I just learned from a very reliable source in the bond market that interest rates could rise as much as 2 or 3 points in the next 9 months. Although I have yet to confirm this with a secondary source, this would make a huge impact on the home-buying landscape. 2 to 3 points means an 8 or 9 percent interest rates, which means hundreds of dollars in monthly payments. If this turns out to indeed be true, then my suggestion is to buy now and lock it in while you still can. This is probably as affordable as our housing market in Phoenix is ever going to get, so take advantage of it! I'll give another update as I get more info on it.
Arcadia, Scottsdale, Tempe