Is "Affordable" housing fading?

Mortgage and Lending with CNN Mortgage

According to information released by The Cromford Report , the Phoenix AZ monthly median sales price was $124,000 at the end of June 2009.  This number was up a little over the April 30th number of $115,000.    In Phoenix, inventory levels are generally decreasing and demand outpaces supply.  In some neighborhoods, lender owned properties are becoming scarce and prices have increased .  There is currently a 1.46 month supply in inventory of single family homes priced under $350,000. 

As first time home buyers rush to take advantage of this year's 8,000 tax credit, it might be wise to take the advice from a well known valley realtor to buyers: Don't underbid.

Interest Rates for week ending July 7th, 2009*:

Conforming Conventional 30Yr Fixed  5.5%

Conforming Conventional 15Yr Fixed  4.75%

Conforming Conventional 5/1 IO ARM 4.5%

FHA 30Yr Fixed 5.5%

* Above Conventional rate quotes are as of  7/7/09 on a Conventional $165,000 loan amount, primary residence at 80% loan to value, with a 720 FICO score.  APR includes $1,200 in lender fees and 980 in title charges (title charges may vary).  FHA Quote assumes a $125,000 loan amount and a 680 FICO score, and a 96.5% LTV. Documentation of income and assets required.  No origination or discount points.


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Michael and Cheron Lange
Solutions Real Estate - Chandler, AZ
Associate Broker, GRI

Julie...  You can definitely saying that the market is on the up and up in Phoenix.  Refreshing isn't it?

Cheron Lange

Jul 08, 2009 02:55 PM #1
Julie Messina
CNN Mortgage - Scottsdale, AZ


Yes, it's good to be busy again! 

Jul 09, 2009 12:24 PM #2
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