The typical homebuyer’s monthly mortgage payment has climbed $337 (15%) over the past six weeks to a new high of $2,547, according to a new report from Redfin, the technology-powered real estate brokerage. The extreme volatility and recent surge in mortgage rates has caused many potential homebuyers to delay or cancel their plans to purchase a home altogether. Pending sales … [More]
Tumultuous Economy Challenges on Companies’ Consumer Relations
A potential worldwide recession may be on the horizon. Additionally, buyer priorities are changing in customer services and the overall customer experience. How will a tumultuous economic period such as this one impact the customer service industries as a whole? As we see the pandemic period ending and a potential worldwide recession on the horizon, we are starting to see … [More]
Most States Are Well Prepared to Weather a Recession, Not Arizona
The majority of US states have the resources needed to get through an economic recession, according to a new study from Moody’s Analytics. A record 43 states have the cash they need to weather an economic slump without having to resort to severe spending cuts or tax increases. “States have never been in a better position to make it through a recession,” … [More]
New Electric Vehicle Registrations Grew More Than 250% over the Last Five Years
Electric vehicles (EVs), once thought of as an industry outlier, have demonstrated their staying power, with new EV registrations growing more than 250% over the last five years. According to Experian’s Automotive Consumer Trends Report: Q2 2022 there are more than 1.7 million EVs in operation in the US today (compared with more than 400,000 EVs in Q2 2018). This number may … [More]
Layoffs Continue around the Country but Not in Arizona
With large-scale companies like Amazon, Gannett and Bed Bath and Beyond announcing layoffs recently, employees are growing increasingly concerned about job security. However, experts say that Arizona is not following this trend. Blake Quinlan of Express Employment Professionals, a top global staffing firm, says Arizona has only seen one major layoff in the last two years … [More]
Prospective Home Sellers and Buyers Retreated in August as Mortgage Rates Approached 6%
Seasonally-adjusted new listings of homes for sale fell 8% from July to August to their lowest level since May 2020, when the housing market was paralyzed by the onset of the COVID-19 pandemic, according to a new report from Redfin, the technology-powered real estate brokerage. Prior to the pandemic, we hadn’t seen so few homes hit the market since November … [More]
Phoenix Real Estate Market’s Latest Home Sales Data from August
Phoenix REALTORS®, one of the foremost industry experts serving more than 11,000 real estate sales professionals Valley-wide, released the latest market data giving perspective to current real estate trends. The report, which is based on ARMLS data that includes primarily the Phoenix-metro area and some surrounding communities in Arizona, revealed a 10.5% increase in median … [More]
Drops in Home Sales Price Result in More Closings, Phoenix Sees YOY Decrease
According to August data in the RE/MAX National Housing Report, home sellers, on average, accepted offers below their listing prices last month – a further indication of rebalancing in the housing market. Across the report's 51 metro areas, the average Close-to-List Price Ratio in August was 99%, meaning that homes sold for 1% less than the asking price. That's down from 101% … [More]
Mortgage Delinquencies Inch Up from May but Remain Near Record Low in June
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for June 2022. For the month of June, 2.9% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 1.5 percentage point decrease … [More]
