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Greater Phoenix Real Estate Update 1/15/2021
New listings are under contract in a matter of days. We are not at the peak, prices will rise probably all the way through 2021. You have time, markets move slowly. Things change over the course of years. Prices in 2021 will continue to rise most likely throughout the year. May slow down as demand wanes with rising prices.
AZ Forbearance Update 1/13/2021
Of the cumulative forbearance exits for the period from June 1 through December 27, 2020 about 45% are current and 13.2% left with no loss mitigation plan in place. The others either sold, deed in lieu, loan modification, etc. It is the 13.2% of borrowers that are the ones who need extra guidance.
This Week in Phoenix Real Estate (video) 1/11/2021
In this 12 minute video, Amber Kovarik and I discuss the latest in lending and real estate. We cover political implications and what that means for interest rates, inventory, headlines, and demographics. There was a lot of movement in the past 7 days.
Greater Phoenix Real Estate Update 1/8/2021
Looking back at 2020, no one expected residential real estate to be the sector to save our economy. The years of underbuilding came to a head as demand increased fueled by record low mortgage interest rates. Existing homes appreciated by 17% in Greater Phoenix.
AZ Forbearance Update (video) 1/6/2021
Many experts believe that struggling borrowers are more likely to sell rather than foreclose. This will benefit those struggling as a regular sale does not negatively impact credit and buyers have very limited options. Any additional inventory is welcome. In Maricopa County, there are only 4,100 single-family homes available and all of ARMLS has fewer than 6,000 listings available. We are 70% below where we should be. Nationwide we only have about 419,000 single-family homes available; low inventory is a challenge everywhere.
This Week in Phoenix Real Estate (video) 1/4/2021
In this 10 minute video, Amber Kovarik and I discuss the latest in lending and real estate. We cover inventory, demographics, population growth, interest rates, and appraisals.
AZ Forbearance Update (video) 12/30/2020
The biggest news in forbearance is FHA’s extension for entering a forbearance plan. If a borrower has an FHA loan they can now call their servicer through February 28, 2021 to get started on a forbearance plan. For all other mortgage types, the deadline is tomorrow, 12/31/2020.
This Week in Phoenix Real Estate (video) 12/28/2020
The biggest news for our industry is the $25 billion in rental assistance which allows landlords to apply for funds to cover rents in arrears, utilities, and other housing costs. This is great for landlords as the majority of landlords are mom & pop investors.
AZ Forbearance Update (video) 12/23/2020
In this 13 minute video, Lydia Wietsma and I discuss the most recent five things you need to know about forbearance. The majority of borrowers leaving forbearance are current upon plan exit, only 13% of borrowers leaving their forbearance plan do so without having a loss mitigation plan in place. There is not much time left if someone needs to take advantage of these CARES Act benefits.
This Week in Phoenix Real Estate (video)
The very low supply and above normal demand has pushed prices up all year. We have been in an appreciating market for 8 years. Year over year, the greater Phoenix is running at about a 17% appreciation rate. The huge increases have made some people afraid we are in a bubble, however, today’s market is dramatically different. Dr. Lawrence Yun said, “There is no comparison” between today’s market and the bubble from 2004-2006.
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Greater Phoenix residential real estate
statistics, news, insights, and analysis.