As 2017 winds down, analysts are forecasting economic developments for 2017. Forbes identified three indicators that the U.S. housing market has recovered. Mortgage rates rose again last week; jobless claims fell and consumer sentiment jumped rose five points. The details:
Housing Market Recovery Complete: Forbes
Three conditions were cited by Forbes as evidence that the housing market has recovered:
Analysts said that homeowners are putting their homes on the market after years of waiting for home prices to peak. On the flip side, mortgage rates are expected to rise further and home buyers may be taking a “now or never” plunge into buying homes before market conditions and mortgage rates combine to make home prices unaffordable.
The Federal Reserve reported that U.S. mortgage debt increased by 1.90 percent in Q3 2016; this was the highest growth rate for mortgage debt since Q3 2008. While population growth and household formation are lower, the overall ratio of mortgage debt to disposable income is near historically low levels. Stricter mortgage qualification standards are keeping home buyers from borrowing mortgage loans that they can’t repay.
After years of high demand for short supplies of available homes, home builders are ramping up construction. Housing starts rose by 25 percent in October and matched construction rates not seen since mid-2007.
Mortgage Rates Rise, New Jobless Claims Dip
Freddie Mac reported higher mortgage rates last week. The average rate for a 30-year fixed rate mortgage rose five basis points to 4.13 percent. The average rate for a 15-year fixed rate mortgage was two basis points higher at 3.36 percent. The average rate for a 5/1 adjustable rate mortgage also rose by two basis points to 3.17 percent.
New jobless claims fell last week to 258,000 new claims, which matched expectations and was lower than the prior week’s reading of 268,000 new claims. Job openings held steady in October with a reading of 5.50 million.
What’s Ahead
Next week’s economic calendar includes readings on retail sales and inflation along with the Federal Reserve’s Federal Open Market Committee Statement and a press conference by Federal Reserve Chair Janet Yellen. The National Association of Home Builders Housing Market Index will be released in addition to Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims will also be released.
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3100 W Frankfurt Drive
Chandler, AZ 85226
$598,000
5
Beds
3
Baths
2,372
SqFt
Status
Active
MLS #
6744740
Property Type
Single Family Residence
Price Type
--
The seller will contribute towards lowering the buyer's interest rate by covering some of the associated costs, providing a more affordable monthly payment! HOA PAID FOR 1 YEAR!! Your family will love this 5-bedroom 3 bath home with a gorgeous deck off the Primary bedroom. With NO NEIGHBORS BEHIND, you will truly enjoy the serenity here. ALL NEW ENERGY EFFICIENT WINDOWS, NEW WATER HEATER and the HVAC & AIR HANDLER is 3 YEARS NEW!! Lots of natural light to enjoy the chef's kitchen with granite counters and SS appliances and so much storage. 3 bedrooms Upstairs with beautiful wood floors. Downstairs has 2 bedrooms and a living room with a fireplace, so many spaces to enjoy. Step outside and entertain or relax in your private, tranquil backyard under the stars.
23827 N 163rd Drive
Surprise, AZ 85387
$597,995
3
Beds
2.5
Baths
2,390
SqFt
Status
Active
MLS #
6772244
Property Type
Single Family Residence
Price Type
--
Explore this dynamic Deacon home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a versatile flex room; a spacious great room; a gourmet kitchen offering 42'' cabinets, a double oven, quartz countertops, stainless-steel appliances, a center island and a walk-in pantry; an open dining area; a relaxing covered patio; a lavish primary suite showcasing a generous walk-in closet and a private bath; a convenient laundry; a mudroom; an RV garage and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.
17357 W Red Bird Road
Surprise, AZ 85387
$597,990
4
Beds
3.5
Baths
2,990
SqFt
Status
Active
MLS #
6783736
Property Type
Single Family Residence
Price Type
--
RARE opportunity in Desert Oasis as the homes rarely go on sale! Resort-style backyard with lighted pergola, cascading waterfall, sunset views, and 3 fruit trees! BRAND NEW 1st floor carpet, primary bath counters, cabinets, soaking tub, pool filter system, pool pump, and A/C unit motors on both A/C units! Exclusive amenities include community pool, splash pad, parks, trails, and seasonal parades/events. MASSIVE 3-car garage! Located near Peoria 4-Corners shopping plaza, Costco, Sam's Club, Fry's, library, and city parks. Easy day-trip to Lake Pleasant, Prescott, Sedona, and Flagstaff. 1st floor primary suite with TWO walk-in closets, 1st floor laundry, and 3 living spaces both upstairs and downstairs for relaxing. Upstairs loft for extra comfort and enjoyment. Book a visit today!
17726 W Hatcher Road
Waddell, AZ 85355
$597,885
4
Beds
3.5
Baths
3,222
SqFt
Status
Active
MLS #
6773027
Property Type
Single Family Residence
Price Type
--
This Gorgeous NEW home has so much to offer! Primary bedroom on the 1st floor 3,222 square feet, 4 bedrooms, 3.5 bathrooms, loft, media room, a 3 car tandem garage on a North/south corner lot! This home features 36'' white shaker cabinetry, 18x18 tile, a large kitchen island, quartz counter tops, and 9' ceilings throughout. It also includes a soft water loop, dual pane low-E windows, multi-zone thermostat, window coverings and a smart home system. The exterior features front desert landscaping, a covered patio and generous backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping. **Finishes may vary from sample photos and virtual tour.
27242 W Wahalla Lane
Buckeye, AZ 85396
$597,700
2
Beds
2
Baths
2,092
SqFt
Status
Active
MLS #
6776160
Property Type
Single Family Residence
Price Type
--
A FULLY FURNISHED, TURNKEY DESTINY MODEL WITH OWNED SOLAR & 3 CAR GARAGE SITUATED ON A PREMUIM GOLFCOURSE, LAKE FRONT LOT! Enter the front courtyard which leads to the open concept floorplan w/ tile plank flooring and neutral palette. The living/dining room boasts a custom stacked stone media wall & panoramic views of the of the course. The dine-in kitchen features a huge center Island, granite counters, custom tile backsplash & breakfast bar. Master Suite is complete w/sep tub/shower, dual sinks & large walk-in closet. Second bedroom & a den on the opposite side of the home provide privacy for guests.The laundry room offers lots of cabinets & utility sink. Enjoy outdoor living on the extended covered patio overlooking the stunning water fountain on this award winning golf course.
21354 E Sparrow Drive
Queen Creek, AZ 85142
$597,594
4
Beds
3
Baths
2,405
SqFt
Status
Active
MLS #
6753924
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning home in Ascent at Jorde Farms, filled with numerous upgrades! Inside, you'll find a gourmet kitchen featuring designer cabinets, quartz countertops, and Whirlpool stainless steel appliances. The open-concept great room offers the perfect space for gatherings. The private primary bedroom includes an ensuite bath and a spacious walk-in closet. This home boasts 3 bedrooms, 3 full baths, upgraded paint, flooring, and more! Enjoy the charming porch and become part of the inviting Ascent at Jorde Farms community, which plans to offer a pool, walking paths, and parks. With great restaurants and shopping nearby, your dream home awaits! Welcome home!!
7637 E Chaparral Road
Scottsdale, AZ 85250
$597,500
2
Beds
2
Baths
1,700
SqFt
Status
Active
MLS #
6777379
Property Type
Townhouse
Price Type
--
Charming Mid-Century Modern Home with Expansive Upgrades. Welcome to your perfect blend of modern comfort and classic mid-century charm! This beautifully updated one-story home is located in a highly desirable Scottsdale 55+ neighborhood, offers a sophisticated lifestyle wrapped in understated elegance. Stylish Interiors Step inside to find an open-concept great room filled with natural light, featuring neutral tones and contemporary finishes that create a warm, inviting atmosphere. The spacious family room flows seamlessly into the dining area and kitchen, perfect for entertaining. Large sliding glass doors lead to the lush backyard, enhancing the indoor-outdoor Arizona lifestyle. The gourmet kitchen is a chef's dream, equipped with gleaming granite countertops, custom wood cabinets Relaxing Bedrooms and Luxurious Baths The home boasts two generously-sized bedrooms, each with updated flooring and custom window treatments. The primary suite offers an expansive retreat with access to the backyard, and it includes a sleek, spa-inspired ensuite bath. The bathrooms have been upgraded with high-end fixtures, frameless glass showers, and stylish vanities, providing an elevated sense of comfort. Outdoor Living at Its Best The spacious backyard is a private oasis, featuring lush artificial turf and mature trees that provide plenty of shade and privacy. Enjoy the extended covered patio, perfect for hosting gatherings or simply unwinding with a good book. A modern epoxy-coated two-car carport offers ample parking, and the front of the house features tasteful xeriscaping, providing a low-maintenance, yet attractive curb appeal. Upgrades Galore This home includes numerous recent upgrades, including modern ceiling fans, updated lighting throughout, a spacious laundry and storage room, and quality flooring in every room. Every inch of this home has been thoughtfully designed to maximize comfort and style. Don't miss this opportunity to own a piece of Scottsdale paradisea property that perfectly embodies the spirit of modern Arizona living, offering a comfortable and stylish retreat while being close to all the amenities and entertainment the city has to offer. Location, Location, Location Beyond the property's attractive features, its location is second to none. Nestled just minutes away from Old Town Scottsdale, residents can enjoy a diverse array of world-class shopping, dining, and entertainment options. Scottsdale Fashion Square, with its upscale shops, is just around the corner, while a variety of local restaurants, cafés, and nightlife venues provide endless opportunities for leisure and enjoyment. Chaparral Plaza and The Shops at Hilton Village offer additional shopping and dining conveniences nearby. Whether you're in the mood for an afternoon of boutique shopping or an elegant evening out, everything is right at your doorstep.
10245 E Trent Avenue
Mesa, AZ 85212
$597,500
2
Beds
2
Baths
1,979
SqFt
Status
Active
MLS #
6782763
Property Type
Single Family Residence
Price Type
--
Corner Lot! Adult Community Living at its finest! Property boasts custom cabinets, three skylights, insulated garage door, with custom cabinets in garage! Open floor plan, with large kitchen island for entertaining. Soft water system! Landscaping includes automatic drip system. Back patio includes electric shades with remote. Community includes pickleball courts, pool, tennis courts, game rooms and restaurant. Select furniture available for sale with the property.
6202 E Mckellips Road Unit 141
Mesa, AZ 85215
$597,500
3
Beds
2
Baths
1,773
SqFt
Status
Active
MLS #
6786590
Property Type
Townhouse
Price Type
--
Welcome to NE Mesa's premier gated & golf course carefree living community! This 3 bedroom 2 bath villa is a must see! Gated private courtyard entry. Enter into an open floor plan. Kitchen offers an abundance of cabinets, prep island, gas stove & informal dining. Plantation shutters thru out the home. Comfortable family room open to formal dining area. Master retreat w/ walk in closet, vanity w/ 2 sinks, soaking tub & walk in shower. Other two bedrooms w/ full bath. Laundry rom w/ cabinets. The backyard is where you live! This west exposure offers very special golf course & sunset views. Large paved patio and built in BBQ.Lush landscaping, fruit trees, covered patio, electric awning all offering relaxing outdoor space. . Community offers heated pool, spa, clubhouse, fitness area, pickle ball, movie room ect.HOA covers: Roof exterior of the home, blanket insurance, front landscaping, cable and internet!
25325 N Naples Street
Paulden, AZ 86334
$597,500
3
Beds
2
Baths
1,980
SqFt
Status
Active
MLS #
6700936
Property Type
Single Family Residence
Price Type
--
Two parcels are seamlessly merged together to equal a total of 9.795 acres. Nestled on sprawling acreage, this picturesque single family home offers an idyllic retreat enveloped by panoramic mountain vistas. Offering 3 bedrooms and 2 bathrooms, this charming residence exudes warmth and character. The inviting living room features a cathedral ceiling adorned with rustic beams, accentuating the space and charm. A wood-burning fireplace with exquisite Mexican brick infuses the room with cozy ambiance for chilly evenings. The ornate front door welcomes guests, while new storm doors on both the front and back entrances providing weather resistance. Recent upgrades include a new air conditioning and heating unit, new windows, and fresh exterior paint, ensuring modern comfort and aesthetic appeal. The home and its accompanying three-car garage, complete with storage and workbenches, boasts new roofs, offering peace of mind and longevity. A newly installed gravel driveway with gated entrance leads to the residence, which sits back a quarter-mile, offering unparalleled privacy and tranquility. The landscaped grounds boasts a variety of trees, including elm, mondell pine, Arizona cypress, juniper, purple robe locus, Arizona ash, locus and chase. Fruit trees, include apple, plum, mulberry, and Arizona walnut, creating a serene oasis. The driveway is flanked by majestic pine trees, while automatic irrigation ensures lush greenery thrives. Additional amenities include a shed, well house, chicken coop, and greenhouse with two garden beds with carrots, sweet potatoes, celery and basil. A fenced and cross fenced perimeter, complete with chain link and wire fencing, ensures security and functionality, while an interior yard with wire fencing and gates offers versatility. Great for children and the family pets. Outdoor enthusiasts will delight in the covered back patio, perfect for al fresco dining, and rustic red barn with four stalls, corrals and turnouts. A horseman's paradise with room to expand. A 10x16 concrete and block patio with redwood railing off the dining area provides a serene spot to admire the breathtaking sunsets to the west. With one RV hook-up equipped with 30 amp, power, water, and sewer access, the additional RV hook-up has 30 amp, power and is near water. This property offers endless possibilities. Update this home to your own personal style. Enjoy the relaxation and recreation of this beautiful property! Parcel numbers: 304-01-032A and 304-01-032B, both parcels combined are being sold at the list price.
321 W Palo Verde Street
Gilbert, AZ 85233
$597,500
4
Beds
3
Baths
2,090
SqFt
Status
Active
MLS #
6759949
Property Type
Single Family Residence
Price Type
--
**Distinctive character and unique SW design on preferred N/S lot ideally situated close to downtown Gilbert!!**Beautifully updated 4 bedrooms with private bath off guest room + additional bonus/media room.**Practical stained concrete flooring throughout, freshly painted with newer light fixtures and ceiling fans and gas fireplace.**Well-planned kitchen with Brazilian Quartzite countertops, custom cabinetry, huge island/breakfast bar & double French patio doors.**Additional amenities include RV gate w/concrete pad, sliding barn door in master suite, stackable washer & dryer, reverse osmosis, soft water and refrigerator!!**Private backyard with no rear neighbors, extended covered patio, shed and lush, mature landscaping.**
23866 N 72nd Place
Scottsdale, AZ 85255
$597,500
3
Beds
2
Baths
1,346
SqFt
Status
Active Under Contract
MLS #
6740738
Property Type
Single Family Residence
Price Type
--
New Price! The best deal in North Scottsdale. Beautiful property located in the gated community of Los Portones. Updates include wood plank tile flooring, newer carpet in bedrooms, and newer paint inside and out. New roof in 2022 and comes with a warranty. Open floorplan. Large backyard with plenty of room for a pool. Located near world class golf, hiking, dining, shopping, and so much more. This property is a must see!