More Focusing on Paying Down Mortgage in Goodyear AZ.

More Focusing on Paying Down Mortgage

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More Focusing on Paying Down Mortgage

DAILY REAL ESTATE NEWS | THURSDAY, MARCH 20, 2014

As home prices rise, consumers are once again prioritizing their mortgage payments over paying down credit card debt, according to a new report from TransUnion. It’s the first time since 2008 that borrowers have shifted their focus back to mortgage debt ahead of credit card debt.

Mortgage delinquencies are falling, too. The delinquency rate dropped to 1.71 percent in December, down from 3.32 percent in September 2008.

Following the housing crisis, many home owners were underwater on their mortgages, and some stopped making mortgage payments a priority, TransUnion notes.

“As unemployment rose and home prices cratered, many borrowers chose to value their credit card relationships above their mortgages,” says Ezra Becker, vice president of research and consulting at TransUnion. “When people lose jobs, they need credit cards as a source of liquidity.”

While consumers are placing more of a focus on paying their mortgages, the debt they still prioritize above mortgages continues to be auto loans, TransUnion reports.

Source: “Borrowers Paying Mortgages Over Credit Cards Again,” CNNMoney (March 19, 2014)

For more information about Homes for Sale in Goodyear AZ. Contact Rodney Barnes Real Estate at 623-217-7548 or visit http://www.RodneyBarnesRealEstate.com

Arizona State study ranks top U.S. cities, states in 2013 job growth.

Arizona State study ranks top U.S. cities, states in 2013 job growth - East Valley Tribune: Arizona: Posted: Friday, March 21, 2014 7:55 am

By Julian Osorio, ABC15.com

A new study released by Research Professor Lee McPheters of the W.P. Carey School of Business at Arizona State University has identified the top 10 cities and states for job growth in 2013.

The study listed figures from the U.S Bureau of Labor Statistics.

According to the report, Phoenix non-agricultural job growth increased 2.7 percent ranking seventh nationwide, while Arizona’s overall non-agricultural job growth increased 2.1 percent ranking tenth in the country.

"Metro Phoenix economic-development efforts seem to be paying off, since both of these industries pay nationally competitive salaries and attract college-educated workers," says McPheters. "This growth is happening in Phoenix more rapidly than anywhere else."

The job-growth rate increased 1.7 percent in the U.S. adding over 2 million jobs in 2013, the report says.

Top 10+ cities and surrounding metro areas (1 million or more workers) for non-agricultural job growth, comparing 2013 to 2012:

1. Riverside, Calif. - up 4 percent

2. San Francisco - up 3.9 percent

3. Denver - up 3.6 percent

4. Houston - up 3.5 percent

5. Orlando, Fla. - up 3.2 percent

6. Seattle - up 2.8 percent

7. Phoenix - up 2.7 percent

8. Dallas - up 2.6 percent (four-way tie)

8. Los Angeles - up 2.6 percent (four-way tie)

8. Miami - up 2.6 percent (four-way tie)

8. San Diego - up 2.6 percent (four-way tie)

Top 10 states for non-agricultural job growth, comparing 2013 to 2012:

1. North Dakota - up 3.6 percent

2. Utah - up 3.2 percent

3. California - up 3 percent

4. Colorado - up 2.9 percent (tie)

4. Texas - up 2.9 percent (tie)

6. Nevada - up 2.7 percent

7. Idaho - up 2.6 percent

8. Florida - up 2.5 percent

9. Washington - up 2.2 percent

10. Arizona - up 2.1 percent

According to the report, the lowest ranked cities for job growth in 2013 were Pittsburgh, Philadelphia, St. Louis and Cleveland, which all added less than 1 percent.  

The bottom 10 states for job growth in 2013 included South Dakota, Virginia, Maine, New Mexico, Vermont, Wyoming, Alaska, Pennsylvania, Arkansas and West Virginia, the report says.

Contact Rodney Barnes Real Estate today at 623-217-7548 for Homes for Sale in Goodyear AZ and Surrounding Areas or visit http://www.RodneyBarnesRealEstate.com

Economist: What 2014 Holds for Real Estate

Economist: What 2014 Holds for Real Estate

DAILY REAL ESTATE NEWS | THURSDAY, MARCH 20, 2014

Veteran housing economist David Berson, formerly of Fannie Mae and PMI Group, shares his thoughts on what the public needs to know about the housing market this year. 

First, he predicts that 2014 will be the strongest year for housing activity since prior to the recession. Most economists expect an improved job market in the months ahead, with employment growth accelerating and the jobless rate continuing to fall. This will be the key factor improving housing demand in 2014, even if mortgage rates climb and affordability declines. 

Additionally, demographics should start to favor housing activity. To this end, the demographic factor most affecting the residential property sector is household formation. "Household formations are affected by the job market, as people 'double-up' when worried about their job and income-earning prospects," Berson writes. "The Great Recession and the modest job recovery in the years following induced many people who might have lived independently to move in together." 

Berson and colleagues estimate the economy is short by more than 3 million households. If the economy expands at a faster clip in 2014, bringing a more rapid rate of job creation, that should translate into more households, which in turn should raise housing demand.  

Finally, Berson says mortgage availability should not worsen between now and the end of December and may actually expand.

Source: "Economist: 3 Major Things You Need to Know About the 2014 Housing Market," Housing Wire (March 17, 2014)

Want more information about Homes for Sale in Goodyear and Surrounding areas? Call Rodney Barnes Real Estate at 623-217-7548 or visit http://www.RodneyBarnesRealEstate.com

5 REASONS TO SELL IN GOODYEAR AZ NOW

5 REASONS TO SELL NOW

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? Can buyers qualify for a mortgage?  These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are five of those reasons.

1. The Most Serious Buyers Are Out Now

Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition Now

Housing supply always grows from the spring through the early summer. The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.

3. The Process Will Be Quicker

One of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen.  Selling now will make the process quicker and simpler.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Rates are projected to be well over 5% by this time next year.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Call Rodney Barnes Real Estate at 623-217-7548 for More Information on Homes for Sale in Goodyear AZ. 

by The KCM Crew on March 18, 2014 in For Sellers