Valley declines in foreclosures, home supply bode well for 2012 - Local builders and analysts said there are several reasons to anticipate a more robust new-home market in 2012. This year, homebuilders are on pace to sell about 7,200 homes. One of the most promising changes in the housing market since early 2011 has been the drastic reduction in the number of existing homes available to purchase in metro Phoenix, said Alan Jones, division president for homebuilder Lennar Corp. in Arizona. A related market condition that has improved significantly in the latter half of 2011 is the volume of home foreclosures in the area. Read article:
http://www.azcentral.com/business/realestate/articles/2011/12/13/20111213phoenix-area-foreclosures-home-supply-declines-bode-well.html
Mortgage Applications Increase as Low Mortgage Rates Remain Steady - The housing and mortgage markets are showing signs of recovery as mortgage applications increased 12.8% for the week ending December 2nd. Mortgage refinance applications were up 15.3% and purchases were up 8.3%. Freerateupdate.com's survey of wholesale and direct lenders show that for the past week mortgage rates, except jumbo 30 year fixed mortgage rates, remained steady bringing in a surge of borrowers. 30 year fixed mortgage rates are at 3.750%, while 15 year fixed mortgage rates are at 3.125%. These low mortgage rates are available with 0.7 to 1% origination fee for borrowers who have a history of good credit. Read article:
http://realtytimes.com/rtpages/20111214_rates.htm
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