News Article From: 02-15-2013
Friday, February 15, 2013
Arizona's mortgage delinquencies rate falls to 5.18%
Arizona's gradual housing recovery has entered a new phase, with mortgage delinquencies here no longer elevated compared with the rest of the nation. Arizona mortgages 60 or more days past due fell to 5.18% in the fourth quarter from 7.5% one year earlier. Nationally, past-due mortgages eased to 5.19% from 5.41% at the end of 2011. Average Arizona mortgage balances also dropped notably, to $189,900 from $197,319 one year earlier.
Read article - azcentral.com
Billionaire Goes on Home-Buying Spree
Billionaire B. Wayne Hughes is buying up about 10,000 single-family homes to turn into rentals. Hughes has purchased the properties through his American Homes 4 Rent. It's now the second-biggest owner of single-family rentals (behind only Stephen Schwarzman's Blackstone Group). Hughes incorporated American Homes 4 Rent last year as a non-public REIT to fund his venture into the single-family rental business. The American Homes 4 Rent is expecting about 6-7% return on the rents.
Read article - Realtor Magazine
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