Bits and Pieces of Real Estate News – to keep you informed.
The Big News last week was in Financing: Borrowers who went through a bankruptcy, short sale, or foreclosure may now be able to borrow money for a home in less than 3 years – In fact, FHA announced that there are exceptions that will allow a family to get a mortgage just one year after the event. This affects thousands of Arizona families, and could potentially increase the buyer pool dramatically to an already shortage of inventory.
Mortgage Delinquencies: The proportion of homeowners with past-due home loans from April through June fell more sharply in Arizona than in any other state. The current mortgage-delinquency rate is now at only at 3.58%. At the peak in 2009, over 11% of the state’s mortgages were delinquent. We’ve come a long way on this roller coaster.
Year over year, In Arizona, we are at about a 20% increase in the median sales price – that is slightly lower than the previous 12 month period. Prices seem to have stabilized to some degree – but the hot summer in Arizona always slows buyers down, and the rise in interest rates has also had an impact. The full mls stat report if you would like to see all the numbers and statistics for the Valley: stat-august-2013-1
There are still plenty of buyers, and the snowbirds will be back before we know it. Many homeowners have been on the fence for a few years without knowing when to make the move – that can be a difficult decision.
Wondering what your home is worth? – just shoot me an email and let me know you would like to see the most recent comparable sales in your neighborhood – I will deliver the results to your email.