We all know how important downtown growth is for our economy. As you can probably tell from this blog, I’m a big fan of Green Vendors and sustainable growth downtown (even if the term “green” has been around more than Kim Kardashian).

This image is from 2010 Green Build Conference. I just wanted to show off that I met Ed Begley Jr. Yep, I'm a total renewable energy dork.

Well, if your a pro-environment, sustainable vendor in the city of Phoenix, Green Team is pleased to present the Green Vendor Showcase of Opportunities on Feb. 9

This event is a chance for vendors to work with the city’s EPP Program as well as get one-on-one interaction with some of the city’s department big wigs and discuss new opportunities for the city to make greener choices. And better yet, there’s no cost to participate! But you have to work fast. Vendors need to register but January 31st, (as in tomorrow!) by the end of business hours at the office of Environmental Programs. You can Call 602-256-5669 to register and ask any questions.

Want to just stop by and see whats new in the world of sustainability? Well, you can check out the first annual “We Love Green Vendors” showcase on 2/9 from 9:30-11:30 am in the atrium of Phoenix City Hall, 200 W. Washington St.  The event is free!

Good News for home owners in distress!

And by “Good News” I don’t mean some shady scheme to short sell your house to an off-shore corporation in the Caymen Islands.

Fannie Mae is introducing an Unemployment Forbearance program which provides assistance to borrowers dealing with unemployment.

These loans will allow the borrower to receive a reduction or suspension of their monthly mortgage payment for a specific period of time and will prohibit services from foreclosing on your property.

A mortgage loan is eligible for an Unemployment Forbearance if all the following criteria are met:

• The property cannot be vacant, condemned, or abandoned.
• The mortgage loan cannot be an FHA, VA, or Rural Housing mortgage loan.
• The property must be a principal residence. Second homes and investment properties are not eligible.
• The borrower may be either delinquent or default is reasonably foreseeable.
• The borrower must have a financial hardship due to unemployment.

The Forbearance will be canceled if:

• Any of the eligibility criteria and terms stated above are no longer met.
• The borrower advises the servicer that he or she has become employed or is no longer actively seeking employment.

If you need more information contact Jeannie Bolger with Nova Home loans.

Many people recognize this upcoming Monday, as a day off from work. But really its a celebration of Martin Luther King Jr., a man who did great things for our country.

If you want to celebrate the right way, HandsOn can help. HandsOn Greater Phoenix is a great NonProfit in Downtown Phoenix that serves the community at large. Every month, HandsOn offers more than 60  diverse, high-impact, one-time community service projects. Martin Luther King Day is a large-scale special days of service for them.

This Monday at 2 p.m. you can head to Fair Trade Cafe & Gallery at Civic Space Park for Eat, Dream, Share. There will be music, poems, songs, laughter, ideas, food and to share personal expressions of how Martin Luther King Jr. impacted your life. And it’s like a pot luck. Participants are asked to bring a dessert to share. If you’re bringing the kids (who have the day off too!) There’s an  spoken word and musical performances by Queen of Queen’s Band Project, Miouo Nance the poet & The Positive Vibes from 6:30 PM-9:30 PM at the A.E. England Building Civic Space Park.

If you’d like to get a jump start on your weekend, HandsOn with also be hosting a 16+ Mural Revitalization this Saturday from 8-12 updating a 1998 mural on 16th Street.

Spots fill quickly, so contact them today and celebrate.

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

This just in from the desk of my friend Jeannie Bolger, of Nova Home Loans:

There were some changes other than weather as of October 1^st this year. For those of your looking to buy a home, there were several mortgage changes effective last Saturday.

For those looking into FHA (Federal Housing Administration) loans the maximum loan has been reduced state wide. As you may recall, in 2008 a temporary boost to Federal Housing Administration-guaranteed loan was passed. That boost expired October 1^st and

In Maricopa County new loan limits are:

Anyone looking into VA Funding has noticed a decrease, sometime more than a full % for purchases, on funding fees.  Across the board these are positive changes, as the VA loan is already perhaps the best loan option available for today’s veterans and active duty service men and women.

Regular Military Funding:

Reserves and National Guard:

Beginning October 1, 2011, USDA Rural Loans have annual mortgage insurance (3%, paid monthly) and reduced the upfront guarantee fee on purchases from 3.5% to 2%. Unlike FHA insured loans, USDA’s annual insurance fee is for the lifetime of the loan, which is definitely something to think about when considering loans.

Loans can be complicated, but they don’t have to be. Contact Jeannie at (602) 385-4812 today for help.

And, of course, give me a call at 602-456-9388 for property questions.

If you are putting off  purchasing a home because you are afraid that there might be changes at your job (layoffs, relocation, etc.), there might be an answer in Nova Home Loan’s Safe House Mortgage Protection Plan.

I work with a lot of different brokers. Others may have this, as well. But this is good to know.

Here are the features:

• If you lose your job, they will cover as much as 24 months of your mortgage (up to $1,800 per month). 12 months if you purchase the plan if when you are just refinancing a loan.
• You start the plan when you close on the house or complete the refinance.
• Cost = $770 on a purchase and $595 on a refinance. (You can pay this at close of escrow and maybe work it in to the closing costs that the seller pays!)

Eligibility:

• Ages 18-66
• Must reside in the US.
• Cannot be self-employed.
• Must be employed a minimum of 30hrs per week at time of close.

There are more details here. So, have a look. It might be something that could give you the piece of mind to move ahead and get a house in phoenix now, while you can still get the $8,000 tax credit!

Here is a news article about it.

Or, call Jeannie Bolger at Nova Home Loans at jeannieb@novahomeloans.com.

Sunnyslope is a little north of CenPho, but they are doing a great job of community building.

My friend Chritina Plante with John C. Lincoln Hospital, who helps out with the Sunnyslope Art Walk wants you to know that there is a call for art for their October 10th Art Walk.

The application deadline has been extended to September 11th.

Have a look at the Sunnyslope website for submission details.

The Case-Shiller Index is going to come out tomorrow and tell us that home prices are on the rise.

See and article here.

Of course, I’ve been telling you about this since March of this year. We saw it coming because we see the numbers, direct from the multi-listing service (MLS). Here is an oft-repeated graph from the Cromford Report:

Here are some things to remember:

1) Reports like this are always 3-5 months behind because the people who report them want several months behind them before they feel comfortable making any statements, even if the triggering event happened 4 months ago!

2) Prices are not going to rocket up like they did from 2005-2007. The economy is just not that strong. So, today’s market is much like it was in 2001-2003.  It is still a great time to buy.

3) Stratify the market. Homes on the market sell faster the cheaper they are. A $100,000 home that is a foreclosure is going to sell in a matter of days or weeks. A $300,000 traditional sale may stay on for a few months. However, the over-all market is very close to equilibrium, which means homes sell in about 5 months. Homes over $1 million have an “absorption rate” of 848 days!

4) The Case-Shiller Index looks at the market nation-wide. Every market is different. Stay tuned for the best local information.

I want to give a little shout-out to Tazmine and Paul over at Blooming Rock Developments. Have a look at this post about a renovation project that they did earlier this year. It demonstrates that even the most drab and uninspiring structures can be sharp, fresh and unique. Their project, 3 Palms, is over on Cheery Lynn, east of 16th St. They are in a great place to serve as a catalyst to residential property redevelopment.

I’m waiting for more photos of the work they did inside and some information on the costs and lessons from the project. I’ve seen inside, but you should, too. They did a great job of balancing modern and warm.