News Article From: 07-10-2013
ASU: Phoenix-area home prices still surging as inventory remains low
The median single-family home price for all Phoenix-area homes for May was up nearly 26% from a year ago to $185,000, according to ASU's monthly housing report. The median price for existing homes was up by 12.6% from last year to $198,100, while new home prices saw an 18% jump to $265,049. Foreclosure starts for both single-family homes and condos throughout Maricopa and Pinal counties dropped 15% from April and plunged a whopping 67% from last year. In actual figures, that's 1,636 foreclosure starts in May. A "normal" level of foreclosure starts, based on the current population, is around 1,425.
Read article - Phoenix Business Journal
Don't Let Credit Checks Derail Buyers
Buyers may want to purchase furniture to outfit their new home prior to closing. But if they're not careful, they could cause delays in closing or even lose their home loan. Fannie Mae mandates that lenders recheck a borrower's credit prior to closing on a mortgage. If anything new arises in the credit re-check, lenders may want to delay the closing to verify the borrower can still afford the mortgage. In some cases, the lenders may even cancel the mortgage prior to closing.
Read article - Realtor Magazine