Phoenix Market Update for the Week of Aug 9

First week of school---woohoo! Kids are back in school...of course this time of the year, activity tends to slow down as families prepare the kiddos for school.

Not a lot of new information and news to report this week.  Inventory of homes for sale on the MLS have inched up by an average of 800 homes as we approach the 41,000 home market.

Zillow reported today that 20 percent of all mortgages across the US are underwater (they owe more than the home is worth).  When looking at the local Phoenix market, the number of upside down mortgages is 66.8 percent...66.8, yes that's right, 2/3rds of the homeownerss owe more on their homes than what they are worth.  To me, this is a sign that more short sales and foreclosures are looming.  We are not out of the woods yet.

Rates are still hovering in and around the 4.5 percent range for a 30 year fixed rate conventional loan, according to several loan officers that I have spoken to today.  FHA and VA rates continue to remain below 5 percent as well. 

Planning a trip to visit the Phoenix area and would like to schedule a time to view homes?  Give me a call at 480-888-1234 and let me know your schedule so that we can plan a time to meet and view homes.