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 ...
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News Article From: 07-21-2006

The first article, Mortgage rates hit four-year high, from MSNBC, reports that rates on 30-year mortgages rose this week to the highest levels since the spring of 2002. Freddie Mac reported Thursday that rates on a 30-year fixed-rate mortgage rose to a nationwide average of 6.80 percent, up from 6.74 percent last week. The rise in rates this week was blamed in part on further increases in inflation. The rising interest rates are slowing the nations housing market, but Fed Chairman Bernanke told Congress on Thursday that so far the slowdown in housing "appears to be orderly". A year ago, 30-year mortgages averaged 5.73 percent.





The second article, Fed Chief: Housing slowdown appears "orderly", from the Arizona Republic, reports that Federal Reserve Chairman Ben Bernanke told Congress on Thursday that the once high-flying housing market appears to be experiencing a safe landing. One of the things that Bernanke and his Fed associates are keeping close tabs on is the extent to which a housing slowdown will put a damper on overall economic activity. "We recognize the risk, ... and we are watching it very carefully," he said. The housing market has been a top economic performer. This sector of the economy has racked up record-high sales five years in a row. Rapid appreciation in house prices has made homeowners feel wealthy and has powered consumer spending, helping the economy move solidly ahead. But the cooling of the housing market is expected to contribute to a slower pace of general business growth across America in the coming months.




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