Vinnys House of Real Estate

SCOTTSDALE – Scottsdale’s median home price in February dropped 23 percent compared to a year earlier as a surge in foreclosures hurt the market, according to the latest report from Arizona State University Realty Studies. The median price of an existing home was $395,000, down from $513,300 in February 2008. Foreclosures accounted for 40 percent [...]

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The average rate for a 30-year mortgage declined by 0.12 percentage points as the jobs market weakened, according to Freddie Mac (FRE: 0.402, 0.007, 1.77%). “Mortgage rates had room to ease this week following news of a weaker jobs market, which may slow consumer spending and keep inflation at bay,” said Freddie Mac Chief Economist [...]

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