Phoenix was one of the hardest-hit real estate markets when the bubble burst. Now, it's leading the nation when it comes to increasing home prices.
That's led to a boom in refinancing.
Real estate agents and mortgage advisors are busier than they have been in years. The combination of low interest rates and rising home prices mean people are in a hurry to buy a home, and those who already own are rushing to try and lock in at near-record low interest rates before they go up.
It's the first time in a long time we've heard such good news about the valley's housing market. Phoenix is leading the nation when it comes to the jump in home prices, up nearly 22 percent compared to last year, and that is keeping mortgage advisors like Jeremy Schachter very busy.
"I think a lot of people have more hope now -- and especially with interest rates being so low it's definitely a win-win situation," says Schachter.
Schachter says many homeowners are coming in looking to refinance their mortgages now that they may have equity -- and with interest rates hovering in the 3.3 percent mark for a 30-year loan, that can save a lot of money each month.
"On average I'm saving between $200 and $500 per month, so that's significant."
"We'd been trying to refinance, we waited for the market to turn around and thought let's see if we can actually get in," says Micheal Meints.
Jimmy Williams and Micheal Meints recently refinanced their north Phoenix home they bought at the height of the market in 2007.
After the re-finance, their rate went from 7.6 to 3.5 percent, saving $600 a month.
"The best part of it is knowing that we're actually chipping away at the equity of the house -- that we're earning this house. We love this house, we don't want to move," says Williams.
Housing experts expect the market to continue to gain momentum in the new year. Higher prices also give existing homeowners the chance to sell their homes and have a down payment for another, something that hasn't happened in years.
Tuesday, May 21 2013 12:47 PM EDT2013-05-21 16:47:09 GMT
An NYPD detective is accused of hacking into department computers and obtaining information about dozens of people including co-workers. Edwin Vargas was arrested Tuesday outside his home in Bronxville.
An NYPD detective is accused of hacking into department computers and obtaining information about dozens of people including co-workers.
Tuesday, May 21 2013 12:39 PM EDT2013-05-21 16:39:13 GMT
The MTA says limited service will resume this afternoon on Metro-North and Amtrak trains between New York and New Haven.
The MTA says limited service will resume this afternoon on Metro-North and Amtrak trains between New York and New Haven. Beginning with the 3:07 p.m. departure from Grand Central Terminal, Metro-North will operate about half of the regular eastbound PM peak service and regular hourly westbound service with the 4:23 PM train from New Haven. Repair work on tracks that were damaged in last week's train collision has progressed quickly, says the MTA.
Tuesday, May 21 2013 7:33 AM EDT2013-05-21 11:33:20 GMT
A New Jersey priest who resigned after admitting he worked unsupervised with kids despite a legal agreement that barred him from doing so is headed to court.
A New Jersey priest who resigned after admitting he worked unsupervised with kids despite a legal agreement that barred him from doing so is headed to court.
Tuesday, May 21 2013 7:23 AM EDT2013-05-21 11:23:53 GMT
The New York jury on which Caroline Kennedy served has acquitted a man of dealing crack cocaine. Kennedy was juror No. 7 at the trial of Harlem resident Nelson Chatman.
The New York jury on which Caroline Kennedy served has acquitted a man of dealing crack cocaine. Kennedy was juror No. 7 at the trial of Harlem resident Nelson Chatman.
Tuesday, May 21 2013 6:51 AM EDT2013-05-21 10:51:26 GMT
The Metropolitan Opera says it's decided to disband its resident ballet company.
The Metropolitan Opera says it's decided to disband its resident ballet company. The American Guild of Musical Artists said the eight remaining dancers of the Metropolitan Opera Ballet have accepted buyout packages.
Tuesday, May 21 2013 6:06 AM EDT2013-05-21 10:06:47 GMT
Looking for some waterfront property in tony Greenwich? A 50-acre compound known as Copper Beach Farm has hit the market with an asking price of $190 million.
Looking for some waterfront property in tony Greenwich? A 50-acre compound known as Copper Beach Farm has hit the market with an asking price of $190 million.
Sunbathers this summer will find new sunscreen labels that are designed to make the products more effective and easier to use.
Sunbathers headed to the beach this summer will find new sunscreen labels on store shelves that are designed to make the products more effective and easier to use. But despite those long-awaited changes, many sunscreens...
Every year, identity thieves misuse the personal information of more than 11 million Americans. This makes identity theft one of the fastest-growing crimes in the country.
Every year, identity thieves misuse the personal information of more than 11 million Americans. This makes identity theft one of the fastest-growing crimes in the country.
An emergency fund will help see you through an unexpected and potentially costly life event, such as a health crisis, a job layoff or a major home repair.
An emergency fund will help see you through an unexpected and potentially costly life event, such as a health crisis, a job layoff or a major home repair.
If you don't have a plan for the money when that refund check comes, consider these five options for letting the savings you accumulated last year bring you greater financial security and peace of mind in the years to come.
If you don't have a plan for the money when that refund check comes, consider these five options for letting the savings you accumulated last year bring you greater financial security and peace of mind in the years to come.
