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R E Article on Lending Time Frames and Arizona Economic News

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Blog by Doug Ingersoll | October 14th, 2015

Neighbor Sam forwarded an article from the Washington Post:

"New rules for lenders seem to be raising costs for mortgage customers" talks about the impact of the new compliance rules that took effect 10.3.15. Here is the money paragragh: "Tim Kleyla, president of the Mortgage House in Holland, Mich., says that because of the tight time requirements of the new rules, higher rate-lock costs and the danger that shorter-term locks will expire before closings, “we are throwing [short locks] out the window and will be locking for 45 to 60 days.” Given the higher costs for these longer locks, higher underwriting fees from funding sources and his own higher compliance expenses, typical borrowers could see “another $500 and I am sure eventually more” on their total transaction costs, he said"  Unintended consecquences of government action. 

From Elliott D. Pollacks Tuesday Morning Quarterback - Arizona Statistics:
Total traffic at Sky Harbor airport was up 6.0% vs. a year ago in August.  
Enplanements were up 5.6% and deplanements were up 6.4% over a year ago.
RealData Inc. reports apartment vacancy of 7.0% for the 3rd quarter. This is its lowest reading of the past year. Average apartment rents are up 7.7% form a year ago. Apartment inventory is up 2.2%.
Total listings in Greater Phoenix were 23,166 in September. That's down 13.0% from a year ago.  Median sales prices are 8.2% higher than a year ago.
Total homes sold in Greater Phoenix were 7,784 in August, up 12.7% from a year ago. New home sales are up 14%.
Foreclosure notices in Maricopa County are down 16.2% from one year ago. Completed foreclosures are down 20% (see chart).
Active listings in Greater Tucson are down 9.7% from a year ago while median home prices are up 4.2%. Sales are up 11.8% from a year ago.