2015-08-21
News to You By Doug Brown
Friday, August 21, 2015
  
Demand, rents up for single-family homes in Phoenix 
Demand for rental homes remains strong in the Phoenix area. Monthly rents are up and the supply of rental homes is down across metro Phoenix, according to Arizona State University economist and housing expert Michael Orr. The average monthly rent for a single-family home is $1,548 up from $1,418 a year ago.  That's a 9% increase. There are very few lower rent homes on the market right now. For the year, rents for homes were up 6.2% while apartments are up 10.9%. 
Read article - Phoenix Business Journal

How High Will Mortgage Rates Actually Climb? 
Mortgage rates are already inching up, ever-so-slightly. From January to June, the 30-year fixed-rate mortgage climbed from 3.7% to 4.2%. Mortgage rates recently have been hovering around 4%. In this latest era of super-low mortgage rates, what's normal? A 6% interest rate is "normal," says Jonathan Smoke, realtor.com®'s chief economist. He says mortgage rates likely won't hit that point in the next two years, however. 
Read article - Realtor Magazine
       
Additional articles that you
might find of interest:
   
'Money' names Mesa the best big city in the Southwest 
Read article - Phoenix Business Journal 

Arizona's apartment construction wave has crested 
Read article - Phoenix Business Journal 

Downtown Phoenix's growing residential boom shown in new study, mapping 
Read article - Phoenix Business Journal 

Florida developer moves forward with $50M downtown infill project 
Read article - Phoenix Business Journal 

New-home permits in metro Phoenix jump 55 percent in July 
Read article - Phoenix Business Journal 

FHA And VA Certification Are Useful For Condominium Developments 
Read article - Realty Times 

TRID Guide Aims to Ensure On-Time Closings 
Read article - Realtor Magazine 
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