of payment if necessary. The only unacceptable scenario is to pay the collection without having having fact reflected in your credit report.

Of course, always consult your CPA, tax attorney or whomever you trust like that.

Stay Tuned for more from Jeannie Bolger, Sr. Loan Officer – Nova Home Loans.

Downtown Phoenix is a flourishing community full of life and diversity. Why wouldn’t’ you want to live there?

Our friend Anna moved here only a few months ago from Chicago and I was lucky enough to help her find the home she wanted.

I’m so glad I could help find her a home that she and her fiance could love! If your looking for a new home in Phoenix, call me today at 604-456-9388

Though your evergreens are glistening in your living rooms now, in a few days when the presents have been unwrapped and the decorations put back into storage, you’ll be left with the eternal question of Christmas. What do I do with this tree?

Well, the City of Phoenix has joined forces with to Z Equipment Rental & Sales to offer a free drop of location for your lightly used trees.

Christmas tree drop-off locations, by area:

• North Phoenix: Deer Valley Park, Utopia Road and 19th Avenue
• Paradise Valley Park, 40th Street, south of Union Hills Drive
• Sereno Park, Sweetwater Avenue and 56th Street
• Cactus Park, 3800 W. Cactus Road
• Mountain View Park, Peoria and Seventh avenues.
• Central, West, East Phoenix: Marivue Park, Osborn Road and 59th Avenue
• Washington Park, Maryland and 23rd avenues
• Madison Park, Glenrosa Avenue and 16th Street
• Los Olivos Park, Devonshire Avenue and 28th Street
• Desert West Park, Encanto Boulevard and 67th Avenue.
• South Phoenix: El Reposo Park, Alta Vista Road and Seventh Street
• Mountain Vista Park, 50th Street, north of Ray Road
• Cesar Chavez Park, 35th Avenue and Baseline Road
• Desert Foothills Park, Desert Foothills and Chandler Boulevard.

Trees must be stripped of their Christmas spirit, aka decorations, and dropped off between Dec 26th and January 8th.   Trees will be recycled and turned into mulch for city parks. (tree-cycling)

For more information, call 602-262-7251 or visit phoenix.gov/publicworks.

No, we’re not talking about your lovely Christmas trees.

Arizona State University’s Downtown Phoenix campus recently installed solar panels on the roof of  the Walter Cronkite School of Journalism and Mass Communication. These new solar panels are the first of their kind at the Downtown campus. The project cost approximately $815,000 and includes 322 panels which will produce 122,335-kilowatt hours of energy, not to mention are super cool. This is just one of many ways in which the schools plan to two conserve 20 megawatts of power every year by 2014.

And Why not? Sun is Arizona’s most bountiful resource. Those of you who have driven past the VA, Couldn’t help but notice their energy efficient parking structure. This past august, Duke Energy Renewables, purchased the Ajo Solar Project, in Pima County and The Bagdad Solar Project, located in Yavapai County, which collectively generate 20MW every year. More recently , Big Wigs from Greater Phoenix Economic Council  met with Senators Kyl and McCain in a lobbying effort for the growing industry. All just pieces in the bigger solar powered future of Arizona.  What does that mean for you? Recently, APS announced that customers could expect a 21% decrease in their bills thanks to their renewable energy programs, like partnering with Duke Energy Renewable.

ASU will of course be reaping in these benefits along with federal and state tax credits. The Downtown solar panels are just one of many ways in which the schools plan to conserve 20 megawatts of power every year by 2014.

For years, I’ve been bringing downtown friends together to meet and greet and build community. The Get Your PHX events have helped me pursue my passion for promoting local businesses, sustainable living and historic preservation. This weeks Phoestivus will not only act as the grand culmination of a year of great events, but a celebration of all the things I love in this city.

My new video is below, is available on my Facebook and soon permanently on the website.

The video outlines my philosophy –the Get Your PHX Method, why I plan community events downtown and how that helps me find the best house for you.

Choosing an agent is a very personal decision. I hope this video helps you understand why I do what I do.

The Get Your PHX Method

Now I want to learn why you do what you do.

Please give me call 602-456-9388 and we can get started today.

This time of year means a lot of energy consumption. Between all of the electronic games you give your kids and Christmas decorations, there will be spikes in energy bills across the city. (Especially if I can get a hold of one of those Kinect things. I’m gonna dance my tushie off.)

But one organization is here to help. The City of Phoenix is offering huge cash incentives to make your home more energy efficient.

The Energize Phoenix Program is offering energy-efficient improvements to neighborhoods along the light rail downtown.  Energize Phoenix has been fortunate to call on an established base of private-sector contractors experienced in energy efficiency work and programs. Not only will the program will provide cost-effective energy upgrades, but when you choose to update old, energy sucking appliances, they will shell out the cash to match the rebate that comes with energy saving production, all in the name of reducing energy consumption.

In 2010 the program was awarded 25 Million from the Better Building Program. Energize Phoenix aimed to upgrade 2,000 homes and 30 million square feet of business space. That’s right. This money will go towards commercial, residential, and industrial space all along the 10 mile “Green Rail”. The program hopes to reduce energy use in homes by 30% and commercially by 18% by 2013. And their well on their way.

On Wednesday, Energize Phoenix announced new territories, expanding their effort from Central and Missouri Avenues to Washington and 44^th Streets. According to an Energize Phoenix representative, Phoenix is  “presented with a unique opportunity to become more green’ by making homes and businesses more energy efficient through the Energize Phoenix program. Downtown Phoenix is an ideal area for Energize Phoenix because the homes and businesses are among the oldest building stock in the city, which often translates to less efficient buildings.”

Of course this effort isn’t just in the name good doing and green living. It’s for research! Over the next few years, they hope to “evaluate energy savings of Energize Phoenix through macro statistical analysis of all projects and individual case studies of select projects.” That sounds science-y, right? It just means, they’re going to find out what works. Energize Phoenix is also, at its core, an effort to raise awareness and turn the green corridor into a mass energy saving community. 

Good news on the Home loan front. President Barack Obama has signed HR 2112! Oh, you don’t know what that means? Trust me it’s exciting.

Here, let me quote you!!

FHA maximum Loan Limits effective October 1, 2011 through December 31, 2012 – Mortgagee Letter 2011-39

 FHA Loan Limits that were in effect from January 1, 2011 through September 30, 2011, as announced in ML 10-40, shall apply for case numbers assigned from November 18, 2011 through December 31, 2011 – Maricopa County $346,250

 FHA Loan Limits with case numbers assigned on or after January 1, 2012 through December 31, 2012 will remain the same as those that were in effect from January 1, 2011 through September 30, 2011 – Maricopa County $346,250

 FHA Loan limits with case numbers assigned before November 18, 2011 are subject to the LOWER limits that were in effect from October 1, 2011 through November 17, 2011 (some exceptions apply) – Maricopa County $271,050

So what does all of that mean?

Moral of the story is:  FHA Case #’s assigned Jan 1, 2011 through September 30, 2011 maximum loan limit for Maricopa County was $346,250 –

Case numbers assigned October 1, 2011 thru November 17^th, 2011 are subject to the REDUCED loan limits of $271,050 for Maricopa County – And yet another change FHA Case numbers assigned November 18^th, 2011 thru December 31, 2011 will jump back up to $346,250

Basically, you can borrow more under FHA….

Don’t you love how long it took them to say what I said in seven words?

Stay Tuned for more FHA changes.  Please call Jeannie Bolger, Sr. Loan Officer – Nova Home Loans if you have questions. 

Exciting Right?