Recovery Underway, but Supply and Demand Out of Balance
You could say that Phoenix is a seller's market this spring, although there's very little real estate to buy. Michael Orr of W. P. Carey School of Business, reports that with interest rates low, the economy beginning to stir and prices very affordable compared to salaries and rental rates, a swift recovery could be in the cards. But supply is so tight that "buying a house is often quite a struggle," he said. Supply is down 42%. In fact, the inventory of homes under $250,000 is only a 25 day supply.
Read article - WP Carey
Principal forgiveness on mortgages gains appeal
Fannie Mae and Freddie Mac could save $1.7 billion if they forgave principal on some distressed mortgages, new analysis shows. The Federal Housing Finance Agency - which regulates the mortgage giants - may decide in the next few weeks about whether to use principal forgiveness as a foreclosure prevention tactic. The FHFA have come under pressure to allow Freddie and Fannie, which own or guarantee 60% of all home loans, to do principal forgiveness.
Read article - USA Today
Wednesday, April 11, 2012
Tuesday, April 3, 2012
IF YOU ARE PLANNING ON BUYING OR SELLING, PLEASE READ
Tuesday, April 3, 2012
Arizona housing on the mend: Why it's time to sell or buy
A year ago, the crowd at the courthouse was much smaller and so were the auction prices. Tom Ruff of AZBidders calls it classic supply and demand. "We've seen a big decline in distressed inventories," he says. "The start of last year we might have had 60,000 properties either in foreclosure or bank owned. Today we have approximately 23,000." In September of last year, he says we finally hit our bottom. At that time, the average home price per square foot was $79, or $94,800, for a 1,200 square foot home. As of this week, housing per square foot was approximately $91.00, adding $14,400 value to the same home over the past six months.
Read article - KTAR
Arizona housing on the mend: Why it's time to sell or buy
A year ago, the crowd at the courthouse was much smaller and so were the auction prices. Tom Ruff of AZBidders calls it classic supply and demand. "We've seen a big decline in distressed inventories," he says. "The start of last year we might have had 60,000 properties either in foreclosure or bank owned. Today we have approximately 23,000." In September of last year, he says we finally hit our bottom. At that time, the average home price per square foot was $79, or $94,800, for a 1,200 square foot home. As of this week, housing per square foot was approximately $91.00, adding $14,400 value to the same home over the past six months.
Read article - KTAR
Monday, April 2, 2012
prices still rising
Phoenix-area home prices headed upward
Home prices are climbing in metro Phoenix faster than they have since the housing boom. Some parts of the region experienced home-value increases of 5 to 10 percent a month this year because of a shortage of homes for sale that is sparking bidding wars between investors and regular buyers armed with pre-approvals for mortgages. This emerging recovery of home prices in the Phoenix area started late last year and has been building each month.
Read article - azcentral.com
Expectations rising for housing market's spring season
The spring home-selling season could be the strongest in years and may foreshadow which markets will lead the housing industry in recovery, economists say. While last year was dismal for existing home sales, this year is looking better. Existing home sales in February were up 9% from the same time a year ago, as was the Pending Home Sale Index, which reflects signed contracts leading to sales, says the National Association of Realtors. Meanwhile, Realtors' confidence in the single-family home market is the highest in four years.
Read article - USAToday
Home prices are climbing in metro Phoenix faster than they have since the housing boom. Some parts of the region experienced home-value increases of 5 to 10 percent a month this year because of a shortage of homes for sale that is sparking bidding wars between investors and regular buyers armed with pre-approvals for mortgages. This emerging recovery of home prices in the Phoenix area started late last year and has been building each month.
Read article - azcentral.com
Expectations rising for housing market's spring season
The spring home-selling season could be the strongest in years and may foreshadow which markets will lead the housing industry in recovery, economists say. While last year was dismal for existing home sales, this year is looking better. Existing home sales in February were up 9% from the same time a year ago, as was the Pending Home Sale Index, which reflects signed contracts leading to sales, says the National Association of Realtors. Meanwhile, Realtors' confidence in the single-family home market is the highest in four years.
Read article - USAToday
Friday, March 30, 2012
Phoenix Still Rebounding
Cities with the most new construction
A recent rebound in home sales in Phoenix - and more modestly in home prices - has spurred talk of a recovery. Turns out that budding rebound extends out into overall construction, too. In 2011, the Phoenix metro area welcomed a 41% increase in new construction, totaling $5.3 billion in new starts for both residential and non-residential building projects. "In the case of markets that were categorized by the housing boom and bust, that [construction] correction has already occurred," explains Robert Murray, vice president of economic affairs at McGraw-Hill Construction, a construction data firm. "Now areas like Phoenix are in the process of seeing an upturn in new structures - that aren't even necessarily housing."
Read article - MSNBC
A recent rebound in home sales in Phoenix - and more modestly in home prices - has spurred talk of a recovery. Turns out that budding rebound extends out into overall construction, too. In 2011, the Phoenix metro area welcomed a 41% increase in new construction, totaling $5.3 billion in new starts for both residential and non-residential building projects. "In the case of markets that were categorized by the housing boom and bust, that [construction] correction has already occurred," explains Robert Murray, vice president of economic affairs at McGraw-Hill Construction, a construction data firm. "Now areas like Phoenix are in the process of seeing an upturn in new structures - that aren't even necessarily housing."
Read article - MSNBC
Monday, March 26, 2012
Ariz. jobs outlook expected to rebound as confidence grows
Ariz. jobs outlook expected to rebound as confidence grows
Hiring is expected to increase in several areas of the Arizona economy this year as the recovery picks up momentum and employers gain confidence. Traditionally strong sectors are poised to add jobs in 2012: private education, health care and transportation, as well as retail and hospitality. Some areas in technology are also hot, and construction jobs are making a small comeback. Warehouse and distribution centers are expanding and adding workers, which is a harbinger of future economic growth fueled by increased consumer spending.
Read article - azcentral.com
The one number to watch for a housing recovery
Over the past few months, many economists have concluded that that the U.S. housing market has reached a turning point and is healing. In a recent, economist Paul Dales said higher prices won't be the sign that tells us there's a real recovery under way. Rather, the recent pick-up in sales is what we should pay attention to. After all, prices tend to be a lagging indicator. It could take six months for any improvements to show in the market, if not longer.
Read article - Your Hub
Hiring is expected to increase in several areas of the Arizona economy this year as the recovery picks up momentum and employers gain confidence. Traditionally strong sectors are poised to add jobs in 2012: private education, health care and transportation, as well as retail and hospitality. Some areas in technology are also hot, and construction jobs are making a small comeback. Warehouse and distribution centers are expanding and adding workers, which is a harbinger of future economic growth fueled by increased consumer spending.
Read article - azcentral.com
The one number to watch for a housing recovery
Over the past few months, many economists have concluded that that the U.S. housing market has reached a turning point and is healing. In a recent, economist Paul Dales said higher prices won't be the sign that tells us there's a real recovery under way. Rather, the recent pick-up in sales is what we should pay attention to. After all, prices tend to be a lagging indicator. It could take six months for any improvements to show in the market, if not longer.
Read article - Your Hub
Wednesday, March 7, 2012
New info on market ..... if you're thinking of buying please read.!!!
Phoenix Home Sales Pick Up in January
In the Phoenix metro area, a total of 7,123 new and resale houses and condos closed escrow during January - up 3.2% from a year earlier. The number of new and resale homes that sold for less than $100,000 fell 7.3% from a year earlier, while sales between $100,000 and $200,000 increased 3.3%. Deals in the $200,000 to $600,000 range rose 9% from a year earlier, while above $800,000 sales increased 3.6 %. The median price paid in January for all new and resale houses and condos sold was $127,500 - up 7.1% from a year earlier.
Read article - TheStreet.com
'Rehab' Loans Surge in Popularity to Fix Up Properties
FHA's 203(k), also known as the FHA. rehab loan, is designed to cover not only buying the home but also renovating it. It is then paid back like a regular mortgage. A hybrid that has been around for more than 30 years, the loan program has recently surged in popularity. "We're seeing an explosive grown in these loans," said Ed Brehm, the branch manager of the Point Pleasant office of Prospect Mortgage, one of the country's largest processors of 203(k) loans. The demand is being fueled by the numbers of bank-owned properties, he said, "but also from clients who can no longer get home equity loans."
Read article - New York Times
In the Phoenix metro area, a total of 7,123 new and resale houses and condos closed escrow during January - up 3.2% from a year earlier. The number of new and resale homes that sold for less than $100,000 fell 7.3% from a year earlier, while sales between $100,000 and $200,000 increased 3.3%. Deals in the $200,000 to $600,000 range rose 9% from a year earlier, while above $800,000 sales increased 3.6 %. The median price paid in January for all new and resale houses and condos sold was $127,500 - up 7.1% from a year earlier.
Read article - TheStreet.com
'Rehab' Loans Surge in Popularity to Fix Up Properties
FHA's 203(k), also known as the FHA. rehab loan, is designed to cover not only buying the home but also renovating it. It is then paid back like a regular mortgage. A hybrid that has been around for more than 30 years, the loan program has recently surged in popularity. "We're seeing an explosive grown in these loans," said Ed Brehm, the branch manager of the Point Pleasant office of Prospect Mortgage, one of the country's largest processors of 203(k) loans. The demand is being fueled by the numbers of bank-owned properties, he said, "but also from clients who can no longer get home equity loans."
Read article - New York Times
Tuesday, February 28, 2012
Inventory
New-Home Inventory Shrinks to Record Lows
Inventory of new homes on the market shrank to its lowest point on record in January, marking a 5.6-month supply at the current sales pace. With fewer homes available, the price of new homes increased slightly last month. The median price for a new home ticked up slightly at 0.3 percent to $217,100, which is the highest level since October. New-home sales were up 3.5 percent compared to the same time last year.
Read article - Realtor Magazine
Inventory of new homes on the market shrank to its lowest point on record in January, marking a 5.6-month supply at the current sales pace. With fewer homes available, the price of new homes increased slightly last month. The median price for a new home ticked up slightly at 0.3 percent to $217,100, which is the highest level since October. New-home sales were up 3.5 percent compared to the same time last year.
Read article - Realtor Magazine
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