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Posts Categorized: Market Update

ECONOMIC UPDATE

Market Update

Sandra Watson CEO – Arizona Commerce Authority   As I write this, a fifth-generation wireless network, known as 5G, is making its worldwide debut at the Winter Olympics in South Korea. By 2020, an estimated 50 billion Internet of Things (IOT) devices will be globally connected. And the ability to sequence a person’s genome for… Read more

RESIDENTIAL MARKET UPDATE

Market Update

Fletcher Wilcox Founder, Wilcox Report   The next time the U.S. Census Bureau releases population data, I predict Maricopa County will be the number one county in the United States for overall population increase for a second year in a row – and number one in the sub category of net domestic migration. In the… Read more

APPRAISAL MARKET UPDATE

Market Update

Mark Murphy Licensing Manager – Arizona Department of Financial Institutions (AZDFI)   Debra Rudd Appraisal Regulatory Specialist – Arizona Department of Financial Institutions (AZDFI)   Over the past few years, there has been a lot of discussion about an impending shortage of real property appraisers due to the increasing age of the professionals who are… Read more

MORTGAGE INDUSTRY UPDATE

Market Update

JOEL KAN Economist, Mortgage Bankers Association   The Mortgage Bankers Association projects that 2018 will bring $1.2 trillion in purchase mortgage originations – a 7.3 percent increase from 2017. The biggest reason for the increase is the continuous  improvement of the economy. We forecast that monthly job growth will average 125,000 per month in 2018… Read more

Land Market Update

Market Update

GREG VOGEL CEO, Arizona Land Advisors The land market in our region has experienced several super cycles. The boom of 1985-1987 ended horrifically with the S&L crisis AKA RTC days. It took until 1995 to begin a new phase that lifted our land economy steadily until the grand finale of 2004 -2006 and it all… Read more

Market Summary

Market Update

  Michael Orr Founder and Owner, Cromford Report   Below is a ranking table for the 41 cities. The overall market is seeing a strong increase from $80 to almost $144 per sq. ft. This shows home prices below $200,000 and sees them jumping from $57 to $105.     This shows homes priced between… Read more

2017: The Best Of Times

Industry News, Market Update

  Bill Gray Educator, Arizona School of Real Estate & Business Faculty Associate, W.P. Carey School of Business   Just a few years ago the Arizona real estate market was in turmoil. Neighborhoods were riddled with foreclosures and short sales, while property values plummeted. Investors, seeing opportunities, purchased residential properties in bulk turning once owner… Read more

Sixty Days Later: The New AAR Purchase Contract

Industry News, Market Update

Fletcher R. Wilcox The Wilcox Report   As I write this article, it is sixty days since the introduction of the new AAR Residential Resale Real Estate Purchase Contract on February 1, 2017. I will review the change in seller concessions, which is a hot topic, and touch on something that recently happened when a… Read more

Market Summary

Market Update

Michael Orr Journal Columnist, Founder and Owner, The Cromford® Report   Each month I highlight key statistics relative to the current market. The chart below shows the change in dollar revenue by price range for closed sales during the first quarter of 2017 versus 2016. Not the explosive growth in the ranges from $100K up… Read more

A Benchmark for Mortgage Lenders

Lending, Market Update

Douglas G. Duncan Senior Vice President and Chief Economist, Fannie Mae   Benchmarking is a critical tool for obtaining insights. The Fannie Mae Mortgage Lender Sentiment Survey® (MLSS) — introduced in the first quarter of 2014 — provides exactly that: timely, robust benchmarks intended to help mortgage professionals better understand industry-wide trends and assess their… Read more

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