Have we hit rock bottom?

New stats indicate Arizona's housing market may have hit bottom - There are indications that the state's housing market may finally have hit bottom. A few of the state's metro areas moved into the positive range in the last quarter in terms of average home values. Marshall Vest, economist at the Eller College of Management at the University of Arizona points to the increase for the metro Phoenix area which includes both Maricopa and Pinal counties. While small - just 2.2% over the prior quarter - he said it bucks what has been a multi-year trend of declines. Read article:
http://www.eastvalleytribune.com/arizona/article_b2a648ae-1ac1-11e1-bdc3-001cc4c002e0.html

11/28/11

Stronger Lure for Home Buyers - Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities. The Phoenix market has a median mortgage Payment of $651 and a median rent of $762 for an affordability gap of -$111 -- a significant incentive for potential buyers. Read article:
http://online.wsj.com/article/SB10001424052970203764804577060502694077494.html?mod=WSJ_RealEstate_LeftTopNews

Should I Take My Home Off The Market During The Holidays? - Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Here are some more things to remember: 1) Relocating families often don't have a choice in when they can leave for their new destination. 2) Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created. When is your home ever more beautiful and inviting? 3) With reduced inventories and motivated buyers, you will have all the members of the MLS on your team. 4) If you do get a contract, you can arrange the terms to suit your needs. Read article:
http://realtytimes.com/rtpages/20111125_holidays.htm

11/16/11

Will Rates Stay Low? - While the Federal Reserve has promised to keep rates "low" until 2013, it is clear to many experts that the current historical lows we are experiencing will not last. According to the latest projections from the National Association of Realtors® (NAR), interest rates should gradually rise out of historic lows as we move through 2012. The NAR reports that current surveys reflect the tight credit conditions. Read article:
http://realtytimes.com/rtpages/20111116_staylow.htm

11/12/11

More Arizonans can refinance under plan - Many homeowners will be able to find out next week how to seek refinancing, no matter how underwater they are on their mortgages. The new program, as laid out by the president, would be open only to homeowners who are current on their payments or have missed no more than one in the past year. It applies only to those with mortgages backed by government-owned mortgage giants Fannie Mae and Freddie Mac, but the two entities back more than half of all mortgages, meaning many homeowners are likely eligible. Read article:
http://www.azcentral.com/business/articles/2011/11/10/20111110more-arizonans-can-refinance-underwater-mortgages-under-new-plan.html

30-Year Fixed-Rate Mortgage Averages 3.99 Percent - Freddie Mac's Primary Mortgage Market Survey showed average mortgage rates changing little from the previous week amid a mix of economic data reports as the 30-year fixed-rate mortgage averaged 3.995, dropping below 4.00% for the second time this year. The 30-year fixed averaged 3.94% in the October 6, 2011 survey. 30-year fixed-rate mortgage (FRM) averaged 3.99% with an average 0.7 point for the week ending November 10, 2011, down from last week when it averaged 4.00%. Last year at this time, the 30-year FRM averaged 4.17%. Read article:
http://realtytimes.com/rtpages/20111111_rates.htm