Rain, rain, go away. 2 inches in one day is plenty. My house might float away.
What a wet week in Phoenix. The housing market is still brisk, although the red-hot summer pace has cooled off this month. Sellers are still in control in every geographic corner of the Valley.
Good news for consumers in the news this week. According to CNBC, the average FICO credit score of the American consumer reached an all-time high recently at 706. Credit scores range from 300-850. The low came in October 2009 during the aftermath of the housing crisis when FICO scores dipped to 686. Also, as of 2019Q2, American homeowners now have more home equity than ever according to the CoreLogic Homeowner Equity Insights Report.
I discuss current mortgage interest rates and more topics in this week’s episode of The Arizona Report Week in Review.
In Arizona, 3.8% of the mortgaged homes are underwater. That means that the owner owes more to the bank than the home is worth. The reading is very low compared to ten years ago. Arizona is in line with the national average for the number of homes underwater.
If this is coffee, please bring me some tea; but if this is tea, please bring me some coffee. – Abraham Lincoln, 16th President of the United States