Great news! Our contacts we have at Chase and Bank of America let us know over the past week that the Metro Phoenix market has been upgraded from a “declining market.” What does this mean to you? For starters, it means the largest mortgage lenders now acknowledge that the housing recovery is well under way. This gives buyers more confidence, and perhaps a hoop or two less to jump through when qualifying for a new mortgage.
For an interesting take on the recovery, take a look at these distressed market reports from ARMLS and notice the decrease in overall short sales and foreclosures in the marketplace over the past several months. There are still a good number of short sales available on the market, however the REO (bank-owned) inventory continues to drop considerably:
For more information direct from our contacts:
Greg Kertman, Mortgage Banker, Chase Bank – McCormick Ranch
David Hyde, Bank of America Home Loans Manager – Scottsdale