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Foreclosures hit a 20-month high both in Phoenix and Arizona as a whole in January.
Senior Reporter- Phoenix Business Journal
2015
Foreclosures hit a 20-month high both in Phoenix
and Arizona
as a whole in January.
Foreclosures jumped more than 100 percent in January compared
to December both in Phoenix
and statewide, according to new numbers today from RealtyTrac.
Foreclosure activity both locally and statewide are at
20-month highs as banks step up their repossessions, auctions and filing of
default notices.
Phoenix saw a 45 percent increase in January foreclosures compared a year
earlier, according to the real estate research firm.
Foreclosure auctions in Arizona were up 37 percent in January, also
a 20-month high. Bank repossessions are up 61 percent, according to RealtyTrac.
Those same repossessions are up 58 percent in Phoenix.
There were more than 2,300 homes and condos in the
foreclosure process last month. That is up 104 percent from December.
Statewide that increase is 109 percent from January 2014.
The jump in foreclosures comes as the Phoenix housing market tries to shake off a
slow 2014 where low demand for homes and tough mortgage qualifications stymied
sales.
Foreclosure activity was also up in states such as Ohio, New Jersey, Maryland and California
and metropolitan areas such as St. Louis, Los Angeles and San
Francisco.
The worst cities for foreclosures include Atlantic
City, Las Vegas and eight Florida markets including Tampa,
Orlando, Miami
and Jacksonville.
"The year-over-year increase in REOs in January was the
first annual increase nationwide following 25 consecutive months of declines,
getting the foreclosure spring cleaning we anticipated in our last foreclosure
report off to a quick start in 2015," said Daren
Blomquist, vice president at RealtyTrac. "Meanwhile, the number of
future foreclosure auctions scheduled in January continued to increase in many
states, foreshadowing more foreclosure spring cleaning to come in the next
several months in those states."
Mike Sunnucks writes about residential and commercial real
estate, government, law, sports business and workplace issues.
Housing ended 2014 on slow note; Phoenix home starts down 15 percent
Senior Reporter- Phoenix Business Journal
2015
2015
Housing starts ended 2014 down 15 percent across Phoenix while new home
sales were off 10 percent and existing sales fell 8 percent as the local
residential market slogs into 2015.
RL Brown Housing Reports says 2014 fell short in terms of
volume. The regional housing market is challenged by demand stunted by slow
population growth, tougher mortgage standards and plenty of borrowers
preferring to be or stuck in rentals because of poor credit and past
foreclosures.
The average price of a new home last year in the Valley was
$351,196, up 1.5 percent, according to RL Brown.
The average price of an existing home was $247,825, up 1
percent. But there are plenty of real estate analysts and agents who note the
overall price gains are spurred more by some high-end home sales than price
gains across segments.
Another local real estate expert, Jim
Belfiore at Belfiore Real Estate Consulting, also expects some housing
challenges to persist in at least the first half of this year. Belfiore notes
the slip in demand challenges and can create oversupply issues for home
builders.
Belfiore does note home builders are seeing some indications
that demand could improve this year.
That could be especially true with new subdivisions geared
toward seniors in so-called "active adult communities."
_______________________________________________________________________
Rents dip in Phoenix even as more units hit market
Senior Reporter- Phoenix Business Journal
Dec 31, 2014, 12:12pm MST
Rents dip in Phoenix
even as more units hit market.
Apartment rents have dropped in the Phoenix
metro area even as more new units are entering the market. Still, the
RealtyTrac real estate research firm said it's a better deal to buy a house
under current conditions than it is to rent an apartment.
That's if a borrower can qualify for a mortgage.
Three-bedroom apartments rented on average for $1,338 per month in Phoenix
during this fiscal year, according to RealtyTrac and the U.S. Department of
Housing and Urban Development. That is down 5 percent from $1,410 last year.
Rents also declined in Dallas, Las Vegas, Houston, Tucson and Los
Angeles. Texas and
Southern California — like Phoenix
— have seen plenty of new apartment developments. There are more units in the
construction pipeline and planning stages and numerous sales this year of older
complexes.
Conversely, apartment rental prices increased in markets such as Chicago, Denver and Seattle.
RealtyTrac estimates it takes 33 percent of the median income in Phoenix to rent a
three-bedroom apartment compared to 27 percent to afford the Valley's median
home price ($188,040). That's after all of the tax advantages are factor into
the mix. Still, many borrowers cannot qualify for home loans because of poor
credit, previous foreclosures and tighter lending standards.
Median home prices increased 4 percent
in Phoenix this
year, according to the real estate data company. That is not as strong as home
value improvements in California, Texas and Florida.
Phoenix homes among most overvalued in the country
Dec 29, 2014, 6:05am MST Updated: Dec
29, 2014, 7:27am MST
Fitch Ratings says Phoenix-area homes are some of the most
overvalued in the country.
Digital Producer- Phoenix Business Journal
If you've thought home prices in Phoenix
seem a bit high, you're not alone.
In a new report, bond-rating agency Fitch
Ratings says Phoenix-area homes are some of the most overvalued in the country,
reports The
Arizona Republic. The fifth most overvalued, in fact -- more than
pricey California markets Los
Angeles and San Francisco.
Metro Phoenix
homes are roughly 16 percent overvalued, according to Fitch. The
agency pegs Arizona
as among the six priciest states.
Statewide, Arizona
home prices are 10 to 15 percent overvalued, according to Fitch.
That puts it in the same vein as California, Hawaii, Idaho, Nevada and Texas.
Phoenix
housing was undervalued in 2011, according to the rating agency. The market was
sustainably valued in 2012 and 10 to 15 percent overvalued in 2013.
Besides Phoenix,
the rest of Fitch's
top 10 overvalued cities are in California, Texas or Florida, with
hipster hub Austin
ranked at the top. Fitch
estimates homes in the Texas capital are 20
percent overvalued, followed by energy boomtown Houston, whose homes are overvalued by 19
percent, according to Fitch.
The world may not be flat, but Phoenix's housing market is
Dec 16, 2014, 1:53pm MST Updated: Dec
16, 2014, 2:07pm MST
The Phoenix
housing market will end the year on a flat note.
Digital Producer- Phoenix Business Journal
This year will go down as a generally flat one for the greater Phoenix housing market.
That's according to the latest report from Arizona State
University real-estate
guru Michael
Orr, who noted that demand remains lower than a year ago.
Sales of single-family homes fell 5 percent from October 2013 to October
2014, with activity among first-time home buyers particularly low.
See Also
- Rents around Phoenix headed up
- Phoenix had largest decline in foreclosures among big US cities
- Why the Phoenix real estate market is slow, could stay slow and what needs to change
The report cites the usual culprits of potential buyers carrying tarnished
credit histories from the recession and the fact that 20-somethings continue to
forgo home purchases.
"We've seen very little change in the greater Phoenix housing market for the last year, and
stability is the order of the day," said Orr.
Coincidentally, these are the same reasons the rental market is strong,
according to the report.
Rents have risen 3.7 percent during the past year and likely will continue
to climb next year.
Despite the challenges of the market during the past year, the median home
price still rose 4 percent from October 2013 to October 2014, rising from
$200,000 to $208,000.
Also, Orr
noted the market is seeing a small bump in investor interest and new-home
sales.
The percentage of residential properties bought by investors hit 15.5
percent, the highest level since May, but still well below last year's levels,
according to Orr's
report.
"Investors and out-of-state buyers are showing a small recovery in
buying interest, but to get our market back to what we would consider normal
will still require a major increase in demand from local first-time home
buyers," Orr
said.
New homes are faring better of late, with their share of sales up to 14
percent. That's the same level as it was in October 2013.
Arizona Property Management & Investments
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