Paul Welden, Phoenix Buyer's Agent Realtor

Looks like someone thinks you want to play Cricket!

Phoenix Metro area is growing with more world class opportunities.
It's time to enhance your real estate portfolio for the upcoming buyer's market!
Contact me for more details on my home buyer's representation.

Mangat Group plans to build 20,000-seat stadium in Buckeye - AZ Big Media The Mangat Group, a Glendale-based land development group, announced plans to build a world-class cricket stadium in Buckeye.

The world's first 'Mechanical Tree' is in Tempe at ASU, helping to remove CO2 1000x faster than natural trees.

Although these do not provide shade, it's possible it could be used in urban areas to reduce CO2 or even in/near manufacturing facilities that produce CO2 to help reduce this harmful gas from the air.

Tempe's real estate is booming for rentals and sales, even though there are very few properties available.

If you are looking for a data driven buyer's agent Realtor, let me show you how information can help you make good real estate decisions.

Mechanical trees capture CO2 at ASU Tempe campus A major breakthrough in the battle against climate change is nestled among the trees on ASU’s Tempe campus.

...... and Big Surf + the ice arena just sold for over $49 Million!

The seller received 30+ offers, which means even commercial real estate is experiencing similar bidding activity to its residential cousin.
It's just crazy out there!

The new owners intend to use the land for a new commercial development.

By the way, if you want to get an edge up on your home buying competition, maybe consider enlisting the services of an Exclusive Buyer's Agent like me.

Big Surf in Tempe sells for $49 million - AZ Big Media Velocity Retail Group, in partnership with CBRE and Ross Brown Partners, recently brokered the sale of the 35.5-acre Big Surf Wave Park.

Phoenix Metro remains relatively affordable.
It ranks 63 out of 100 metro areas.
$1500/mo would get you ~800sf of living space.
check out the stats here ...
https://www.rentcafe.com/blog/apartmentliving/rental-space-for-1500/

How Much Apartment Space Does $1,500 Get You in America’s 100 Largest Cities - RentCafe rental blog We looked at the list of 100 largest U.S. cities in order to find out where renters can get the most space on a $1,500 budget.

To tell or not to tell .....

Do you think that a seller must disclose to buyers if their home was reported on by a newspaper that it was used by a clandestine government agency to house extraterrestrial beings?

The seller is also aware that most of the residents of the town in which the property is located know about this newspaper story and that it would be difficult to sell the property to many of them.

Do you think the seller needs to disclose this to potential buyers?

In the midst of a labor and material shortage, Tempe continues to innovate.

A Tempe family will soon move into a 3D printed house Homeownership is becoming out of reach for more and more Arizonans. So Habitat for Humanity is betting on new technology to reduce construction costs. A family in Tempe will soon move into one of the first houses the organization has built using 3D printing.

Get ready for fewer homes available to buy.
Zillow recently announced they will sell at least 2,000 of its properties to a company who will rent them out long term.
That's 2k fewer homes available to you to buy!
And this could cause rents to increase even more.
Zillow has about 18,000 properties to sell but it's starting with 2k to that rental property management company.
Winter is coming!

https://nationalmortgageprofessional.com/news/senators-raise-concerns-over-zillow-deal-sell-homes

Hope you and your family have a wonderful time celebrating Halloween this year!

Should you find yourself in a situation where you need/want to buy real estate, I may know an Exclusive Buyer's Agent who can help!

Creep it real!

4 REASONS TO BUY IN PHOENIX METRO AREA

1. Intel broke ground on its two new semiconductor factories, celebrating the start of construction of Fab 52 and Fab 62 at the company’s Ocotillo campus. Once the two fabs are operational in 2024, the Ocotillo campus will become the largest semiconductor producing site in the country with a total of six fabs.

2. Helix Electric, a California-based electrical contracting company, announced a new manufacturing facility in Arizona will be in Goodyear. The 112,000-square-foot facility, which will house over 100 jobs, will be used to manufacture and fabricate building components for electrical construction.

3. CMC Steel broke ground on a new micro steel mill in Mesa, representing a $300 million investment that will create 185 new jobs. One of the most efficient and environmentally-sustainable steel producers in the world, CMC anticipates the new facility will be operational by 2023.

4. Arizona has recovered 101 percent of private-sector jobs since the start of the COVID-19 pandemic, adding 325,500 private sector jobs since April 2020, according to the Office of Economic Opportunity. This data represents one of the fastest job recoveries in the nation.

So, let Paul Welden, Phoenix Buyer's Agent Realtor help you find your ideal home or your next investment property.

2.3% .... Why is that important?
*****
That's the percent of homes with mortgages that are underwater for the entire US. The number is 1.2Million, which may seem like a HUGE number, but it's only 2.3% of all homes with a mortgage in the US.

So, there is NOT going to be a foreclosure crisis in 2022.
Stop waiting for a real estate market correction that is not going to happen anytime soon.

Unless there is an unpredictable event, or unemployment numbers increase and mortgage interest rates increase, then, we may see the market cool off faster.

But no foreclosure crisis next year!

Underwater Homeowners Effectively Bailed-Out By Equity Surge Homeowner equity grew $2.9 trillion nationwide from the second quarter of 2020 to the same quarter this year. CoreLogic's Homeowner Equity Report shows U.S. homeowners who have mortgages (which account for roughly 63 percent of all residential properties) saw...

NAVIGATING POST FORBEARANCE HOME OWNERSHIP
*****
As the housing market continues to evolve through the pandemic, millions of homeowners have taken advantage of forbearance plans and requested a forbearance extension. As part of our initiative, Freddie Mac is sharing their new eBook: "Navigating Post-Forbearance Homeownership" that focuses on three borrower profiles, each facing different challenges based on their unique homeowner situations. You can use this valuable resource if you are facing tough decisions on maintaining homeownership.

For homeowners coming out of a forbearance period it's critical you engage with your mortgage servicer to understand your options. There are programs available to ease your transition back into a mortgage payment schedule and various workout options to choose the one that best suits your needs.

Exiting a forbearance plan can be an opportunity to explore a new homeownership path, even if it means selling the home. Options such as a short sale or fast sale can provide benefits to both you and lender.

Facing a foreclosure can be overwhelming, but with the right information homeowners can prepare for this process. Certified housing counselors have tools and resources to advise borrowers on how to prepare and what to expect. They can also provide financial management strategies to help borrowers get back on their feet.

Freddie Mac hopes this eBook is beneficial in helping guide borrowers as they consider their options and opportunities.

Additional Resources
• Resource Center
• Housing Professionals Resource Center
• Freddie Mac Borrower Help Center Network
• My Home by Freddie Mac®
• CreditSmart® Suite of Educational Resources
https://sf.freddiemac.com/content/_assets/resources/pdf/ebooks/hsh_post-forbearance-ebook.pdf

Foreclosure Rate Lowest in Over Two Decades

Today there are 400,000 homeowners in their final month of forbearance and another 1.2 million still in the program as it winds down, thus, it is probably way too early to conclude that the nation has a ducked a pandemic foreclosure bullet.

However, the CoreLogic report on June's loan performance suggests we might just pull it off. The company says the U.S. foreclosure rate in June was the lowest in over two decades.

Not a surprise as the national moratorium on bank repossessions was in force until the end of July.

However, other metrics in the report indicate that homeowners may emerge from the pandemic financially damaged but with homeownership largely intact.

http://www.mortgagenewsdaily.com/09142021_corelogic_loan_performance.asp #{uname=PaulWeldenPLLC}

EVICTION MORATORIUM

In light of the current eviction moratorium status, I would like to share some useful links that you can provide to clients of anyone who may be facing eviction or needs assistance. This information is provided by the Consumer Financial Protection Bureau.

On August 26, 2021, the United States Supreme Court issued a decision ending the CDC eviction moratorium. If you are facing eviction now, we have resources to help. https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/renter-protections/what-to-do-if-youre-facing-eviction/

Even though federal protections have ended, some state or local moratoriums are still preventing evictions. Visit Eviction Lab to see if your state or local government is stopping evictions. https://evictionlab.org/covid-eviction-policies/

Renters and landlords may also be able to apply for financial assistance to cover rent, utilities, or other housing expenses.
Learn more about financial assistance options. https://www.consumerfinance.gov/about-us/blog/the-cdc-eviction-moratorium-has-ended-learn-your-options/

The CDC eviction moratorium has ended: Learn your options | Consumer Financial Protection Bureau The CDC eviction moratorium ended on August 26, 2021. If you’re having trouble paying your rent here are resources to help you get back on your feet.

FICO® SCORE FUNDAMENTALS WEBINAR

Presented by FICO and brought to you by Freddie Mac, JPMorgan Chase and Diversified Resource Network

Good credit is an important part of a consumer’s financial picture. A solid credit history increases the confidence of lenders and creditors when they loan money. When a borrower repays a loan, lenders and creditors are more likely to extend credit again.

Knowing how to use credit wisely can help put a borrower one step closer to homeownership. In this webinar session you’ll learn strategies to help consumers make sound financial decisions, improve their knowledge about credit scores and achieve their homeownership goals.

Tuesday, October 5, 2021
2 – 4 p.m. ET
Cost: FREE

REGISTER - http://app.infofreddiemac.com/e/er?s=325135053&lid=11509&elqTrackId=3FE770EF4171620E9AB8B2BD0742EA47&elq=455206c030e24848a25a7679bc85e037&elqaid=10511&elqat=1

What We’ll Cover
• What goes into a FICO Score?
• How is it developed?
• How are reason codes derived?
• What bureau files will not get a FICO Score?
• Why are there different versions of FICO Scores available?
• What is the Score a Better Future program

Presenters

Julie Wooding, FICO Director
As a key subject matter expert in the FICO Scores group, Ms. Wooding works with top-tier lenders in the U.S. to help them evaluate and implement FICO scoring solutions.

Dave Hebert, Director of Business Development and Consulting
Dave Hebert is a FICO® Score subject matter expert responsible for supporting FICO’s relationships with its clients in the United States to help them evaluate and implement FICO scoring solutions.

register.gotowebinar.com

The 2nd largest mortgage company has plans to accept cryptocurrency (Bitcoin) .

United Wholesale Mortgage wants to accept Bitcoin for payments by the end of 2021.

This will be for monthly mortgage payments and not for down payments or closing costs funds.

Regardless, this is a bit risky for UWM because of the volatility of the value of cryptocurrencies compared to the more certain US Dollar.

Paul Welden, Homesmart, Buyer's Agent, BuyersAgentPhoenix.com, 480-241-0081

UWM sees business growth, says it plans to start accepting Bitcoin for mortgage payments The Pontiac-based company wants to be the first major nationwide mortgage lender to begin accepting Bitcoin and other cryptocurrencies as payment.

RENT PAYMENTS CAN BE USED TO QUALIFY FOR A MORTGAGE

Starting 9/18/21, Fannie Mae to Add Rent Payments to Credit Evaluations

Fannie Mae will begin to recognize non-reported types of credit performance in qualifying a loan. On September 18, it will launch a new feature that will incorporate consumers' rent payments in credit evaluations.

The process, which will require borrower consent, will enable single-family lenders to automatically identify recurring rent payments on an applicant's bank statements. This creates new opportunities for homeownership for qualified renters with limited credit history but a strong rent payment history while still promoting safe and sound lending,

FHA loans have been able to do this for a long time and now, finally, Fannie Mae is realizing the importance to use alternative credit to help people buy homes.

Want a competitive edge with buying a home, hire a Buyer's Agent.
Paul Welden, Homesmart, BuyersAgentPhoenix.com 480-241-0081

5 REASONS WHY PHOENIX METRO AREA IS A GREAT PLACE TO BUY REAL ESTATE

1. KORE Power announced they will build their one million square foot KOREPlex lithium-ion battery manufacturing facility in Buckeye. The facility will be the first domestic battery plant owned by a U.S. company and will create 3,000 jobs.

2. Following a merger that took Lucid Motors public with $4.4 billion in cash, the electric vehicle manufacturer announced it was expanding its nearly 1 million-square-foot factory in Casa Grande with an additional 2.7 million-square-feet.

3. A Bloomberg Opinion piece showcased Arizona as the state to design “a road map for attracting cutting-edge industries and automated plants.” The column highlights the state’s electric vehicle manufacturers amid a booming tech landscape.

4. Arizona Business Magazine's feature story "How ElectraMeccanica’s $35M Mesa factory fuels Arizona’s EV boom,” highlights how the state is becoming an electric vehicle manufacturing hub in the U.S. Arizona has had three EV groundbreakings within the past 16 months.

5. Gilbert-based Prenexus Health, a startup manufacturer of prebiotics, has raised $13 million in its Series B funding round. In addition, Phoenix-based fintech startup, Dovly, announced it raised $3 million to support its growth plans

Paul Welden, Homesmart, Buyer's Agent, 480-241-0081, BuyersAgentPhoenix.com

Paul Welden, Phoenix Buyer's Agent Realtor updated their website address.

FHA EXTENDS FORECLOSURE EVICTION MORATORIUM TO 9/30/2021

Today, FHA published Mortgagee Letter (ML) 2021-19, Extension of the Foreclosure-Related Eviction Moratorium and Expiration of the Foreclosure Moratorium in Connection with the Presidentially-Declared COVID-19 National Emergency.

With today’s ML, FHA is extending its foreclosure-related eviction moratorium for foreclosed borrowers through September 30, 2021. This extension ensures borrowers with FHA-insured mortgages are not immediately displaced from their homes as well as provides them more time to apply for federal, state, or local housing resources or request assistance from a HUD-approved housing counseling agency.

Hipsters will soon have a new place to call home in downtown Phoenix.

Developer acquires land in downtown Phoenix for a 24-story apartment building called Moontower.

An Austin, Texas-based developer has acquired a parcel of land at the southeast corner of Third and Garfield streets in Phoenix, AZ Big Media reports. Figures from real estate tracking website Vizzda, show the Lincoln Ventures bought a .63-acre parcel from Wayne Rainey and Jason Merck for about $5.4 million.

The property is expected to be used for Moontower PHX, a 24-story, 460,000-square-foot apartment building. The tower will have 326 units, as well as office and retail space.

The property borders Roosevelt Row, which has become popular with hipsters.

Record Price Gains for Single-Family Homes Persist in May

Phoenix, San Diego and Seattle stole the show with the largest price gains in the nation.

Phoenix, Arizona increase:
May/April: 3.7%
Year-Over-Year: 25.9%

One way homebuyers can get an advantage in any market is to use a Buyer's Agent as your Realtor.

Paul Welden, Buyer's Agent, Homesmart, 480-241-0081

How can this building be repurposed?
Could it be used to create more housing units?
Tear down and rebuild something else?

What do you think is the highest/best use of this building?

Paul Welden, Phoenix Buyer's Agent Realtor

Chase to vacate Phoenix tower this fall, no future plans for skyscraper yet No future plans on the use of the high-rise have been announced.

Some upcoming traffic changes will disrupt our lives and travel times for the next few years.

I think the freeway changes will improve the quality of life in the East Valley and could increase people's spending in the immediate area (thinking of Ikea, Arizona Mills Mall, Chandler Outlet Mall, etc.).

I know of a few people who decided to move away from this area and others who did not want to move to it because of the traffic congestion on this section of freeway.

So, maybe these changes will get more people to move to this area.

What do you think?

Paul Welden, Phoenix Buyer's Agent Realtor

What's ahead for the Broadway Curve | ADOT For almost a year now we’ve been letting the community know about the I-10 Broadway Curve improvement project that will begin in 2021 and transform travel on a section of one of Arizona’s busiest freeways. Just the other day we announced the selection of a joint venture as the apparent preferred...

Desert dwellers in Dubai get relief from the heat by creating "Fake Rain."

This type of climate control can help offset/battle the increasing temperatures many people around the world experience during the summer, such as Phoenix.

Arizona is one of "at least eight states" across the western US that are involved in this type of cloud seeding operations.

What do you think?

Paul Welden, Phoenix Buyer's Agent Realtor

Dubai creates fake rain using drones to battle 122 degree heat The cloud seeding efforts, which use electrical charges to prompt rainfall, contributed to stormy weather rarely seen in the United Arab Emirates.

WHY ARE MORE MORTGAGES NOT BEING DONE ONLINE????

The COVID pandemic pushed many processes online but not so with mortgages. The use of online mortgage tasks only increased 5%. Fannie Mae reports that 88% of mortgage tasks are still being done in person.

ANSWER: most homebuyers still want the ability to speak with a mortgage professional throughout the process.

COVID Failed to Push Mortgage Applicants into the Digital World A set of special questions on a Q1 National Housing Survey asked consumers, who were also recent homebuyers, about their experiences obtaining a mortgage during the pandemic. Fannie Mae was a little surprised by some of the results. Tim McCallum and Jenney...

Are Millennials really to blame for the current HOT real estate market?

Is the housing market a bubble? Arizona State University (ASU) My friend Ashley recently sold her Phoenix home in 12 hours, sight-unseen, for $40,000 above her listing price. I wondered if this meant a housing bubble and...

RENTAL NEW HOMES

A Scottsdale-based developer recently purchased 27 acres of land in Queen Creek, Arizona for $56 Million to build single-family homes ... not to sell but to rent.

The entire neighborhood will be rental homes!

This is NOT the only one in the Phoenix Metro area and more of these Build-To-Rent communities are on the horizon.

They offer no/low maintenance with resort-style amenities catering to the Gen X'ers & Gen Z's.

What do you think?
Does this type of community appeal to you?

Homebuyers in the Phoenix area don't have to worry much about bed bugs ... just scorpions, termites, and monsoons.

Here are the Top 20 cities for bed bugs for 2021 (according to Orkin), including a comparison to where they were last year:

1. Chicago (+2)
2. Baltimore
3. Washington DC (-2)
4. Detroit (+3)
5. Columbus, OH
6. Cleveland, OH (+5)
7. Indianapolis (+2)
8. Cincinnati
9. Los Angeles (-5)
10. Grand Rapids, MI (+8)
11. Charlotte, NC (+9)
12. New York City (-6)
13. Atlanta (-3)
14. Philadelphia (-2)
15. Champaign, IL (+1)
16. Dallas-Ft. Worth (+1)
17. Raleigh, NC (-3)
18. Charleston, WV (+8)
19. Pittsburgh
20. Denver (+7)

A BIG WAVE OF FORECLOSURES ....

is probably not going to happen because of the new CFPB rules.

As the federal foreclosure moratorium ends and millions of homeowners exit their mortgage forbearance, there will be some that will be foreclosed on, but not at the pace that some were expecting.

So, those of you who are waiting for the market to drop, you may see a small dip in prices, but not the huge drop you want. And if/when interest rates increase while you're waiting for that deal, you may just find yourself priced out of the market.

Just my 2 cents.
Read more .....

CFPB Updates Servicing Rules to Ease Transition from Forbearance The government stakeholders involved in the various pandemic related forbearance programs appear to be directing their full attention to their upcoming expirations. Ginnie Mae earlier announced a new class of mortgage-based securities (MBS) to absorb loans...