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Interest rates are back down!!! That's great news!
MSNBC.com, reports that rates on 30-year mortgages dipped this week to the lowest level in six months, standing at 6.31 percent for a 30-year fixed-rate mortgage, down from 6.40 percent last week. The downward trend is occurring because financial markets became more convinced that a slowing economy will keep inflation contained. Such a slowdown will allow the Federal Reserve to keep interest rates on hold. Many analysts believe rates will hover around current levels for the rest of the year, which is expected to help the housing industry level off after sharp declines in recent months. "Both lower interest rates and a moderation in house price growth should lead to increased housing affordability," said Frank Nothaft, chief economist for Freddie Mac.
Arizona Republic Glendale, reports that Kohner Properties plans to develop a 452-acre parcel of farmland into a new master-planned community called Turning Leaf at the Meadows. The land, located near Northern and Cotton Lane, will have 1,100 single-family homes, parks, trails and a school. It is Glendale's largest residential project in more than a decade. "People used to consider the (Loop 303) as 'way out west', but it isn't anymore," said Shawn Kohner. "Eventually, it will be its own suburb with a mall, commercial sites and car dealerships. It is truly an area of town that will become its own metropolitan area." Construction should begin in about 18 months after the city approves construction plans.
We are still in a good market. Arizona typically has great real estate opportunities and affordable housing. I just listed a four bedroom home in Queen Creek for $197,000. Stop by for a look at the virtual tour. It's a choice lot and affordable. I can't imagine it lasting very long for over 1600 square feet.
Our inventory went down today to 47,027. We want to watch that number. As soon as it starts going down, we're back on track. Listings were increasing by 1000 per week, now we're not even doing that in a month. That's a good sign.
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