Inflation news and a still-strong economy are not being kind to mortgage rates as they approach 7%. On Friday, Mortgage News Daily reported the 30-year fixed-rate mortgage at 6.89%, while the 30-year jumbo loan has risen to 7.06%. The culprits? Inflation (read:…
The Cromford Report put out its mid-month numbers two weeks ago and one line in there grabbed my interest. Of all the homes currently under contract in Greater Phoenix, 3.9% are in the early stages of foreclosure. In June that number was…
Since the summer of 2022, the price per square foot of a typical Phoenix home has barely moved. A home between 2,000 and 2,500 square feet is down about 1% in plain dollars. On paper, that is a steady market. On paper….
Residential Real Estate May Never Be the Same I’ve been writing real estate columns and articles for 50 years. Yep, I started right out of the gate as a green Realtor rookie at the tender age of 22, sharing my real estate…
Could Have Been Better, But It’s Better than Not The ROAD Act became law this last Saturday after President Trump refused to sign it. After years of formulating the Act, Congress, with both Republicans and Democrats working on it, plus the National…
Could it be a Win-Win? If you’re seeing the numbers below through the eyes of a seller, you’d say that we’re clearly doing better than one year ago. If through the eyes of a buyer, you’d have to honestly say that buying…
Another Increase for Mid July? Honestly, each week, we think we’re going to be reporting a drop in home values. We’re still waiting. Mostly, our market has been pretty subdued both in prices and sales. And it’s not on fire, mind you,…
Paradise Valley, Scottsdale, Fountain Hills See Increase This past Friday saw the greatest Initial Public Offering (IPO) of any company (SpaceX) in the history of the stock market. In one day one man became a trillionaire (that’s trillionaire – with a Tr)…
The Wall Street Journal on Friday had a lead article titled “Americans are Falling Behind on their credit card debt.” Indeed, per the article, 13% of all credit card debt was 90+ days in arrears – the highest level in 15 years….
A few months ago, mortgage rates briefly dipped below 6%. Buyers who had been waiting started coming back out. Open houses had more traffic. Contracts were getting signed. Things felt like they were turning. Then the war in Iran started. Within weeks,…