The worst thing for the housing market is to have empty houses. We went through that 10 years ago. This time around with the forbearance programs, they were designed to keep homeowners in their homes, which keeps the housing market healthy.
Category Archives: AZ Real Estate
This Week in (Greater Phoenix) Real Estate 10/5/2020
The Fannie Mae Home Purchase Sentiment Index illustrates consumer confidence for buying and selling real estate. According to the most recent update, from August, consumers believe it is a good time to buy. The buyer consumer confidence index has fully recovered to pre-pandemic levels. What is interesting is that seller consumer confidence has not fully recovered. This is seen in our low inventory levels with continued high demand.
Greater Phoenix Real Estate Update 10/2/2020
Our economic recovery is complicated and Q4 2020 will be a continuation of the complication. I expect we will see more of the same; tight inventory, high demand, continued recovery – slower than we would like but progress nonetheless, and holiday commercials will replace political ads. The AZ Market: Real estate consultant Jim Belfiore expectsContinueContinue reading “Greater Phoenix Real Estate Update 10/2/2020”
AZ Forbearance Update (Video) 9/30/2020
Lydia Wietsma and I discuss the latest news in forbearance trends and where borrowers can go for help. Freddie Mac shared some interesting info this week! https://videopress.com/v/te6RTCF7?posterUrl=https%3A%2F%2Ftheazmarket.com%2Fwp-content%2Fuploads%2F2020%2F09%2Fthumnail.jpg&preloadContent=metadata Today’s Takeaways: Unemployment: The national unemployment rate is 8.4%. Weekly initial claims have dropped below 1 million but remain high. Our continuing unemployment has dropped below 13 million.ContinueContinue reading “AZ Forbearance Update (Video) 9/30/2020”
This Week in (Greater Phoenix) Real Estate 9/28/2020
Big money keeps getting bigger with sky-high valuations and it is coming after real estate, that isn’t new, but the volume of capital is. I expect demand to continue to be strong, as long as rates stay low. At some point, likely in the not too distant future, more homeowners will realize how much equity they are sitting on and will be inspired to list bringing up inventory levels and providing buyers more options.
AZ Forbearance Update (Video)
Lydia Wietsma with Nexthome Elite Realty and I spent 15 minutes talking about mortgage forbearance, different options, what to plan for in the coming weeks and months. https://videopress.com/v/GQeR2d6a?preloadContent=metadata Today’s Takeaways: The goal of the banks today is different than it was 10 years ago. 10 years ago it was about enabling homeowners to complete shortContinueContinue reading “AZ Forbearance Update (Video)”
Greater Phoenix Real Estate Update 9/25/2020
Big money keeps getting bigger with sky-high valuations and it is coming after real estate, that isn’t new, but the volume of capital is. I expect demand to continue to be strong, as long as rates stay low. At some point, likely in the not too distant future, more homeowners will realize how much equity they are sitting on and will be inspired to list bringing up inventory levels and providing buyers more options.
This Week in (Greater Phoenix) Real Estate 9/21/2020
Every Monday Amber Kovarik and I spend 15 minutes discussing what happened this week in real estate, lending, and the economy. https://videopress.com/v/7VD0vBQL?posterUrl=https%3A%2F%2Ftheazmarket.com%2Fwp-content%2Fuploads%2F2020%2F09%2Fbackground2.png&preloadContent=metadata Today’s Takeaways: In August, 35% of homes closed over asking price. Phoenix metro area closed sales are up nearly 19% year over year. The median sales price is $325,000, up 16% year overContinueContinue reading “This Week in (Greater Phoenix) Real Estate 9/21/2020”
Phoenix Area Real Estate Update 9/18/2020
If you see headlines stating “delinquency rates on the rise” those rates include mortgages in forbearance which are planned deferrals. According to Black Knight Financial, there are about 2 million more delinquent mortgages than there were in February. This chart shows that 30-day delinquencies are 14% lower than pre-pandemic numbers and the initial wave is subsiding.
AZ Forbearance Update (Video)
Lydia Wietsma with Nexthome Elite Realty and I spent 15 minutes talking about mortgage forbearance, different options, what to plan for in the coming weeks and months. https://videopress.com/v/3x9DjkJN?preloadContent=metadata Today’s Takeaways: The literal meaning of forbearance is “holding back”. It is a temporary postponement of mortgage payments resulting in a form of relief for the borrowerContinueContinue reading “AZ Forbearance Update (Video)”