Many former homeowners could start buying again this year and give metro Phoenix's housing market a much-needed boost. They are called boomerang buyers because they were thrown out of the mortgage market after foreclosures or short sales during the crash but now can qualify for a home loan again. Most lenders require a seven-year sitting out period for borrowers who default on home loans. That waiting period is over this year for the first wave of people to lose houses during the crash. A new report from … [Read more...]
There is a Light at the End of the Phoenix Recovery Tunnel
October 13, 2014 by Leave a Comment
Phoenix may have to wait another two years to make it out of the prolonged recovery following the worst economic calamity in four generations. The word from speakers at the SRP Economic Forecast 2015 presented by thePhoenix Business Journal is that 2016 is year of full recovery. A group of more than 700 business professionals gathered at the J.W. Marriott Phoenix Desert Ridge Resort & Spa to hear the advice. It’s been a long, slow climb, and the light at the end of the tunnel has been seen for over a … [Read more...]
Home Prices Edge Closer To Pre-Crash Levels
August 27, 2013 by Leave a Comment
-In Arizona, we are still about 30% off pre-crash levels but those numbers are moving fast back in the right direction. Read below for further info on this trend. Home prices keep edging closer to pre-crash price levels and today's Home Price Index report from Lender Processing Services (LPS) indicates that national prices are now backwithin 15.2 percent of that peak. The index for June rose to $229,000 from 226,000 in May, an increase of 1.2 percent and is up 6.9 percent from the end of last year. The … [Read more...]
The 10 Hottest U.S. Housing Markets of 2013
May 9, 2013 by Leave a Comment
After a long and painful downturn in the housing market, home prices in many—but not all—regions of the U.S. are showing signs of recovery. According to Zillow, a real estate listing website, home values rose 5.1% across the U.S. between February 2012 and February 2013. Many local housing markets are performing considerably better than the country as a whole. Home values rose more than 13% in 10 of the 30 largest housing markets for which Zillow has data, and rose more than 20% in five of them. Most of the 10 … [Read more...]
Is The Phoenix Real Estate Market In Another Bubble?
April 23, 2013 by Leave a Comment
According to Michael Orr, Director of Real Estate at W.P. Carey school of business at Arizona State, we are not even close to a bubble at this point. Michael has thus put together a 'top ten' list of reasons why we are not currently in a bubble. CLICK HERE to read his findings. … [Read more...]
7 Metros With Fastest Rising List Prices
March 26, 2013 by Leave a Comment
Nationwide, median asking prices continue to rise, reaching $189,900 in February. Meanwhile, inventories of for-sale homes on the market are reaching record lows, Realtor.com reports in its latest analysis of February MLS data. The markets seeing some of the largest increases in asking prices are the areas seeing some of the largest declines in inventories. California housing markets continue to post some of the largest price increases in the past year, but other strong performing markets also include Phoenix, … [Read more...]
Homes Selling Faster As Buyers Outweigh Supply
March 19, 2013 by Leave a Comment
According to Realtor.com, homes sold faster this February than any other February since 2007. This should be very familiar to Phoenicians who have sold or bought a home in the last year within the valley. Homes in Phoenix, Arcadia, Scottsdale and most cities within Maricopa County have seen days on market numbers plunge and within certain price ranges, seen multiple offers the day a property is listed. Investors have definitely exacerbated the situation as they have come into the market with cash offers making … [Read more...]
5 Cities Where Houses Are Still Cheap
March 12, 2013 by Leave a Comment
Buyers have been rushing into Phoenix in search of big deals. Short-sale purchases increased 43% during the fourth quarter of 2012 compared with a year prior, according to RealtyTrac. It’s not just investors who are behind the trend. Owner occupants are also competing for these properties. Given the competition, experts say, buyers looking to pick up a short sale will have a better shot if they come to the table with an all-cash offer. But real-estate agents warn that the window of opportunity to snatch up … [Read more...]
