The RooPho Realty office is located in another of the Artisan Village Live/Work Condos and speaking from experience, this is a great way to run your own business and have a store front in an up and coming area of Downtown Phoenix.

This 90 day waiting period has kept many buyers from purchasing the home they really wanted because they wanted to use FHA financing.  Now they will be able to us FHA for many homes and condos in the valley.

Then there’s also Brigeview, a luxury high rise condos with all the extras.  Located on the Southside of the lake and just a short walk to the ASU Sun Devil Stadium, this is one of Tempe’s newest and best communities.  All the units have high-end finishes like granite counter tops and upgraded flooring.  There’s an exercise room and a beautiful pool area.  Walking distance to the Light Rail and Mill Ave not to mention, ASU.

The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.

“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”

Bridgeview at Hayden Ferry Lakeside condominiums offers 104 luxury condominiums in an elegant 12-story tower all to be located on Tempe Town Lake. Enjoy the view of Tempe Bridge and downtown Phoenix skyline at sunset while you relax on your balcony of your condo at Bridgeview at Hayden Ferry Lakeside on Tempe Town Lake. Bridgeview at Hayden Ferry Lakeside condominiums has one, two, and three bedroom units, all with a private patio or balcony. Relax at the heated pool, spa or workout at the on-site fitness center at Bridgeview at Hayden Ferry Lakeside condominiums. Nearby Bridgeview is downtown Phoenix, Sky Harbor Airport, ASU, downtown Tempe, Mill Avenue, great clubs, restaurants, and ASU Sun Devil Stadium.

The Biltmore Area has the Biltmore Jewel which is another great community at good prices.  

Biltmore Jewel condominiums offers European styled architecture in a gated community located in the Biltmore Phoenix area. The builders of the Biltmore Jewel paid much attention to craftsmanship and design to create a special neighborhood that encompasses the traditional values of family, friends and gracious living at the Biltmore. At the Biltmore Jewel condominiums you’ll enjoy a peaceful village community linked by tree lined streets, lush landscape and a community pool. Be a part of Biltmore Jewel, close to exclusive shopping, restaurants and theater and the Biltmore Fashion Park.

NPR (National Public Radio) reported on October 29th that the according to the US Commerce Department the US economy grew 3.5% in the third quarter, the most growth in 2 years.  

The LA Times reported interest rates did go up a bit but if you have good credit and can put some money down, you can still get an interest rate in the 5% range.  That is still a really good rate and no cause to worry that rates will jump through the roof in the up coming weeks or even months.   Legacy Home Mortgage has lower interest rates than many of the big banks, call Nick Heth and get a quote.  It certainly doesn’t hurt to ask.

Existing home sales of single family homes, condos and co-ops increased 9.4% nationwide compared to September of 2008 according to the National Association of Realtors, no doubt the First Time Home Buyers Tax credit along with low interest rates and low prices on homes is the reason why.   RooPho Realty sold twice the number of home in 2009 as we did in 2008, that’s a great accomplishment we are very proud of.

The Federal First Time Home Buyers tax credit has been extended.  You need to sign a contract by April 30th, 2010 and close by June 30th, 2010.  Also, single people can make up to $125,000 and married couples can make up to $225,000.  The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers — those who have not owned a home in the past three years — still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June. 

I believe home prices have stabilized in the last quarter, that’s not to say they won’t go down any more.  It’s hard to say if they will stay where they are because I don’t think we are through with all the foreclosures.  If we get a big flood of foreclosures on the market it will be hard to keep the prices from falling more.  Some say that most of the people buying and getting the tax credit would have bought anyway, I’m not so sure about that.  I believe they would have wanted to buy but might not have if prices hadn’t stabilized and interest rates hadn’t stayed low so it’s really a combination of things and many of these First Time Home Buyers that did buy in the last few months would not have been able to buy if the real estate market has not stabilized enough.