Douglas 1948 site built HUD home reduced to $46,750.
Reduced $4,250 on February 26, 1248 E. 12th Street, Douglas, Cochise County, AZ. HUD 1948 site built home in need of repair. 3 bedrooms / one bath. HUD will consider any offer. Price has come down $21,250 since January 1 so HUD wants to sell this one. For additional photos and information click on “Featured Properties” tab on VermilionRealty.net or on the photo.
Don Grafues
Resource: HUD
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Mortgage applications fell last week by 8.5 percent from the prior week. Contributing factors would have been the storms on the east coast and a slight uptick in rates.
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REALTOR.org printed an
article in which Todd Zywicki, a George Mason University law professor, argues that fraud was not the culprit of the housing meltdown. And his ideas are easily understood.
A simplified version of what happed is as follows;
- From 2001 to 2004 the Fed kept interest rates very low making adjustable rate mortgages very attractive.
- While these loans turned out to be risky, at the time homebuyers were making a smart decision to take advantage of these attractive, low cost loans.
- Once the Fed began raising interest rates, the adjustable rate mortgages began adjusting making it difficult for some home owners to continue making payments and they defaulted on their mortgage.
- As foreclosures increased, prices were driven down putting more people in an “underwater” situation.
This cycle of lower home values resulting in more defaults resulting in more foreclosures became perpetual, requiring extraordinary action to break the cycle.
Don Grafues
Resource: RALTOR.org
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The FED does not raise rates. This will help keep mortgage rates low.
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We are all certainly aware of the drop in value of our homes. And while our residential property values have fallen so too have the prices of residential income properties.
The numbers for landlords are improving. While rents have come down and vacancies are rising, the purchase price of rental units has fallen more. Owners today are getting returns around 7.5 percent. An improvement from a couple of years ago. But being a landord is not for everyone. First, getting financing is difficult, don’t be surprised if a lender requires 50 percent down. Also, you need to think long term before you sell.
You can read a February 20 article about income property investments by M.P. McQueen in the
Wall Street Journal here.
There are 8 residential income properties on Tucson MLS for Cochise County. These listings range from a mobile home in Willcox priced at $29,991 to a 5 unit assisted living facility on 7 acres in Sierra Vista for $2,495,000. For more info call Jim Allen at 800-788-4885.
Don Grafues
Resource: The Wall Street Journal & REALTOR.org
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A recent survey revealed that more buyers are looking for homes with “mother-in-law suites.” The economy is causing more families to consolidate and become multi-genrational families. If you are selling a home with separate living quarters from the main residence be certain to emphasize it to set yourself apart from other sellers.
Don Grafues
Resource: REALTOR.org
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