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: 01-11-2013

Will Higher Prices Attract More Sellers to Recovering Phoenix Market?
The latest report from the W. P. Carey School of Business at ASU finds:
* Single family home prices rose sharply between October and November and show very large increases since November 2011:
   o The median sales price is up 35.4% from $120,000 to $162,500
   o Average price per square foot is up 27.4% from $81.92 to $104.34
* Overall supply (excluding homes already under contract) was down 7% at the start of December 2012 compared with December 2011, and distressed supply was down 43% over the same time frame. However overall supply increased by 31% between September and December.
* The percentage of residential properties purchased by investors remains high at 27.5% but is now in a clear downward trend having peaked at 35.3% in August.
Read article - WP Carey




New rules aim to make mortgages safer
Federal officials unveiled new mortgage rules on Thursday meant to reduce risky lending and make it easier for borrowers to know exactly what they are getting into.  The new rules will eventually change the process homebuyers go through in obtaining mortgages. Here's what you need to know.  Which lenders do the rules cover?  All companies that give out mortgages will be governed by the new rules -- big national banks, savings and loans, community banks and credit unions.  How is a "qualified mortgage" defined?  The rules spell out what is called a qualified mortgage.  What if a borrower doesn't meet all those guidelines? A homebuyer could still get a mortgage, but only if the mortgage payments don't exceed 43% of the borrower's pre-tax income.
Read article - CNN Money

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