Real Estate

Arizona home prices not returning to peak until 2038

According to CNNMoney, the Fiserv group estimates that the U.S. may be caught up to peak home price levels by 2023, but for Arizona it will be much longer. Arizona, California and Nevada are specifically mentioned as the last states to recover. Arizona is estimated to have a 2.7 percent price growth rate over the next five years, putting its recovery to peak prices at about 2038.  Read more...

By |2012-10-02T12:20:09-07:00October 2nd, 2012|Arizona, Housing Market, Real Estate|0 Comments

Homes Are Getting Bigger

Homes are getting bigger. Does that mean the housing market is getting stronger? Newly released data from the U.S. Census Bureau shows homes are growing in size. In fact we may see a high water mark in 2012. According to this article, homes are typically built smaller in times of economic downturn and larger during times of prosperity.

By |2012-06-19T17:05:36-07:00June 19th, 2012|Housing Market, New Housing, Real Estate|0 Comments

FHA Streamline Loan Requirements

If you have an existing FHA loan on your primary residence and a fairly good credit score, you may be able to take advantage of the FHA Streamlined Refinancing Program, which eliminates many of the complex steps involved in a typical FHA refinance.   No appraisal is required as long as the borrower reduces their payment by 5 percent, which has caused many to liken this program to the HARP 2.0 program. Key requirements of the FHA Streamlined Program include the following: Your original FHA loan must have been taken prior to 2009. You must have made payments on time for at least one year and must be current on your payments at the time of application. Your lender must be FHA approved. You must have owned the property for at least 6 months prior to refinancing. You will be limited to the amount of your original loan unless you pay for a new appraisal to show that the home value has increased.  

By |2012-06-12T17:37:52-07:00June 12th, 2012|Home Loans, Real Estate|0 Comments

Arizona awards $20 milion in affordable housing tax credits

The Arizona Housing Department awarded $20 million in tax credits to 18 projects last week and has worked  out deals for the projects to be completed in almost half the time. These credits are expected to save each developer approximately $1 million on new Arizona projects and encourage additional housing development over the next decade.  Read more...

By |2012-06-12T17:38:56-07:00June 12th, 2012|Arizona, Housing Market, Real Estate|0 Comments

Investors Rescue Phoenix-Area Housing Market, but the Future Is Uncertain

By purchasing and holding tens of thousands of existing homes, investors have  created a demand where little had existed and drastically reduced the  inventory of homes for sale, which has helped boost prices over the past six months.  The investors' goal is to buy and rent out a large portfolio of homes and collect monthly lease revenue until home prices increase to significantly higher than what the investors paid, at which time they will sell the homes. This snatching up of homes by investors makes it nearly impossible for traditional homebuyers in  certain neighborhoods to acquire an existing home without paying a premium to  an investor, but it also raises serious concerns about what will happen to the housing market when all  those investors decide to sell.  The concerns about the destabilizing effect investor dominance in  the housing market could have on local communities has led to programs designed to help offset this negative effect. Fannie Mae, the first bank-owned home  seller to express concerns about this destabilizing effect has implemented a program called First Look,  which prohibits investors from bidding on Fannie Mae-owned homes for the first  15 days after they are listed for sale.   Read more...

By |2012-04-04T11:25:50-07:00April 3rd, 2012|Economy, Housing Market, Real Estate|0 Comments