By Mike Bodeen · 17 April 2017
Black Knight Financial Services recently released data which shows that Arizona mortgage delinquency rates are among the lowest in the country. For the month of February 2017, Arizona has 3.1% of its first position home loans in some form of delinquency (from 30 days late upwards). It also has another 0.3% of its loans in the foreclosure process. The total percentage of loans that are non-current is 3.4%, which is a 9.2% lower than last year.
We are one of the better states in the nation for loans being current, placing 42nd out of 51 states (including DC). Oregon and Washington have improved faster than Arizona and overtaken us, but Alaska has deteriorated and fallen behind us, so we rose in the non-currency table by 1 place since last year when we were 43rd.
– Mike
The Supply Side – The Best and Worst of It
If ease of buying is your only criteria for buying a home in the Valley, you may want to check out the following list of the Metro’s Top Ten and Bottom Ten cities monthly supply inventory. The listing inventory being used for this observation includes homes that are “Under Contract” or “Pending,” therefore the months of supply is really less than shown here.
The higher the amount of months of supply, the more leisurely a buyer may look at homes, be aggressive in getting good terms and snagging a “deal.” When there is a very low monthly supply it usually means a very competitive market and one where the buyer is fighting with other buyers for a place at the table.
You’ll note that the more expensive cities in the Northeast Valley are the bottom of the list.
10 Cities with the Lowest Monthly Supply (Single Family Homes)
1. Youngtown — 1.0 Months Supply
2. El Mirage — 1.2 Months Supply
3. Tolleson — 1.4 Months Supply
4. Avondale — 1.7 Months Supply
5. Tempe — 1.8 Months Supply
6. Chandler — 1.9 Months Supply
7. Glendale — 1.9 Months Supply
8. Surprise — 1.9 Months Supply
9. Coolidge — 1.9 Months Supply
10. Sun Lake — 2.0 Months Supply
10 Cities with the Highest Monthly Supply (Single Family Homes)
41. Eloy — 3.1 Months Supply
42. Gold Canyon — 3.7 Months Supply
43. Litchfield Park — 4.3 Months Supply
44. Cave Creek — 4.4 Months Supply
45. Scottsdale — 5.5 Months Supply
46. Rio Verde — 6.1 Months Supply
47. Fountain Hills — 6.2 Months Supply
48. Paradise Valley — 10.4 Months Supply
49. Wickenburg — 14.7 Months Supply
50. Carefree — 16.0 Months Supply
Mortgage Rates Dip to 4.22%
Prospective buyers have been given a reprieve to the mortgage rate increase that had started about the time of the election. 30 year mortgage rates have dropped a quarter percent in the past month landing at 4.22% with just 1/4 % in points. Great time to lock your rates!
Price Per Square Foot Hits Highest Mark in 9 years!
Counter acting that good buyer news is that the average sales price per square foot for all areas and types reached $150 for the first time since March 2008. This is a rise of 2.5% in just one month. This news confirms our recent reporting of a market heating up!