Blog
N. Mark Kramoltz, JD, GRI, CIPS writes blog articles on the metro Phoenix, Arizona, national and global real estate markets. Written from his perspective as a designated broker and real estate attorney, his articles avoid the inaccuracies and vacuous industry propaganda common to most real estate writings. He also blogs about animals (mostly dogs in the military) due to his love of pets and military history.
Do you know the New Closing Procedures?
The Consumer Financial Protection Bureau has changed the lending process starting October 3. The Good Faith Estimate and the HUD-1 settlement statement are being replaced with a Loan Estimate and Closing Disclosure forms. New procedures have been created around those...
We Love the Frozen North!
America's favorite country is Canada. A survey conducted since 1974 by the Chicago Council on Global Affairs asked about feelings for other countries — with 1 being the lowest, and 100 being the best. Canada came out with a top score of 79%. Britain was next, at...
Best Cities for First Timers
The metro #Phoenix Arizona cities of Gilbert (ranks 4th), Chandler (10th), and Peoria (at 13th) are some of the best medium sized U.S. cities for #firsttime #homebuyers according to the NAR. Arizona as a state ranks 10th best in the nation.
Builders’ Biggest Problem.
A survey by the National Association of Home Builders revealed that two-thirds of builders said their greatest concern for 2015 is the availability of labor. Building material prices were ranked second at about 67% as well, followed by 57% of builders who said lot...
Canada still the top U.S. trade partner.
For many decades Canada has been the largest importer of U.S. goods. Currently Mexico is 2nd and China comes in 3rd. But in the next two decades, China is expected to top Mexico as the second largest trading partner. That is because China’s share of U.S. exports could...
4 Reasons to Buy a Phoenix Area Home Now.
1. The price is right. Although overall median prices have risen, most of that increase is at the low end, and not in higher priced areas such as Scottsdale or Paradise Valley. 2. It's cheaper to buy than rent in the Phoenix metro area, and in nearly every other...
There’s lots of Water in the Desert
Realtor.com® analyzed medium to large cities for the highest percentage of backyard pools. Six metro Phoenix area cities are in the top 10: 2. Scottsdale, Ariz.: 62% 3. Tempe, Ariz.: 46% 4. Chandler, Ariz.: 40% 5. Glendale, Ariz.: 37% 6. Gilbert, Ariz.: 37% 9....
Jumbo mortgages booming.
The volume of jumbo mortgages (loans above $417,000 in most places and $625,000 in high-priced areas) reached an estimated $160 billion in the first six months of 2015 – 36% higher than a year ago, according to Inside Mortgage Finance. Jumbo mortgages comprised about...
Chinese Buyers and Lucky Numbers
When purchasing homes, Chinese buyers may make decisions with numbers in mind. One number with significance to the Chinese is the number 8, which is believed to be a lucky number associated with prosperity and wealth. Condos or homes with the number 8 in them, and...