Phoenix housing payments approaching pre-boom levels

The graph below of the Phoenix area monthly housing payment is taken from data from ASU Realty Studies.

The graph shows data through the third quarter of 2008. Because home prices and mortgage rates have fallen since then, I expect the monthly housing payment in the fourth quarter of 2008 will be below $1,000 per month, down from the peak of $1,675 a month in the second quarter of 2006.

The real estate bust is bad news for homeowners and lenders but it’s great news for home buyers.

HAPPY NEW YEAR!

January 1, 2009 by Realtor John Wake

About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

Visit Authors Website →