News Article From: 02-01-2013
Scoring a bargain on a foreclosed home in Phoenix not easy
The number of Phoenix homeowners losing their properties to foreclosure has taken a nosedive over the past year, and the downward trend is expected to be ongoing this year. For the Valley, foreclosure activity last year plummeted by about 37% year-over-year - the biggest drop of all 20 of the nation's largest markets, RealtyTrac said. Phoenix also has significantly fewer foreclosures available on the market, relatively speaking, with only a nine-month supply last year.
Read article - Phoenix Business Journal
FHA to Raise Premiums on Its Mortgages
The FHA has announced that it will be hiking premiums on the majority of its new mortgages by 10 basis points, or 0.1%. This is expected to add $13 a month to the average borrower's monthly payments, according to the organization. The changes are a way to reduce FHA's exposure to risky loans. Borrowers with jumbo loans will also see premiums increase, by 5 basis points or 0.05 percent. The minimum downpayment requirement on jumbo loans will go from 3.5% to 5%. Most borrowers will be required to pay insurance premiums for the life of the loan.
Read article - Realtor Magazine