California May 2008 Sales Report

Trade could get city Pappas land
from the Arizona Republic, reports that Maricopa County and the city of Phoenix will start negotiations on a land swap that includes a hot downtown parcel that housed the Thomas J. Pappas school for the homeless. At meetings today, elected officials on both sides are expected to authorize agreements that will allow the negotiations on the property in downtown Phoenix to advance. Potential suitors have been speculating about the future of the four-acre parcel since last summer. Under a likely scenario, the county would trade the property and a one-acre parcel across the street, currently occupied by a district-administration building. The land, south of Fillmore Street along Fifth Avenue, is zoned commercially and is valued by the county assessor at about $8.2 million.

City targets foreclosures during Pride Day
from the Arizona Republic, reports that Surprise Community Pride Day will be Saturday, and city leaders are recruiting residents from every neighborhood to brandish gloves and trash bags and clean up the city's foreclosed and ugly properties. In addition to targeting vacant, foreclosed properties, the city also is looking at homes where residents simply need added support. Councilman John Williams said, "It's a way to just energize a community, to bring folks together and to get everyone helping out."

Real Estate Outlook: Buyers Off the Sidelines
from RealtyTimes.com, reports that there is evidence that buyers who'd been sitting on the sidelines are now making their way into the housing market. According to the Mortgage Bankers Association of America's national survey last week, applications for new, conventional loans to buy houses jumped by 11% and applications for FHA insured mortgages were up by 17%. With home prices sharply discounted in many of the former boom markets, and down slightly in many other areas, smart buyers are recognizing that it's time to make their move. Something to consider is to keep an eye on the mortgage rates. Last week, the MBA reported a sudden jump in rates. Also, the Fed is signaling that it may not cut rates again for some time. If buyers are thinking about picking up steeply-discounted real estate and financing it with cut-rate mortgage money, they might want to lock in their deals sooner, rather than later.

California May 2008 Sales Report
DQNews.com reports that a total of 33,024 new and resale houses and condos were sold statewide last month. That was up 6.0 percent from 31,150 in April and down 10.7 percent from 36,975 for May last year. Last month's total made for the slowest May since 1995 when 32,223 homes sold.... full story