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  • The Marsh Team News Blog

    Friday, February 19, 2021   /   by Abbey Stoughton

    February Inventory and Sales Price News

    Let's talk about inventory for a minute.  According to Cromford Associates, earlier this month we saw inventory down 61% compared to early February 2020 in the greater Phoenix area.  You might be asking, is the lower inventory making competition steep?  Yes, it is!  Feels like we're a broken record here at The Marsh Team, but interest rates remain historically low, so it is still a good time to buy.  Now let's talk about median sales price...its risen 18% to $339,000 (early February 2021 vs early February 2020).  According to Arizona Regional MLS, rental rates have also risen 18%.  Let's use this example - a 1,500-2,000 square foot home is roughly $1,600-$1,700 per month to purchase with 10% down while that same home rents at a median of $1,850 per month, up $250 over last year at this time.  For those who would like to reduce and stabilize their monthly housing expense with a historically low 30-year fixed mortgage rate, it’s a g. ...

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    Wednesday, February 10, 2021   /   by Jennifer Marsh

    No New Inventory Projected From Delinquent Loans

    Today, Core Logic published their Loan Performance Insights report for November 2020.  5.9% of mortgages were delinquent by 30 or more days in November, which is up from 3.9% in November 2019, before the COVID-19 pandemic hit.  Serious delinquent loans plus loans in foreclosure are at 3.9%, which is the lowest rate reported since June 2020.  The declining level of delinquency suggests increasing stabilization and reinforces our view that we are unlikely to see a large amount of distressed inventory coming to market over the next 12 months.  Some of our clients might be thinking there may be a glut of new properties coming to the market because of forbearance loans coming due, or foreclosures in general.  And the logic that follows is that it may mitigate the current supply/demand imbalance. The bottom line difference between today's defaults and those that we witnessed in the 2007-2008 crash is the equity position owners have, as the market has b; ...

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    Monday, February 1, 2021   /   by Jennifer Marsh

    Owning vs Renting

    According to ATTOM Data Solutions newest article, owning a home is more affordable than renting in nearly two-thirds of U.S. housing markets.  Its no surprise that the Phoenix metro area made the list.  As CoreLogic's recent findings show, Phoenix had the highest year-over-year increase in single family rents in November 2020 at 9.9%.  With interest rates remaining at historic lows, its hard not to see that owning your home is a better choice than renting.  Check out the latest interest rates below.

    https://www.attomdata.com/news/market-trends/home-sales-prices/attom-data-solutions-2021-rental-affordability-report/
    https://www.corelogic.com/news/rental-rebound-u.s.-single-family-rent-growth-exceeds-pre-pandemic-rates-corelogic-reports.aspx ...

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    Wednesday, January 27, 2021   /   by Jennifer Marsh

    Latest Price Index Report

    The latest S&P / Case-Shiller® Home Price Index® numbers were published today. They cover home sales during the period September to November 2020.
    Comparing with the previous month's series we see the following changes:
    New York +1.79%
    Boston +1.42%
    Tampa +1.38%
    Phoenix +1.28%
    Miami +1.26%
    Atlanta +1.19%
    Charlotte +1.14%
    Washington +1.10%
    Denver +1.01%
    Los Angeles +0.94%
    San Diego +0.94%
    Seattle +0.91%
    Dallas +0.82%
    Minneapolis 0.73%
    Las Vegas +0.72%
    Portland +0.70%
    San Francisco +0.58%
    Chicago +0.35%
    Cleveland +0.06%
    The national average increase was 1.07% over the prior months, a very strong number. However, Phoenix was comfortably ahead of that curve and remained in third place. The northeast cities of New York and Boston are doing unusually well at the moment.
    Comparing with this time last year we see the following changes in the indexes:
    Phoenix +13.8%
    Seattle +12.7%
    San Diego +12.3%
    Boston +10.4%
    Cleveland +9.8%
    Portland +9.5%
    Tampa +9.5%
    ; ...

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