ALL PHOENIX REAL ESTATE

Last week, both Freddie Mac and Fannie Mae announced they were joining the list of mortgage lenders who were temporarily freezing foreclosures and would not be starting new proceedings into the start of 2009. Chase and Bank of America previously had made similar announcements.

On the surface, this can be good news for homeowners in trouble assuming they have an interest in keeping their homes and assuming the lenders are willing to modify some of the outstanding loans.  That’s on the surface.

If it turns out the lender isn’t inclined to modify the loan, the situation can become a bit more complicated. Insurance companies, for instance, are hesitant to insure vacant homes for an extended period of time - usually 90 days is the limit. So for homeowners who have moved on in expectation of the foreclosure, they find themselves on the books as owners of an uninsured property long after they’ve said goodbye in their own minds.

On the surface, the news also would appear to be good for the Phoenix real estate market in general - there will be less new inventory, giving the market the opportunity to absorb some of the current glut of homes on the market. Except … this isn’t the time of year when a large number of sales take place. Any relief in inventory can only be a positive, but it may be less positive than it appears at first glance.

What I’m waiting to see is the impact this has on short sales. Anecdotal evidence is some lenders are becoming more amenable to short sales - book the loss now rather than wait and have to add the home into their own inventory somewhere down the line - but I’ve yet to see anything concrete along those lines.

Time will tell.

Bottom line for all of this is if you’re in a situation where you’re unable to continue paying your mortgage, you need to get in touch with your lender. Maneuvering through these companies’ phone labyrinth is less than enjoyable, but communication is key. Find out if your lender might be inclined to modify. If not, find out if they’re amenable to a short sale. (They may not say so in so many words, but it’s not hard to get the gist.)

Cynicism aside, there is the possibility the delay can provide a lifeline to those who would rather not uproot their families and move on. And that possibility is worth the call.

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This story starts with an interception. Actually, two.

The first in this tale, but not chronologically, came last night in Tempe when Arizona State safety Troy Nolan tipped a pass to himself, pulled it down two yards deep in his own end zone and sprinted 100-plus yards down the Sun Devils sideline into the far end zone for a touchdown. That it was Senior Night - his and 14 other players’ last time to run onto the turf at Sun Devil Stadium, made it all the more memorable.

Years ago I had my own Senior Night. I never played, mind you, so I didn’t actually run onto the field at any point in time. But on a cold November evening 18 years ago, I had the rare opportunity to watch an entire Arizona State football game in person. Rare, because I was working part-time at the then-Mesa Tribune on the sports desk and I wasn’t able to take full Saturday nights off. Most times, I’d go to the office early, leave to catch the first half of a game, then return at halftime.

Not so on these evening, the Sun Devils’ next-to-last home game in 1990, a night marked by another interception. Nathan LaDuke snared the ball at his own 5-yard line and what followed was less a return than an odyssey, swinging 50 yards to the far sideline and then 50 yards back to the near sideline as he weaved his way for a 95-yard touchdown - 95 yards in linear distance and closer to 200 yards in reality with the sweeps of the field.

The moment was further captured for me during the tape-delay of the broadcast when I was caught on camera, one arm draped around my buddy Chad and another arm in the air as Nathan sprinted and dodged and ducked and sprinted again. Given the sad state of ASU football during my time there, it was a moment worth savoring.

As was the post-game when I finally mustered the courage to say hello to Maryanne Robinson, a Sun Devils cheerleader by way of West Virginia. Sadly, nothing more came out of the hello aside from a couple of conversations the following fall. It was different then, though. No longer was I in the student section. Instead I was in shirt and tie with a press pass hanging from a belt loop, repressing the urge to cheer while writing about Saturday night games for a Monday afternoon paper.

My personal odometer had rolled for the first time, but certainly not the last.

Last night, the ASU faithful bid farewell to another senior class as has been done countless times before. (The only year it didn’t happen was 2001 when the moronic Dirk Koetter eliminated the pregame senior introductions because he “didn’t see the big deal.”)

One or two of these players may be seen on Sundays. Most will be moving onto other walks of life after next week’s game at the University of Arizona.

And that’s where my odometer next will roll … last night I watched the game with the 9-year-old princess, who is just now understanding why these players can’t play for Arizona State forever; it was a harder explanation last year.

Next week she makes her first trip to Tucson for the ASU-U of A game on the same day that I make my 10th … my 20th consecutive ASU-UA game overall.

The second game in that streak was 1990 in Tucson’s Arizona Stadium.

Naturally, I left at the end of the third quarter to get back to my job at the Tribune.

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This seems as good as anything on the day after.

Assuming you’re not among the hoards who have been at the stores since 4 a.m.

Personally, there’s nothing on sale at enough of a discount to get me to fight a crowd in the middle of the night. But that’s just me.

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Only an hour’s worth of work today … not too shabby.

Do better. Go spend the day with your families, overdose on turkey and football and be safe.

We’ll see everyone back here tomorrow.

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How about we send you into your tryptophan coma with a Thanksgiving surprise? And blessedly not one involving fruitcake of any kind …

Inventory of single-family detached homes in the Phoenix real estate market rose by approximately 160 homes to 39,069. And now for the surprise - closed sales over the past 30 days rose to 4,033 from 3,740 the week before. This isn’t the time of year where we normally see any increase let alone a nearly 8% bump.

Bank owned inventory continues to rise, up another 300 to 8,321. (Search all MLS-listed bank owned homes in the Phoenix real estate market here.) Closed sales over the past 30 days rose by 150 to 1,836.

The net results? An absorption rate of 9.69 months for single family detached homes in Maricopa County as a whole and a 4.53-month absorption rate among REO properties.

As always, the below table details the markets in various cities, towns and areas in the greater Phoenix real estate market. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.

Phoenix Real Estate Inventory: November 26

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