Today: Sep 20 , 2018

Features (2607)

Don't worry, when we run out of open space here around Prescott, there's plenty more on the moon! Might be a little pricey, though... osa2

foreclosureThe real estate market is a pretty wild and wooly place these days, and keeping on top of what is happening in our local market is important for a lot of reasons.

I'm Gary Edelbrock, current president of PACT (Prescott Area Coalition of Tourism), and a local realtor with Kim Horn Realty here in Prescott. I also own the Prescott Log Cabin, a bed and breakfast situated in the Granite Dells.

In this weekly column, I plan to ask local experts to update current conditions in the real estate market, so you know directly what is happening in our community.

Today, Kim Horn is our first guest expert. She is a broker (actually, she's the broker I work for), past president of PAAR, the local association, and AAR, the state association. She is also a member of NAR, the national association and a past member of their legislative committee.

The Market and Foreclosures

It seems all you hear in the news these days is about record foreclosures. I will attempt to explain the market and foreclosures.

First: What is Foreclosure?

Foreclosure is the legal right of a mortgage holder or other third-party lien holder to gain ownership of the property and/or the right to sell the property and use the proceeds to pay off the mortgage if the mortgage or lien is in default. It is a concept that has existed for centuries. Today State laws and regulations govern the foreclosure process, which takes 91 days from the time a notice of trustee sale is filed.

Second: Types of Foreclosures:

The mortgage holder can usually initiate foreclosure anytime after a default on the mortgage. Within the United States, there exist several types of foreclosure. Two are widely used, with the rest being possibilities only in a few states.

The most important type of foreclosure is foreclosure by judicial sale. This is available in every state and is the required method in many. It involves the sale of the mortgaged property done under the supervision of a court, with the proceeds going first to satisfy the mortgage, and then to satisfy other lien holders, and finally to the mortgagor.

The second type of foreclosure, foreclosure by power of sale, involves the sale of the property by the mortgage holder not through the supervision of a court. Where it is available, foreclosure by the by power of sale is generally a more expedient way of foreclosing on a property than a foreclosure by judicial sale. The majority of states allow this method of foreclosure including Arizona.

Recent Activity:

November 2008 223 Notice of trustee sales recorded
November 2008 328 Sales Recorded (A.O.V.)
November 2008 114 Trustee Deeds recorded(Actual Foreclosure)

December 2008 329 Notice of trustee sales recorded
December 2008 438 Sales recorded (A.O.V.)
December 2008 160 Trustees deed recorded(Actual Foreclosure)

February 2009 397 sales recorded (A.O.V.)
February 2009 170 Trustee deeds recorded(Actual Foreclosure)

March 2009 359 sales recorded to date 3/27/09
March 2009 122 trustee deeds recorded ( Actual Foreclosure)

Approximately 50% of all recorded sales are trustee sales.

Third: With all this being said, there is good news for home buyers and investors. The sale prices seem to be slipping back to the home prices of 2003 approximately.

For several reasons this is an unprecedented opportunity to purchase a home whether it be your first home or an investor property. Interest rates are at historical lows around 5% and there are several programs out there under utilized. For example the 203K loan for stressed properties. This program allows the home purchaser up to $31,000 to refurbish the property with cosmetic items such as paint, carpet, appliances and such. Also several low down payment programs VA and FHA, 3.5% down, Rural Housing loans O down for Chino and Prescott Valley areas. But keep in mind lenders are reviewing files with a lot more scrutiny these days, your credit score must be a minimum of 620 and with verifiable income and job employment. Also keep in mind that motivated sellers will obviously have different requirements and should consult a lender for advise prior to offer to purchase a property.

In conclusion: While the market is in a state of constant change we can find opportunities to become a homeowner. The industry and the local market seems to change daily so consult your local Realtor and lender for the lastest information.

Kim Horn GRI, CRS

AZ New Home and Development Sales
dba: Kim Horn Realty
Arizona Association of Realtors Past President

A Quick Note from Gary

logcabinSince foreclosures have been in the news a lot lately, we hope this information from Kim will provide some insight. And in the meantime, should you have any real estate needs, please feel free to contact Kim Horn or myself, and we'll do all we can to get you some answers.

Of course, if you have out-of-town visitors, please remember to check into the Log Cabin.

Gary Edelbrock
Kim Horn Realty
(928)-778-0442 Home/Cell
(928)-778-7036 Office


Have you tried planting new plants in your landscape scheme without much success? Ken Lain the Garden Guy offers these tips and techniques.

Ceding control of hundreds of thousands of dollars to unelected personnel? New airline routes? Water tanks? Folks are looking askance at City Council.sticky2

shoestring_billboardSeveral times a week people ask me how to expand their small, local business on a very limited budget. Luckily, there are a LOT of things you can do that cost little or no money and can produce great results!

Add a news section to your website - and Use It!

Every local business needs a news section on its website. News pages are a web-savvy way to manage content about events, sponsorships, new products or services, and company news. When news content is written with keyword-rich titles that link to webpages with more great content, it boosts credibility, communication and -- best of all -- search engine rankings.

Write Your Own Press Releases

You may think you can't have a news section because you don't have any news articles written about your business. Wrong. Write your own news to generate buzz!

For example, if you're speaking to at a local Chamber of Commerce event or presenting at your networking group, write your own press release and added it to your website to share with current clients and potential clients, and to boost your search engine exposure with keyword-rich content.

Get Listed on Google's Business Listings

Google's local business listings are an often-overlooked resource. . . and it's FREE! Enter your type of business, city, and state into Google's search bar, and you'll get a page that has local listings near the top of the page:


Your business may or may not be listed here, but what we're aiming for is a complete business listing with photos, description, coupons, hours of operation, etc. The easiest way to do this is to use a website called This nifty free service will help you get your business into the local listings of Google, Yahoo, Windows Live, and Best of the Web. You can find directions on how to use last week's article: Quick Tips for Local Marketing: GetListed.Org.

Get Listed on High-Traffic Websites in your City

If you are a member of the Chamber of Commerce or other highly-trafficked local website, make sure you're listed there, and that the link to your website actually works. You can also identify other high-traffic website in your community and write a short article for them in your area of expertise. Make your article timely and compelling, and use a key-word rich title and headlines.

Setup A LinkedIn Account

As a business professional you need to be listed in LinkedIn. Setup an account, using your main keywords, and link to your website. After you complete your profile, click on Answers and see if there is a question posted there that you could comment on, or provide an answer for. This is how you build a reputation in LinkedIn. For example, view my profile on LinkedIn.

You Can Do a Lot of Marketing for Free on the Internet

Wow! In just a short time, you have your business listed in over a dozen new high-traffic places! Good work! There are many, many more ideas we have specific to your type of business. Give us a call, we're always happy to work with local businesses (local to anywhere!) to help you attract new customers.



Using Technology to Support Local Businesses in Marketing Locally

larryWe help local business market locally. In our present economic environment, local businesses are very interested in attracting and retaining good clients. We can help! Call us NOW for your FREE listing on Local Ad Link, an exciting new directory that only shows your business listing to people in your targeted zip codes!

Larry Levenson
Sigma Web Technologies



This Election Should Tell Us Something

tellingelection3The Prescott City Council and Mayor election will be held in September - but what will have we learned in the meantime?