The Governor, Janet Napolitano, announced today, a $13.6 million initiative designed to strengthen state efforts to meet the needs of Arizona families and communities hard hit by the economy Housing Arizona, will expand services to homeowners and neighborhoods affected by mounting foreclosures, and for families and individuals facing homelessness.

From the press release:

“Housing Arizona is supported with funds from the State Housing Trust Fund and includes $6.1 million to expand existing programs and $7.5 million in new resources to tackle the growing dilemma of homelessness and mortgage foreclosure. The Housing Trust Fund was created by the state legislature in 1988 to address the growing need for affordable housing across Arizona, and is the only source of flexible funding available for housing and community development, especially in rural Arizona.

The initiative funding, administered by the Arizona Department of Housing, will continue the eviction and foreclosure prevention programs across the state, match federal foreclosure counseling funds, support continued outreach to troubled homeowners, and provide state support to ensure the successful deployment of new federal dollars targeted to assisting neighborhoods severely impacted by foreclosures.

“Foreclosures in the Gilbert Real Estate market continue to rise, recent data suggests that more than 16,000 households faced foreclosure in the first six months of 2008. If you are facing foreclosure, there is a state-funded foreclosure toll-free hotline (1-877-488-1211), where homeowners are matched with foreclosure counselors who guide them through the complexities of negotiating positive outcomes with lenders and servicers. These services are provided at no charge to the homeowner.”

Help for Gilbert First Time Home Buyers

In addition to helping people facing foreclosure, the plan will also allocate $2 million for first-time homebuyers down payment assistance to help families take advantage of the affordable housing.

These Gilbert Real Estate Market Statistics  Currently there are 2198 Gilbert homes for sale.  Inventory is down- compared to July 2008 where there were 2306 active listings at the time the post was written. The number of sold homes increased slightly and pending sales decreased.  The current absorption rate of homes for sale in Gilbert is about 5.9 months.

For the month of July there were:

• New Listings: 651
• Pending Sales: 333
• Sold Homes: 372

Listing Status Gilbert AZ Real Esate July 2008

The average sales price of Gilbert homes for sale decrease in the month of July. The average sales price decreased 3% from July 2008. 

Gilbert AZ Real Estate- Foreclosures

Currently there are 204 homes for sale in Gilbert that are bank owned. In Aug 2008 there were 110 homes that sold that were foreclosures-30% of all homes sold in Gilbert.

For more information on the Gilbert Real Estate Market Conditions visit ASU Realty Studies

Gilbert Model Homes to be Auctioned-Gilbert Real Estate

These are not your ordinary Gilbert Foreclosed homes for sale- these are former model homes.

Kennedy Wilson Auction Group  will be auctioning 14 “Luxury” Gilbert Model Homes  at 1 p.m. Sept. 14 at the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, 7500 E. Doubletree Ranch Road, in Scottsdale.

There are 7 model homes at Marque at Cooley Station, 890 S. Henry Lane in Gilbert and 6 homes at the Lakes at Annecy, 1652 E. Bridgeport Pkwy. Potential home buyers can view the homes at the respective model home complexes. 

Potential buyers in the Sept. 14 auction must be pre-registered by Sept. 11.

If you are looking to buy a home in Gilbert, this maybe a great opportunity to get a great deal on a home, a model home without many of the risks that may present when buying a Phoenix foreclosure.

These Gilbert Real Estate Market Statistics  Currently there are 2306 Gilbert homes for sale.  Inventory is up- compared to June 2008

where there were 2222 active listings at the time the post was written.The number of sold homes and pending sales remain flat.  The current absorption rate of homes for sale in Gilbert is about 6.5 months.

For the month of July there were:

• New Listings: 636
• Pending Sales: 403
• Sold Homes: 354

Listing Status Gilbert AZ Real Esate July 2008

The average sales price of Gilbert homes for sale decrease in the month of July. The average sales price decreased 7% from June 2008. 

Gilbert AZ Real Estate- Foreclosures

Currently there are 221 homes for sale in Gilbert that are bank owned. In July there were 112 homes that sold that were foreclosures-30% of all homes sold in Gilbert.

For more information on the Gilbert Real Estate Market Conditions visit ASU Realty Studies

 The Home Inspection Process

One of the most important parts of buying a home in Gilbert, in my opionion, is the home inspection.  With a large number of “short sales” and REO or bank owned homes, where in most cases no repairs will be made or the home is being sold “as is", it becomes extremely important that you have a skilled and knowledgable home inpector.   

Is an inspection necessary?

 You should always exercise your option to have the physical condition of the property and its inclusions inspected.  Many of the more severe and expensive problems such as mechanical, electrical, structural, and plumbing are not noticeable to the untrained eye.  If repairs are needed, these repairs can be negotiate with the seller.  A professionally conducted home inspection followed by a written evaluation is critical part of the home buying process.  

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