News Article From: 10-04-2013
Phoenix Real Estate:
Sellers No Longer in Driver's Seat
Supply in the Phoenix real estate market has greatly improved. Demand, however, has cooled as investor interest has waned and ordinary homebuyers haven't taken up the slack. If this shift continues, the market could be in balance by year's end. Listen to a podcast about the topic. Read article - WP Carey Are we still heading toward 5% mortgages? Prospective buyers who have been shying away from the housing market due to rising rates may have reason to start shopping again. On Wednesday, the Federal Reserve surprised market watchers when it announced that it would not start tapering its purchases of mortgage-backed securities and Treasury bonds. Rates on a 30-year fixed mortgage are currently averaging about 4.5%, up from 3.35% in early May. That rate increase has meant an extra $132 a month in payments for a $200,000 30-year loan. Read article - CNN Money |
