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 ...
Click Here for All Articles
From Date       To Date

News Article From: 04-21-2006

The first article, Mortgage rates head up, up, up, from the Arizona Republic, reports that mortgage rates hit their highest point in almost 4 years this week, a move that is expected to slow home sales even more. The average rate on a 30-year fixed rate loan hit 6.53 percent, up from 6.49 percent last week. "Rates are likely to reach 7 percent this year, and that will likely put a brake on real estate in Arizona," said Terry Turk, president of Sun America Mortgage Co. A 50 percent rise in home values in 2005 means many buyers need low rates to afford a home. This weeks rates were the highest since July 2002.




The second article, Census: Americans leave big cities, from the USA TODAY, reports that among the 25 largest metropolitan areas, 18 had more people move out than move in from 2000 to 2004. One of the exceptions, of course, is the Phoenix metro area, which averaged 48,598 annual migration during that period. But big cities like Chicago, New York and Los Angeles lost residents during that time frame. Arizona, Nevada and Florida were the states with the most growth, while New York, California and Illinois lost the most population. "It's a case of middle class flight, a flight for housing affordability," said William Frey of the Brookings Institute, a Washington think tank. "But it's not just white middle class flight, it's Hispanics and blacks, too." The article cites affordable housing in Phoenix as the main reason it is attracting new residents from other states.




The third article, Amid concerns, developers love condos, from the Arizona Republic Ahwatukee, reports that the condo projects and condo conversions just keep coming, even though some experts wonder if they will all be needed. There were 4,500 permits issued last year in Maricopa county for condo units, the largest number in 10 years, according to Jay Butler at the Arizona Real Estate Center at ASU. And on top of that, at least 10,000 apartment units were converted to condos last year. Developers see a market for them because they are more affordable than single-family homes. Mesa, Chandler and especially Tempe are getting high-rise condos- at least a dozen have been or will be built in Tempe. Converted condos are selling well but competition is getting stiff, evidenced by developers offering incentives like zero closing costs, zero payments until 2007, and zero condo fees until 2007, to name a few.



Invest With Leonid © 2007
A CompuGor Website