Posts Tagged ‘Arizona Real Estate News’

Seasonal residents, not rebate extension, lift Phoenix housing market

According to AZCentral.com, we are seeing a large number of seasonal buyers who are excited about our weather and prices.

“Homebuyers, especially seasonal residents from outside Arizona, appear to be regaining confidence in the Valley’s new-home market.  David Kitnick is one of several local builders who said the past two months have produced more sales than any comparable period in the past two years, something driven by out-of-state buyers.

“Other builders will tell you that over the last 60 days there’s been a firming of prices,” said Kitnick, founder of luxury-home builder Rosewood Homes in Scottsdale. “Prices have actually gone up in the past 60 days.”

While a handful of buyers have mentioned the tax rebate, he said, most said they are planning to keep their original homes in the Pacific Northwest, the Midwest or Canada and use the Arizona property as a winter getaway.

“Over the last 60 days, almost three-fourths of our homebuyers have been from out of state,” said Kitnick, who has subdivisions in Scottsdale, Goodyear and Peoria.”

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Existing home sales at highest level since 2007

According to CNN Money, Sales activity rises more than expected in October, by 10.1%, to 6.1 million annual units.

“Existing home sales surged in October to the highest level in more than 2-1/2 years, according to a real estate industry report issued Monday.

The National Association of Realtors reported that existing home sales rose 10.1% last month to a seasonally adjusted annual rate of 6.1 million units, up from the downwardly revised rate of 5.54 million in September.

Sales activity is the highest since February 2007, when the annual rate was 6.55 million.”

Read Full Story:

http://money.cnn.com/2009/11/23/real_estate/existing_home_sales/index.htm

Rates on 30-year loans match record low

The average rate on a 30-year fixed mortgage is 4.78 percent

30-year fixed mortgage rates chart
 
Nov . 25, 2009

According to MSNBC News:

“Average rates for 30-year fixed mortgages fell this week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.

Rates for 30-year mortgages averaged 4.78 percent this week, down from 4.83 percent last week and equaling the record low reached the week of April 30.

Freddie Mac has been tracking rates on 30-year fixed mortgages since 1971. Last year at this time, the 30-year fixed rate mortgage averaged 5.97 percent.”

http://www.msnbc.msn.com/id/7148582/ns/business-personal_finance/