CoreLogic is widely recognized as a leader in providing financial and property information to consumers. They are highly regarded and often quoted as being a source for accurate industry data.
Yesterday, they revealed a report stating that 22.5% of all residential mortgages are UPSIDE DOWN. Well, that sounds scary enough…but looking at the Arizona market they quote that figure to be 49%.
This means that 49% of borrowers here in Arizona owe more on their mortgages than the home is worth. That has translated into a large number of foreclosures and short sales. It also has a large impact on the number of sales AND the ability for homeowners to refinance.
What is the good news? Housing prices are more affordable than they have been since 1999. If you are considering buying a home DO NOT WAIT. This too shall pass and prices will increase. Don’t be one of the people who “wish they would have”.
Additionally, rates are AWESOME. It’s the perfect storm for a purchase…be it as your primary residence…or an investment opportunity.
If you are one of those folks that ARE upside down…and are considering a move…or HAVE TO move. Please call me. I can help guide you to the best possible solution for YOUR specific situation.
As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL! Go to Metro Phoenix Homes For Sale and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!
ATTENTION AGENTS…Is your Real Estate Career or Company taking you where you want to go?
Need MORE business? Need MORE leads? What has your company done for you lately?
Ask Me Why… I joined eXp Realty.