Metro Phoenix housing market has best month in a decade April just might have been the best month for metro Phoenix's housing market in a decade. Foreclosures fell to the lowest level since 2006. Homebuilding continued to rebound. Phoenix kept its spot as one of most affordable big metro areas for ...
More Phoenix homeowners have equity now Fewer metro Phoenix homeowners are underwater now, according to CoreLogic. Approximately 19.5% of the Valley's homeowners owed more than their house is worth as of June 30, down from 21% at the end of this year's first quarter. At the worst of the housing cra ...
Phoenix-area home sales, prices cool in July In Metro Phoenix, both sales and prices dipped in July. Home sales fell 4.5% and the median home sales price inched down to $210,000 compared with June, according to the W.P. Carey School of Business at Arizona State University. The housing market's mode ...
Ariz. homebuilders offering deals New-home prices across metro Phoenix soared too high and too fast in 2012 and 2013 for many buyers to handle, leading to a slump in sales. Home prices have dropped slightly this summer, and builders are trying to lure buyers by offering incentives that include lowe ...
Click Here for All Articles
From Date       To Date

News Article From: 09-11-2007

The first article, Cost to rent in the Valley on the slowdown, from the East Valley Tribune, reports that after two years of escalating apartment rents, relief is in sight for Valley renters, as rentals of single-family homes and failed condo conversions flood the market. From the second quarter 2002 to the same period in 2004, rents edged up 0.15 percent, said Pete TeKampe, a broker with Marcus & Millichap. During the same period from 2005 though 2007, rents jumped 10.8 percent. This year, growth is expected to slow to 2.5 to 3 percent, he said. The reason is that more supply is coming to the market, primarily because of the single-family homes flooding the market and because of the more than 30,000 apartment units converted to condos, at least 7,000 are expected to come back on the market as rentals. The Valley's apartment vacancy rate was 10.9 percent in the second quarter, up from 7.5 percent for the same period last year. A healthy vacancy rate is typically from 5 to 7 percent, TeKampe said.About 60 percent of landlords are now offering incentives, up from 46 percent in the second quarter.
The second article, Recession could hit strained economy, from the Arizona Republic, reports that the U.S. economy, strained by an ailing housing market and credit woes, could log its worst performance in five years, forecasters said Monday. The number 1 risk though, is that the economy will lose its footing altogether and fall into a recession. A forecast released Monday by the National Association of Business Economics puts the growth of gross domestic product at an anemic 2 percent for this year, the weakest since 2002. More than 60 percent of those responding cited recession "as the major risk facing the economy over the next year, while only a third cited inflation as the greatest problem," the group said. Those most concerned about the recession threat tended to cite problems in the sub-prime mortgage market and potential declines in home values as forces most likely to end the current six-year expansion, the group said. To help the economy, the forecasters predict that the Federal reserve will lower its key interest rate, now at 5.52 percent, to 4.75 percent.
Invest With Leonid © 2007
A CompuGor Website