New home market shows signs of stabilization, Countrywide offers help, and lots more real estate news!

New home market shows signs of stabilization, an article from The East Valley Tribune, reports that the Valley's new home market showed signs of stabilization last month with developers taking out fewer building permits and sales remaining fairly steady. According to analyst RL Brown's latest Phoenix Housing Market Letter, some 2,991 new homes were sold in September, a 34.18% drop from the same month last year. The report released Tuesday showed that sales have been relatively steady in the past six months, ranging from 2,945 to 3,135 each month. Brown said that builders taking out fewer home permits is a positive sign. It means that builders may have stopped building speculative homes that were adding to the oversupply. He also added that some builders are looking to construct less expensive homes in the $130,000 to $250,000 range.http://www.tribunehomefinder.com/story/100271

Countrywide offers help with mortgages, an article from MSNBC.com, reports that on Tuesday, Countrywide Financial Corp. said it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans with interest rates set to adjust by the end of 2008. According to a recent survey conducted by Moody's Investors Service of 16 mortgage servicers that accounted for 80% of the market for subprime loans made to borrowers with shaky credit histories, those companies had modified only 1% of loans with interest rates that reset in the first half of this year. Steve O'Connor, the Mortgage Bankers Association's senior vice president said, "It is important to understand that the (loan) modification is only one means of helping a borrower who is behind on their payments." Countrywide said that so far this year, it has completed about 20,000 loan modifications. That number is less than 5% of the more than 500,000 loans the lender reports were behind in payments as of last month. The lender said it intends to refinance about $10 billion in loans and modify another $4 billion.http://www.msnbc.msn.com/id/21432671/
Additional articles that you may find of interest:

Chandler part of last-ditch sales effort: house swaphttp://www.azcentral.com/community/chandler/articles/1023cr-houseswap1024.html

Using YouTube to rethink the sales pitchhttp://www.azcentral.com/arizonarepublic/business/articles/1024biz-cr-youtube1024.html

Villas at Montelucia opens modelhttp://www.eastvalleytribune.com/story/100311

Findings: Light rail, streetcar not needed to relieve congestionhttp://www.eastvalleytribune.com/story/100312

Shop, restaurant tax revenue keeps Gilbert afloathttp://www.eastvalleytribune.com/story/100320

Urban Land Institute ranks Phoenix No. 9 in U.S. for real estate opportunitieshttp://phoenix.bizjournals.com/phoenix/stories/2007/10/22/daily24.html?b=1193025600^1539610 How Hard a Hit from Housing?http://www.businessweek.com/investor/content/oct2007/pi20071023_036933.htm?chan=top+news_top+news+index_businessweek+exclusives Survey: More Home Owners Go Greenhttp://www.realtor.org/rmodaily.nsf/pages/News2007102304 The Hot Market vs. the Not Markethttp://realtytimes.com/rtcpages/20071024_hotmarketnot.htm

Drive a Lexus free, Call us today for details...it's not just in Chandler

Buy a new Chandler home, drive a Lexus- free, from the Arizona Republic, reports that from Friday through October 21st, Cachet Homes at Fulton Ranch will give homebuyers a free, two-year lease on a Lexus as part of its "Live and Drive in Luxury" promotion. The builder's incentive to buyers is one more example of the sharp turnaround in the Valley's housing market. Cachet communities in Chandler are Crescent Falls at Fulton Ranch and Serenity Shores at Fulton Ranch. Crescent Falls has homes from 1,975 to 2,489 square feet and start in the mid $400's. Serenity Shores has homes from 1,326 to 1,893 square feet and are priced from the high $200's. Cachet Homes credits the builder's advertising firm, The Lavidge Company, with coming up with the Lexus promotion. http://www.azcentral.com/community/ahwatukee/articles/1009cr-lexus1010.html