Single family home activity stabilizing at lower prices

June 22, 1:07 PMPhoenix Real Estate ExaminerJulie Messina, CMB

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Arizona housing has become affordable again for those first time homebuyers looking for an entry into real estate ownership.  This can be attributed to low prices, down payment assistance, and mortgage rates under 6%. 

Talk to any realtor in the Arizona metro area, those actively working the first time homebuyer market will tell you about competitive offers for single family REO homes under $150,000. These multiple offers are having the effect of increased prices, and sales coming in 20% or more over list price in some communities.   In the city of Maricopa, AZ for example, recent demand for housing has resulted in enough sales to lower the available inventory.   Although bank foreclosures are still coming on as new listings daily,  they are not flooding in (which would have a negative effect on the market).