A Positive Turn in The Arizona Real Estate Market

March 15, 2009 at 9:09 am 2 comments

CNN reported an increase in mortgage application by 11.3% ending for the week ending in March 6, 2009. The demand was sparked by very low interest rates and low home prices. Mortgage applications included refinance and purchases.
MLS reported an increase in home sales of existing homes in Arizona from 4,726 in January, 2009 to 5,457 in February, 2009. Pending sales which is indicative of future sales increased sharply to 7,975 ending March 1, 2009. The inventory of homes for sale dropped below the 50,000 mark for the first time in many months.
If this trend continues, we should see a decrease in supply of homes and an increase in demand which will lead to a healthy real estate market.

These are all good news for the real estate market and the economy as a whole.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Phoenix Real Estate, Real Estate Deals. Tags: , .

BUYER’S MARKET TURNED SELLER’S MARKET How do you know if you qualify for a loan modification

2 Comments Add your own

  • 1. kapearso  |  March 29, 2009 at 3:25 pm

    I have heard rumors that there are a lot of ARMs about to be adjusting in these coming months, as well as the lifting of a moratorium by some major lenders that may result in another flood of foreclosures in the Valley. Have you heard any news like this?
    Let’s stay optimistic though!

    Reply
    • 2. arizonabargainhomes  |  March 29, 2009 at 11:16 pm

      I have heard of the ARMS adjusting in 2010 as many borrowers who bought homes in 2005 took a five year ARM. However, the new government is creating loan modification programs to prevent another tsunami of foreclosures. In time, lenders will be more willing to keep qualified borrowers in their homes.

      Thanks for your comment.

      Maria

      Reply

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