Rising Rates Cause Layoffs at Phoenix-Area Mortgage Firms

By Angela Gonzales | Phoenix Business Journal A rise in mortgage interest rates over the past several months has caused a drop in refinance applications, leading to mortgage lender layoffs. The robust housing market in 2020 and 2021 created a labor shortage in the mortgage and title industries, causing firms to hire more people to …

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Valley Homebuilders See Surge in Homebuyers Backing Out

By Angela Gonzales | Phoenix Business Journal Homebuilders in metro Phoenix face an alarming surge in contract cancellations at a time when economists are pointing to another recession. Through the middle of July, the cancellation rate was in the 30% range, up from 8-10% in 2020 and 2021, and up from 15% in 2018 and …

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We Need to Keep Building Houses, Even if No One Wants to Buy

By Conor Dougherty and Ben Casselman | The New York Times The United States has a deep, decades-old housing shortage. Also, at the moment, homebuilders across the country are pulling back on development because they can’t sell enough homes. How can both of these things be true? That riddle is at the heart of the …

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Report: Arizona Housing Deficit Up 1,377% in 10 Years

By Angela Gonzales | Phoenix Business Journal Arizona’s housing deficit has increased 1,377% since 2012 — representing 122,683 homes — according to a report by Washington, D.C.-based Up for Growth. The report — which ranks Arizona eighth in the nation in terms of the severity of its housing deficit — calls for a need to …

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Homebuyers Maximize Buying Power in Fringe Areas of Valley

By Brent Ruffner | Daily Independent How far away from the metro area are homebuyers willing to go to get a deal on a house? One Valley expert says homebuyers might have to look at fringe areas or create a larger household to afford elevated home prices these days. Buckeye, Casa Grande and San Tan …

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New Home Demand Ticks Up in Metro Phoenix

By Angela Gonzales | Phoenix Business Journal New home demand is on an uptick in metro Phoenix, according to new report by Zonda market research firm. Demand was up 7% in mid-November compared with mid-October, according to Zonda’s latest housing report. Within the past 30 days, Zonda tracked a total of 1,783 signed new home …

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Single-Family Homebuilding Permits Dip Again in Metro Phoenix

By Angela Gonzales | Phoenix Business Journal While single-family homebuilding permits in metro Phoenix have been down this summer, they’re still a whopping 27% higher than this time last year. Valley municipalities issued 22,535 homebuilding permits between January and August, up from 17,759 during the same period in 2020, according to the Home Builders Association …

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