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 ...
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News Article From: 12-07-2012

Arizona could hit full economic recovery in 3 years
We're finally on the path to full economic recovery, and Arizona may get there in about three years.  That's the main message from experts who spoke Dec. 5 at the 49th Annual Economic Forecast Luncheon co-sponsored by ASU's W. P. Carey School of Business and JPMorgan Chase.  New residential foreclosure notices are down almost 70% from the peak in 2008, said Elliott D. Pollack.  Phoenix-area home prices are up more than 35% over last year.  New-home sales are also doing well, with 67% of the local subdivisions active today projected to be sold out in less than a year.  Builders are going to have to work to meet the demand, with less land and labor available.  Pollack sees a strong rental presence, with about 22% of local single-family homes being used as rentals right now.  That's up from less than 12% just a decade ago.  Landlords appear to be buying up many single-family homes, and more people are moving to the area.
Read article - ASU News


Short Sales Surge Before Potential Tax Hike

Real estate professionals are rushing to get short sales completed before the end of the year.  That's when a tax break expires that could leave borrowers responsible for paying any unpaid mortgage debt.   Short sales from borrowers behind on their payments jumped 22% over last year for the three months ending Sept. 30, RealtyTrac reports.  Short sales also jumped 17% among borrowers who were still current on their payments.  On Dec. 31, the Mortgage Debt Forgiveness Act is set to expire, and the number of short sales before that date is expected to jump much higher.
Read article - Realtor Magazine


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