Is "Affordable" housing fading?

By
Mortgage and Lending with CNN Mortgage

According to information released by The Cromford Report , the Phoenix AZ monthly median sales price was $124,000 at the end of June 2009.  This number was up a little over the April 30th number of $115,000.    In Phoenix, inventory levels are generally decreasing and demand outpaces supply.  In some neighborhoods, lender owned properties are becoming scarce and prices have increased .  There is currently a 1.46 month supply in inventory of single family homes priced under $350,000. 

As first time home buyers rush to take advantage of this year's 8,000 tax credit, it might be wise to take the advice from a well known valley realtor to buyers: Don't underbid.

Interest Rates for week ending July 7th, 2009*:

Conforming Conventional 30Yr Fixed  5.5%

Conforming Conventional 15Yr Fixed  4.75%

Conforming Conventional 5/1 IO ARM 4.5%

FHA 30Yr Fixed 5.5%

* Above Conventional rate quotes are as of  7/7/09 on a Conventional $165,000 loan amount, primary residence at 80% loan to value, with a 720 FICO score.  APR includes $1,200 in lender fees and 980 in title charges (title charges may vary).  FHA Quote assumes a $125,000 loan amount and a 680 FICO score, and a 96.5% LTV. Documentation of income and assets required.  No origination or discount points.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Groups:
Arizona Real Estate
Arizona Homes
Moving to Arizona
Realtors®
Tags:
interest rates
mortgage
affordable housing

Comments 2 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
250,433
Michael and Cheron Lange
Associate Broker, GRI
Solutions Real Estate

Julie...  You can definitely saying that the market is on the up and up in Phoenix.  Refreshing isn't it?

Cheron Lange

July 08, 2009 02:55 PM
Rainer
14,153
Julie Messina
CMB
CNN Mortgage

Cheron,

Yes, it's good to be busy again! 

July 09, 2009 12:24 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the graph to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
14,153

Julie Messina

CMB
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: