For more than 3 years the Phoenix, AZ real estate market and Scottsdale, AZ real estate and housing market has continued to spiral downward. In fact, due to the large supply of bank owned homes, lender owned real estate (REO) and short sales, many thought it would be years until we would see a rebound in Scottsdale, AZ home prices, no less a rebound in Arizona real estate.  Wait!! Now, today we have some, dare I say, optimistic news that not only shows that the national housing market is starting to heat up, that maybe home prices will actually rebound in certain price points as demand is starting to match supply.

Today, a Reuters article announced that a Mortgage Bankers Association report that an index of mortgage applications, which includes both purchase and refinance loans, for the week of September 18 increased 12.8%.  This is the highest level in recent memory and a strong indicator that buyers are taking advantage of the current sub-5% mortgage and re-finance rates to buy homes across the country, including, Phoenix, AZ and Scottsdale, AZ.   If you don’t believe me listen to what  Eric Belsky, executive director at Harvard University’s Joint Center for Housing Studies, said -  several months of improvement in new and existing home sales is a positive sign.

“Low interest rates on mortgages are important to the fledgling housing recovery,” he said, and this has made a significant impact on the affordability front.

Buyers, I don’t say this too often, but if you have been on the sidelines, waiting for the right time to buy a home, and you are gainfully and securely employed, please do not miss this chance to lock-in mortgage loans under 5%, take advantage of as little as 3%  down FHA financing, $8,000 buyer tax credit and home prices that have dropped more than 50% over the last 4 years in areas like  Phoenix, AZ, Scottsdale, AZ and the surrounding towns of Mesa, Gilbert and Glendale.

Please call me today. I can help you and your family find your next house and you can make it your home!

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Copyright © 2009 By James Wexler *a sure sign Phoenix AZ real estate has hit bottom*

Contact James Wexler (480) 221-8080 for all your Real Estate needs.