In a new report released by data research firm Core Logic, the foreclosure rate in Phoenix has continued to fall.
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.
A recent report by the U.S. Department of Commerce states a decline in housing starts due to the slowdown in the apartment and multi-family sector. However there was an increase in permits, which is an indicator of future starts, and also single family housing starts currently underway.
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.
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…