The Pending Home Sales Index is a forward-looking indicator tracked by the National Association of REALTORS® (NAR). The index rose 5.2 percent to 79.4 based on contracts signed in July from a revised 75.5 in June. This index is based upon signed purchase contracts, not actual closings.

Lawrence Yun, NAR chief economist, discusses the Pending Home Sales Index in this three minute video.

Resource: REALTOR®Mag

 

If your home was foreclosed where do you vote in the midterm elections? This is an issue for many people who lost (or may lose their home before November 2^nd). Where you vote is determined by your physical permanent address. But if you have no permanent addrerss, what do you do? A report by Fair Elections Legal Network tells of the impact of foreclosure on voting and offers state by state overview of election laws. The best advice? Contact your county registrar or election commission.

Resource: The New York Times

 

There are mixed opinions on housing once again being a “wealth builder.” Some believe that housing prices will not see the rapid growth like the build up just prior to the collapse of the housing market. Read more at REALTOR®Mag.

Resource: REALTOR®Mag

 

Resource: www.ritholtz.com/blog

 

11 million residential properties were underwater at the end of the second quarter. This is down 200,000 from the first quarter.

Arizona is the second highest negative equity state with half of Arizona properties in a negative equity position.

This data is provided by CoreLogic and differs slightly from data we reported on August 10^th (Not So Many Underwater In Q2) that use information from Reuters. The key point is both sources agree that the number of underwater residential properties is lower in Q2 and the primary reason is more of the properties went into foreclosure which takes the out of the underwater pool.

Resource: REALTOR®Mag

 

Building on our post of August 24, new home sales also fell in July to the lowest level since record keeping began 37 years ago.

Resource: REALTOR®Mag

 

 

Just reduced $13,600, this 1575 sq ft site built home on 0.26 acres in Mescal Lakes area of Benson, Cochise County is move-in ready.  3 bed/2 baths, split bedroom plan, great room and 2 car garage. $122,400.

For additional information, photos and property condition report click on “Featured Properties” tab or here.

Resource: HUD

 

The New York Times has an analysis of the foreclosure and delinquency situations.

Resource: The New York Times

 

Cost of living in Cochise County is 2.4 percent below the national average and 1.9 percent below that of Phoenix.

Dr. Robert Carreira, Director of the Center for Economic Research has a detailed article in the Arizona Range News.

Resource: WillcoxRangeNews.com

 

Mortgage applications rose last week driven by refinancing. The overall gain over the prior week was 4.9 percent with 1 percent gain from purchase applications and 5.7 percent gain in refinance.

Rates on adjustable rate mortgages remained flat this week while 15 year and 30 year fixed rate mortgages fell. 15 year fixed rate mortgages fell to 3.86 percent.

Rates can be found at www.freddiemac.com.

Resource: REALTOR®Mag & FreddieMac.com