Wednesday, April 28, 2010

What Brewing in Real Estate?

Hi all,


Reports: Phoenix housing values improve - Two reports released Tuesday, one local and one national, appear to confirm that housing values are improving in the Phoenix market. ASU’s Repeat Sales Index shows that although prices are lower than one year ago, the declines are not as severe as they have been. “The March figures also show the first monthly increase in the median price of non-foreclosure homes since the end of 2007,” said ASU Professor Karl Guntermann, who is the Fred E. Taylor Professor of Real Estate. “This may signal the start of price stability throughout much of the housing market.” The S&P/Case Shiller Home Price Indices also indicate that housing value declines are beginning to slow in Phoenix with a one-year composite decline hovering at 1.6%. That was one of the smallest declines among 20 metropolitan areas surveyed.
http://www.bizjournals.com/phoenix/stories/2010/04/26/daily22.html?s=industry&i=resi_real_estate

Real Estate Outlook: Signs of Recovery - Sales of existing single family homes jumped by 7.3% in March, according to the National Association of Realtors survey released last Thursday, and were 13% above year-earlier levels. Median single family prices were up by 9% year over year in the Northeast region, and by about 7% in the South, Midwest and the West. Meanwhile, unsold inventory dropped by two percent in March, and is now 22 percent below its peak in July 2008. March single family housing starts rose by 1.6% to their highest level since November of 2008. Bottom line this week: Think positive. Because that's where we're headed in real estate and the economy overall. Read full article:
http://realtytimes.com/rtpages/20100428_realestateoutlook.htm

Additional articles that you may find of interest:

Expert: Housing prices in Valley flat
http://www.azcentral.com/business/realestate/articles/2010/04/28/20100428phoenix-housing-prices.html

The Valley's priciest home sales
http://www.azcentral.com/arizonarepublic/business/articles/2010/04/28/20100428biz-donedeals0428.html

Refi: FHA or conventional?
Does it make sense to refinance into a conventional mortgage? Or is an FHA refi better?
http://www.bankrate.com/finance/mortgages/refinancing-into-a-conventional-mortgage.aspx

Blessings,
Patty

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