Arizona Spikes Higher
The FDIC, which reported no boom in Arizona may want to read this East Valley story. "The median sales price of an existing home in Chandler increased by a bit more than 50 percent over the past year. In Gilbert the median sales price of an existing home increased by about 49 percent."
"In Mesa, the median sales price of an existing home increased by about 30 percent last month. Tempe fared about the same, with the median sales price of an existing home increasing by about 27 percent." The FDIC criteria was a 30% increase in three years. How many other boom metro's did they miss?
Not to worry, there is a new mortgage that will keep that monthly payment down, for a long time. "Washtenaw Mortgage Company, is now offering 40-year residential mortgages, a first for many of the 40 states in which the Company conducts business."
"Mortgage flexibility has become a watchword and innovative products such as our new 40-year mortgage are needed for first-time or younger buyers in hot markets where housing prices have skyrocketed in recent years. The 40-year mortgage was the latest in a string of new products, that includes zero-down, interest-only and Alt. A, or No-Document loans."