WWW.AZCENTRAL.COM
|| S U N D AY , J U N E 2 2 , 2 014
|| PA G E R1
AZ Real Estate REACH US
|| K A R A M O R R I S O N , A Z R E A L E S TAT E E D I T O R , K A R A . M O R R I S O N @ A R I Z O N A R E P U B L I C . C O M || R E A L E S TAT E . A Z C E N T R A L . C O M
CATHERINE REAGOR REAL ESTATE
Banks returning to equity lending
T
WANTED: A-1 AGENT
Look for these 5 ‘super’ skills, advise professional real-estate couple
Kara G. Morrison The Republic
i
azcentral.com
Joseph and JoAnn Callaway had an epiphany early on in their real-estate careers. They represented both a buyer and a seller in one transaction, and after several counteroffers, realized the deal wasn’t working well for either client.
Although several much-needed commissions were riding on the sale, JoAnn looked at Joseph and said, “Maybe we should undo it all. ... It’s not a good deal for the seller; it’s not a good deal for the buyer.” “The next day, we were changed,” Joseph Callaway explained from their Scottsdale real-estate firm, Those CallSee AGENT, Page R3
hose offers from lenders are starting to arrive in the mail to metro Phoenix homeowners again. The area’s home values have recovered enough for banks to begin offering home-equity loans. The number of home-equity loans climbed 20 percent last year compared with 2012, the biggest increase since the housing crash, according to financial research firms Equifax and Moodys. U.S. homeowners signed up to tap more than $92 billion in equity during 2014. Lenders say the upward trend continues this year. Metro Phoenix’s home values are up more than 65 percent from the crash, and only 20.6 percent, or about 186,500 Valley homeowners, now are underwater, according to real-estate research firm CoreLogic. During the crash’s low point for home prices in 2011, nearly 50 percent of Phoenixarea homeowners owed more on their mortgage then their home was worth. Banks trying to drum up more revenue are offering more home-equity loans or credit lines but so far are being much more cautious about the terms. A decade ago, borrowers could take out home-equity loans, also known as second mortgages, for as much as 125 percent of their house’s value. A lot of homeowners defaulted on those loans during the crash. When home prices started falling in the Valley during 2009, many homeowners had their home-equity lines yanked or reduced by lenders and were left without funds they had counted on to pay for college, trips, cars and investment houses. Now most banks are offerSee REAGOR, Page R3
THINKSTOCK
Luxury Retirement Community for Active Adults Over 62 Come And Experience The Hospitality!
Call Us. NOW..
To make reservations to be our guest for complimentary lunch and tour.
For more information, see our ad inside!
LUXURY RETIREMENT COMMUNITY OF SUN CITY
623-933-1313 • www.wooddalevillage.com
AR-0008237126-01
SCOTTSDALE | 16831 North 62nd Place | Open Today 1-4PM
PRICED TO SELL! Check the neighborhood sales and come view MLS# this must see home today. Beautifully updated light and open with Bedrooms master suite plus three bedrooms upstairs and bedroom/office on Bath main floor. Hardwood floors, designer paint, gas fireplace, dual Pool pane windows, vaulted ceilings and art niches. Gorgeous granite kitchen. Stainless appliances. Mountain views from the large Sq. Ft. balcony off the master. Picture perfect yard - fenced pool, grass and Parking paver lawn, citrus and covered patio. Former model home in the Lot Size Magic 85254 Zip Code. Scottsdale mailing address. Phoenix taxes, ZIP Code utilities & zoning. Top rated Paradise Valley schools. Minutes to Kierland & Desert Ridge. – Joseph Callaway Online Pics Price
Brought to you by Those Callaways (480) 596-5751
- 5087703 -5 -3 - Yes - 2,557 - 3-Car Garage - 6,891 - 85254 - ThoseCallaways.com - $450,000
see more inside AR-0008215602-01
PARADISE VALLEY | 5106 North Wilkinson Road | Open Today 1–5PM
EXQUISITE ELEGANCE. Nestled on a lush 2.25-acre lot, this MLS# gated estate boasts towering palm trees, manicured foliage and Bedrooms big views of Camelback Mountain. Courtyard w/kiva fireplace. Bath Massive living room for celebrations, soirees, grand-scale Pool entertaining. Dining room w/stunning ceiling motif. True gourmet kitchen w/first-class catering pantry. Billiards parlor, family room, Sq. Ft. game room open to view-rich porches, patios. Sweeping staircase to ZIP Code upper-level loggia-style landing. Also: wine room, maid’s quarters, Online Pics executive office, fitness/spa room, handsome library, plush guest Price house. Pool, tennis court, dining ramada, art studio. Gorgeous gardens, groves, grounds. Visit www.tourfactory.com/1077458. See inside for full details, directions.
- 5006294 -6 -9 - Yes - 12,096 - 85253 - BaldwinTeam.com - $4,500,000
Brought to you by Sandra Baldwin, Russ Lyon Sotheby’s International Realty see more inside
AR-0008215717-01