News Article From: 12-05-2012
Phoenix-area home prices up 34% in a year, new home sales up 85%
After a seasonal slowdown during the scorching summer months, the metro Phoenix housing market was back on the upswing again in October with existing home prices up more than 34% year-over-year and new-home sales up a whopping 85%, according to ASU's W. P. Carey School of Business. The median single-family home price climbed to $157,000 in October, compared with $116,800 in October of last year. "The summer lull ended, and we had an influx of snowbirds and other buyers," Michael Orr said in the report. "We're seeing about 5% more sales activity this October than last October."
Read article - Phoenix Business Journal
FHA OKs 2-Year Extension to 'Anti-Flipping' Waiver
The Federal Housing Administration is extending its 90-day "anti-flipping" waiver through 2014 - which could bode well for single-family investors, rehabbers and buyers seeking low down payment financing. The waiver allows buyers to purchase homes that have already been sold in less than 90 days. The latest two-year extension to the waiver includes several requirements, such as the property can't have a pattern of previous flips during the 12 months before the transaction. Also, if the property being resold is more than 20% higher than what the seller paid for it, the seller must produce documentation showing renovations and repairs made to justify the sales price. Inspections are required when price jumps are higher than 20% too.
Read article- Realtor Magazine