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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 [...] According to data research firm Core Logic, homeowner’s who owe more on their homes than they’re worth may be sitting tight until equity levels rise in their homes. This in turn may be tightening the housing supply in a market which already seems to be suffering from limited inventory. A recent report from a Phoenix area title company shows the Phoenix housing market continues to pick up steam. The report released by Grand Canyon Title Agency, Inc. also shows a sharp decline in the number of foreclosures. 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 [...] According to Michael Orr, real estate expert at A.S.U.’s W.C. Carey School of Business, the Phoenix housing market is continuing to recover. He also says that traditional homes sales are on the increase. According to an article in USA Today, the U.S. Government’s push for principal forgiveness on Fannie Mae and Freddie Mac home loans seems to be gaining traction. According to KTAR, Arizona could benefit from U.S. Government’s push to help homeowners avoid foreclosure. Fannie Mae and Freddie Mac are mulling over the possibility of reducing the amount of principal homeowners owe on their home loans. Homeowners who would qualify would need to meet certain hardship criteria. Critics say the principal write-downs would fall to taxpayers. According to a report issued by data provider Lender Processing Services, foreclosure starts rose 28% in January leading to speculation that a clogged system was rapidly clearing. Economist, Robert Shiller, is not ready to proclaim that housing prices have hit bottom and we can expect consistent improvement from this point forward. |
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