Tuesday, December 30, 2008

Buying Forceclosures in Arizona

Buying Forceclosures in Arizona

Avoid buying homes at the trustee's sale and Auctions in Arizona!

At the Trustee's Sales, you will be competing against:
Homeowners who are buying back their own homes, Money Launderers, Fixer uppers, Fake "Auctioneers" . Plus you don't know the clouds on the title.

97% of Real Estate Owned by Banks are sold through Real Estate Agencies.

There are three types of REO properties:
1) pristine and popular units,
2) Trashed or Auctioned units,
3) Stashed inventory!

call us and we will walk you through these dangerous mine fileds. Our expertise is selling and manageing investment properties. Lead Investment Advisor: Payam Raouf
888-777-6664 Ext 108
www.AzEzRentals.com

2009 Real Estate Forecast

By Prashant Gopal
2008 was the year that subprime borrowers and speculators got hurt by the real estate crisis. 2009 could be when everyone else gets hit.
Until now, the nation's most serious home price declines have been in low-cost markets that were dominated by subprime mortgages, and in overbuilt markets such as Florida, California, and Las Vegas, where residential values are sliding fast toward pre-housing boom levels.
The Commerce Dept. reported Dec. 23 that November new-home sales in the U.S. fell to their lowest level in 17 years, down 35.3% compared with November 2007. And the outlook is even bleaker. The same day, Credit Suisse (NYSE:CS - News) forecast that more than 8 million homes will go into foreclosure over the next four years, or approximately 16% of all U.S. households with mortgages.
That's because the big story in 2009 could be that, with the deepening recession and mounting job losses, serious housing troubles could infect wealthier communities and markets that were just beginning to stabilize this summer before the bankruptcy of Lehman Brothers on Sept. 15 sparked the most serious financial turmoil in decades. In fact, according to online real estate research firm HousingPredictor.com, based in Destin, Fla., housing prices nationwide will fall 12.5% next year, compared with an estimated 11.1% this year.
Housing and mortgage problems pushed the nation into a recession that could now amplify, draw out, and expand the reach of the housing declines.
Manhattan Hit, Too
Take Manhattan, for example, where condo and co-op prices soared years after housing bubbles in most other major cities popped. New York City's real estate market was bolstered by residents who were still earning sky-high Wall Street bonuses and by a weak dollar that attracted overseas bargain hunters.
Now that the dollar has strengthened, the economic woes have spread to potential New York home buyers across the globe, and thousands of New York financial professionals are collecting severance. Manhattan apartment prices, as a result, have dropped as much as 20% since the summer, said Jonathan Miller, president and chief executive officer of real estate appraisal firm Miller Samuel. Miller's analysis is based on contracts signed in recent months, rather than actual closings.
"Mid-september was a milestone," Miller said. "That's where you saw a pronounced slowdown in transaction volume."
HousingPredictor.com is projecting a 19.4% decline in Manhattan home prices in 2009. And Moody's Economy.com is predicting that condo prices in New York City, Northern New Jersey, and Westchester County will fall 29% by the fourth quarter of next year.
"Nationally, we think this recession is going to be worse than anything we've seen in 40 years," said Marisa DiNatale, senior economist for Moody's Economy.com. "If the economy gets that bad, then you will start to see foreclosures in Manhattan as well."
Smaller Declines
On the other hand, the speculative Las Vegas, Arizona, California, and Florida markets, which have already seen annual home-price declines of up to 30%, could see slightly smaller declines simply because values have already fallen so much, according to Mike Colpitts, editor of HousingPredictor.com.
Some Florida markets, including Naples, Orlando, and Tampa, are already seeing declines moderate a bit, but problems in other Florida markets, such as Miami, continue to get worse, Colpitts said.
Few areas across the country will likely escape the recession and the corresponding impact on the real estate market, housing experts say. Another wave of foreclosures could be triggered next year as a flood of Alt-A and option adjustable-rate mortgages, which were given to people with decent credit, begin to recast. Most of the option ARMs, which allow borrowers to make minimum payments that don't even cover the accrued interest, are concentrated in already battered California, Florida, and Las Vegas.
Option ARMs originating in 2006 make up about $140 billion of the $350 billion of outstanding option ARMs, and 45% to 50% of them are expected to default, according to an analysis this past summer by Lehman Brothers. The 2007 option ARMs, which were originated just as home prices began falling, were expected to perform similarly badly.
Lost Jobs
Problems in other states could have less to do with risky mortgages and more to do with job losses. The impact of unemployment on the real estate market and the larger economy are already on display in hard-hit manufacturing cities such as Gary, Ind., and Detroit. Alabama, Arkansas, Atlanta, Michigan, and Ohio could see problems next year, Colpitts said.
"We're in the middle of the game here," said Joseph Seneca, professor of economics at Rutgers University in New Jersey. "There's significant further unwinding to come . We're in a downward spiral with job losses that is reinforcing the weakness in the consumer markets, particularly in the largest investment the consumer makes, in his home."
Seneca said the government's aggressive policies to stabilize housing by injecting liquidity in banks, lowering interest rates, tax stimulus packages, and other efforts will help. But the downward cycle will end only when prices fall far enough that they attract large numbers of buyers.
The nation's energy-producing states, such as North Dakota, South Dakota, Oklahoma, Alaska, and Montana, could be economic bright spots next year. Despite falling oil and natural gas prices, those industries remain robust.
Texas Troubles
The economy in Texas, however, is beginning to get hit as unemployment rises and consumer spending drops, Colpitts said. He added that the Houston market, which has been remarkably stable, could drop about 8.5% next year. Five of the six supermajor energy companies maintain large operating bases in Houston, including ConocoPhillips (NYSE:COP - News), ExxonMobil (NYSE:XOM - News), Royal Dutch Shell (CDNX:RDS.V - News), and BP (NYSE:BP - News). The overbuilt San Antonio market could see a 10.2% drop. Austin, which is a high-tech center, could also be hurt as the technology sector gets damaged by weak consumer spending, he said.
And Charlotte, N.C., a major banking center that had been one of the nation's strongest real estate markets, could have its own housing troubles. Charlotte-based Bank of America (NYSE:BAC - News) just this month announced that it would cut up to 35,000 jobs over the next few years.
But a few places are poised for a potential recovery.
The housing market in and around Washington, D.C., which suffered greatly in the wake of the housing bust, could begin to recover, largely because the nation's capital has so many recession-proof government and defense contracting jobs, said DiNatale of Moody's Economy.com.
Other areas, such as the Boston area, San Diego, and Orange County, Calif., are getting close to affordability levels seen before the housing boom and could begin to level off, said DiNatale.
She added: "A lot of this depends on the economy over the next few months, help from the federal government, and whether buyers come back to the market."

Tuesday, December 2, 2008

Foreign exchange rates have helped make U.S. homes more affordable for international buyers

The weakening US dollar and declining home values are largely discouraging for Americans homeowners. For international real estate investors, however, such conditions present opportunity. The National Association of Realtors (NAR) recently released the 2008 NAR Profile of International Home Buying Activity.
The weakening US dollar and declining home values are largely discouraging for Americans homeowners. For international real estate investors, however, such conditions present opportunity. The National Association of Realtors (NAR) recently released the 2008 NAR Profile of International Home Buying Activity.
"NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008," according to the NAR press release on the findings. "Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular."
Nearly half of the properties purchased by foreign buyers were located in the Southwest; 45.7 percent of all property sales to foreign buyers occurred in Arizona alone.,
More than 45.7 percent of the estimated 150,000 to 190,000 sales to foreign buyers were in Arizona
"Foreign exchange rates have helped make U.S. homes more affordable for international buyers," according to NAR's press release. "The euro, for example, has strengthened 24 percent versus the U.S. dollar over the past two years. Home prices are also now more affordable in places such as Arizona and Florida, contributing to those states’ popularity among foreign buyers."
The typical foreign buyer bought a single-family home at $297,400, intended for use as a vacation home, where the buyer stayed 2.6 months of the year, according to the findings. 40 percent of foreign buyers made the purchase in cash, compared to just 7 percent of domestic home buyers who do so. In the previous report, which covered the period between April 2006 and April 2007, 28 percent of foreign buyers made their purchases in cash. This 12 percent increase in foreign buyers who purchased properties in cash can perhaps be attributed to the weakened U.S. dollar and sinking home prices across the country.
Nearly one quarter of investors purchased properties to use as rentals, the highest found in the report.
"People from North America, Europe and Asia accounted for more than 85 percent of recent foreign home buying transactions. The top six countries of origin for foreign home buyers, in rank order, were Canada, the United Kingdom, Mexico, China, India and Germany," according to NAR's press release. "This year, Canada replaced Mexico as the country with the largest share of foreign buyers in the U.S. The percentage of Canadian buyers doubled from last year, from 11 percent to 23.5 percent."

Friday, July 25, 2008

Property Management Services

Expect More Services, Pay Less Fees

Types of Properties We Manage:

Single Family Homes, Condo's and Townhouses
Multi-Family (2 to 100+ units)

Our property management team has over 50 years of combined Real Estate experience and is able to offer a worry free landlord/tenant environment in a market that continues to become more complex with changes in legislation and safety requirements, placing greater responsibilities on the Landlords.

Our Philosophy
We built our business on the philosophy that management by anticipation is more productive and cost effective than management by reaction. The key element in our management philosophy is the recognition that each property is unique. Our management program is designed to be flexible in order to tailor our services to the particular needs of each client.

Our goal is to:
Keep your property occupied with quality tenants
Maintain the marketability of your property
Keep you in compliance with rules and regulations governed by the Arizona Landlord Tenant Act as well as local, state and federal laws.

What we offer:
Full time property Managers with unrivaled knowledge and experience
Online solutions for our marketing, management, accounting and maintenance operations
Cost effective and practical solutions to your property management needs
Online rent collection
Reliable and dependable service every day of the year, 24 hours a day without exceptions
Our Services:


A range of leasing services for Landlords from "Tenant Find only to "Full Management."
Marketing, Advertising and Showing your Property
Nationwide Tenant screening; credit, criminal, employment, rental and ownership history
Preparation of all Tenancy Agreements & Notices
Premise inspection at the beginning, during and end of each tenancy
Utility transfers when resident vacates the property
Collection of Rent and pursuing any late fees and HOA fines
Collection and Distribution of Rental Tax
Payment of HOA Fees when authorized
County and HOA Registrations
Prompt payment of net rental income into your bank account
Detailed monthly statements
Regular Property Inspections with written reports
Arrangement of Maintenance and Repairs
Advice on Insurances and handling any claims
Arrangement of gardening and cleaning services
Issuance of notices to tenant
Full Eviction Services
Our Fees:

At Arizona Property Management & Investments, we recognize that all our clients require an individual approach. An institutional landlord will require a different service than an individual investor, family trust, overseas and out of state landlord. Some prefer us to manage their portfolio, gathering income while others require special input, reports or meetings. In summary we can offer a tailored service to suit each clients individual needs and requirements. If you are considering having your property or properties managed by our company, please contact us for further information and receive a quote for our management services.

Payam Raouf
Arizona Property Management & Investments
888-777-6664
http://www.azezrentals.com