By Mike Bodeen · 2 September 2019
MORTGAGE RATES:
I like this chart below.It gives us a unique perspective over almost 50 years of mortgage rate history spanning four decades. My own career started in 1976 (at the very tender age of 22) when rates were 9.75% for second homes in the Tahoe-Truckee, Northern California market.
Rates have again dropped below 4% near the mid 3% range.
Valuable Tip: Anyone with a mortgage in the mid 4%+ range should consider a no-cost refinance. You can get 3.75% at no-cost assuming your FICO (credit) scores are close to or exceed 760. In other words, a free interest rate and payment reduction.
Another Tip: See if you can keep your current amortization schedule rather than starting back at 30 years.
FORECLOSURES IN ARIZONA? ABSOLUTELY–AT RECORD LOWS!
FACT: In Arizona’s future, foreclosures will increase. There might come a day when they could get bad again, as in the gruesome years of 2007–2012. All things are possible.
FACT: That day is not this day, or any day soon.
Actual Trust Deed foreclosure sales are at historically low levels. Once a Notice of Trustee Sale (NOTS) has been recorded, which is usually a minimum of 90 days following a missed mortgage payment, the actual foreclosure sale is a minimum of 90 days out from that point. This means that an actual foreclosure of the property is at least 6 months following the first missed payment. Also, the Arizona homeowner has the right to cure the default up until the day of the actual foreclosure sale.
As you can see from the chart just above, NOTS’ are at their lowest level since at least 1996. July’s tally of 450 NOTS’ is the lowest July number on record, and darn near the lowest monthly amount in the past 23 years.
This is yet another sign of the positive current health of the Phoenix Metro real estate market