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: 08-07-2006


The first article, Foreclosures are on the rise in Valley, from the Arizona Republic, reports that in July, the number of "Notices of Trustee Sales" recorded in the Valley climbed to 837, from June's total of 776. Notices are sent to homeowners with loans that were more than 3 months behind on their mortgage payments. Tom Ruff of Phoenix-based data firm Information Market, which tracks foreclosures, said that by year-end trustees sales could be climbing by 100 a month. The increase in the foreclosure numbers is being attributed to higher mortgage payments on many adjustable rate mortgages kicking in, putting the squeeze on homeowners who used these ARM's to purchase when the market was hot. Tim Rocho, chief executive of Scottsdale-based Real Estate Fortune, said many of the homeowners in trouble are too highly leveraged to sell or refinance and get them out from under their debt.


The second article, Are housing prices headed for a big fall?, from MSNBC.com, reports that as the slump in U.S. housing markets picks up steam, homeowners and sellers in the once hottest markets of the country now face the biggest price declines, analysts say. And even if the U.S. economy remains healthy, it could be a year--or more-- before the market bottoms out, they say. Sellers and builders coast to coast are making concessions on homes that don't show up in the official sales price, like paying closing costs or a free pool. "So the effective price is lower and probably already falling, but you don't see that in the market price," said Mark Zandi, chief economist for Moody's Economy.com. "I'm expecting 5 to 10 percent peak-to-trough declines in a third to maybe half of the nation's markets," he added. The markets hardest hit will be the same ones that had the biggest price run-ups last year, including the Northeast and East coast down to Washington, D.C.; much of Florida; California; hot western markets like Arizona and Las Vegas, and once-strong markets like Chicago and Minneapolis.


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