California Home Prices Soaring

According to the California Association of Realtors (C.A.R), median home prices topped $400,000 in April for the first time in five years due to the high demand and tight inventories.

This makes for a very competitive purchase market, producing multiple bids - many over list price.  Consult  a Realtor in your area for expert advice or ask me for a professional referral.

It also allows homeowner who have been unable to refinance their existing home mortgage the past five years an opportunity to review their existing equity position.  Of course, many underwater homeowners were assisted with a loan through the HARP (learn more here) program.  However, many mortgages were ineligible for a variety of reasons.  So, now may be a great time to take advantage of a refinance if your mortgage note rate is over 4%.

Please feel free to contact Craig at Southwest Direct Mortgage, LLC with any mortgage questions in Arizona or California.  Craig has over 20 years of finance industry experience as a mortgage banker and entrepreneur.  

Craig Turley

NMLS 80917

480-385-1422

Source:  Mortgage Daily News

US home prices increase, led by Arizona and California housing markets

U.S. house prices rose 0.7 percent from January to February according to data released this week by the Federal Housing Finance Agency (FHFA).  FHFA said this was the fifth consecutive time its seasonally adjusted Home Price Index (HPI) had risen more than a half-point from one month to the next.  

Monthly prices have not declined since January 2012.

House prices have now increased 7.1 percent over the last 12 months to a level last seen in October 2004.  The HPI is now 12.5 percent below the peak it reached in April 2007.

(source:  FHFA)

According to Dataquick, the median price for new and existing houses and condominiums in Southern California jumped to $345,500, up 23.4 percent from the same period last year and the highest since reaching $348,000 in July 2008.  The median price was up $24,500 or 8% in one month due to tight supply and higher demand.

Meanwhile, Arizona home prices continue to rise due to demand and tight inventories.  According to Corelogic statistics, year on year sales in the Phoenix metro market continue to lead the nationwide housing recovery, recording a 20.8% year on year home price index (HPI) increase year on year for the month ending February, 2013.  

Please feel free to contact me with specific questions related to the housing and mortgage markets in California and Arizona.  

Every situation is different!

Until Next Time,

Craig Turley
NMLS 08917

Are you in the market for a mortgage in California or Arizona?  If so, contact Craig to receive a free no hassle mortgage quote today. Competitive rates, closings in less than 30 days, and 20 years of experience that matters in a tight lending environment.