Buyers be prepared for another year of increased competition for existing active listings in the Phoenix Metropolitan Area, partly because of over 50,000 more foreclosures due to be removed from credit reports in 2017. That’s in addition to the nearly 50,000 foreclosures that were removed from credit reports in 2016. A foreclosure can suppress a credit score by 100 points in many cases, so their removal is resulting in a higher number of qualified buyers and a 20% increase in the rate of approved mortgage applications over the past 2 years. Increases in buyer activity are expected across all price points under $1,000,000.
It’s starting off very good for existing sellers thus far, as January was the 3rd slowest month for