30 year fixed mortgage rates have been below 5% for 4 straight weeks now! This week we reached an average of 4.87% for a 30 year fixed mortgage. This is the second lowest recorded 30 yr fixed mortage rate since Freddie Mac began keeping track in 1971. The lowest recorded rate for a 30 yr fixed rate was 4.82% in May of this year. A year ago 30 year fixed rate mortgages were averaging 5.94%. 15 year fixed loans are even lower averaging 4.87%.

Feel free to call me if you are considering purchasing a home and need a referral to a lender.

Here’s a great way to take a good walk while seeing and learning about outstanding works of art. Beginning November 7, and on every first Saturday of the month through April 3, guided tours will be offered of the Town’s nearly 70 sculptures located at the Civic Center, along Avenue of the Fountains, and at Fountain Park. This collection of public art is valued at over $1,000,000 and includes works by internationally renowned artists.

Every first Saturday, volunteer docents will lead two tours and provide information about each work of art, the artist, and the inspiration behind the creation. The first tour, beginning at 9 a.m., will visit artwork along the Avenue of the Fountains and in Fountain Park. Each tour costs $5 and begins at the entrance to the Town of Fountain Hills Community Center. The second tour will begin at 10 a.m. and take place in the Sculpture Garden area. Registration is required for the tours.

Art lovers on the guided walk of this unique collection under the sun are advised to wear a hat, comfortable walking shoes, and bring water.

When: First Saturdays, November 7, 2009 - April 3, 2010

Time: 9 a.m. - 10 a.m.: Fountain Park Tour
10 a.m. - 12 p.m.: Sculpture Garden Tour

Where: Town of Fountain Hills Community Center Entrance, 

 13001 N. La Montana Drive, Fountain Hills, AZ 85268

Registration: On-line at http://www.fh.az.gov/recreation, or in person at the Community Center and Town Hall. You may also register on-site the day of the art walk if space is available. Please arrive approximately 15 minutes prior to the beginning of each art-walk tour for same day on-site registration.

Cost: $5 for each tour

I received an e-mail from the Phoenix Museum of Art with a link for the 2009-2010 Culture Pass. I had no idea what it was so I followed the link and found out some great info about the program.

This is how it works: From April 1, 2009-April 1, 2010 you can visit participating public libraries and check out the pass. A receipt will be issued with a due-date that admits 4 for FREE to several different area arts and cultural institutions. Only one pass can be checked out per person, per loan period. The pass is good for 7 days then it expires. You do not need to return it to the library. There are a limited number of passes at each library and they are available on a first-come, first served basis. They can not be reserved, renewed or requested through interlibrary transfer. Passes may be limited to general admission only. Special exhibitions may not be covered, and other restrictions may apply.

Participating libraries:
City of Chandler, City of Phoenix, City of Glendale, City of Scottsdale, City of Mesa, and City of Tempe.

Participating Institutions:
Arizona Museum for Youth
Arizona Museum of Natural History
The Bead Museum
Cave Creek Museum
Children’s Museum of Phoenix
Desert Botanical Garden
Heard Museum (Phoenix, North Scottsdale & Surprise)
Mesa Contemporary Arts
Phoenix Art Museum
Phoenix Zoo
Scottsdale Museum of Contemporary Art
Taliesin West-Frank Lloyd Wright Foundation)

For more info, go to your local participating library or theculturepass.com

I read an interesting quote in a Phoenix Business Journal article,  ”Foreclosure tally: Good news and Bad News” dated March 11, 2009. It states, “Market indicators in the Phoenix area show that median home values have remained relatively constant for the past 90 days.” They are expecting this to be the case for the next 6 months and are predicting recovery by the end of the year.

To read the full story, click on the following: link:http://phoenix.bizjournals.com/phoenix/stories/2009/03/09/daily44.html?ana=e_du_pub

I was talking to a friend of mine about a condo she is purchasing out of state and was quite surprised when she told me the details of the transaction and what she was required to do in order to get her purchase contract accepted. Here is the scenario…she found a bank owned condo that was listed for $45,000 (remember, this condo is not in AZ!). She made an cash offer of $43,500 with a $1000 earnest deposit. She received a counter offer from the bank for a purchase price of $44,000 and was told that Fannie Mae requires a 10% earnest deposit on cash offers! As a realtor, I was not aware of this policy/guideline. After she made a few calls to Fannie Mae, it was confirmed that this is their policy, that it is not a new policy, this is just the way it is. We are talking about $4500 on this particular deal, not a HUGE amount of money but a substantial amount compared to the $1000 originally offered.

I have to admit it got me thinking and my thoughts wandered (as they often do) to the bank (sellers) perspective: Perhaps it gives them some reassurance that you are serious about buying. Maybe they feel it would be a lot easier to walk away from lets say $1000 than 10% of a purchase price. Sounds to me like they want to be sure you have the cash on hand but shouldn’t a guarantee of funds be sufficient?

Then I looked at it from a buyers perspective: 10% can be a substanial amount of money to show good faith or “earnest”.  Note to cash buyers looking at Fannie Mae owned homes, be prepared to ”show them the $$!”

It seems the general concensus is ”there are plenty of bank owned homes out there”…”the banks are going to give them away in order to get them off their books”. Guess the banks are not as anxious to rid themselves of these homes as originally assumed?