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Foreclosure numbers dropping! March 2, 2009

Posted by miah3311 in Uncategorized.
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Hi everyone! Just wanted to share a trend I’ve been seeing as a Realtor in the Phoenix area. In the last week or two, since Obama’s foreclosure aid began, there have been some pre-foreclosures being taken off the market. This is good for the local market as it will lower the supply as the demand seems to be increasing. That only means home prices may begin increasing sooner than some speculators envisioned! Great news for current home owners! If you are considering purchasing a home any time soon, though, I’d say start looking now and don’t wait for prices to drop because you may find prices going up before you’ve made your purchase. That’s just my opinion-have a great day!

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FHA raises limit! February 26, 2009

Posted by miah3311 in Uncategorized.
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The FHA has just raised the limit for home purchases in Maricopa and Pinal counties in Arizona to $346,250! This is a substantial increase, which should help boost the housing market in these areas. This increase will allow higher priced homes to be sold with little down payment. By doing this, the FHA will be helping struggling home-owners who are upside down in equity, have an economic or personal hardship and whos only way out before was to either foreclose or attempt a short-sale. Even if owners have to try with a short-sale, at least they know prospective buyers will have an easier time financing some of these higher priced homes so home-owners may not have to foreclose (AS LONG AS THE BANK APPROVES OF THE OFFERED PRICE). Simply stated, this increase should help the market by making it easier for buyers to purchase homes priced between $273,000 and $346,250 as long as they meet FHA requirements.