In foreclosure news, the inventory dropped by 25.2 percent year-over-year and completed foreclosures declined by 20.1 percent. Nationally, foreclosures dropped by 10,000 year-over-year (46,000 to 36,000) as of August 2015. Real estate owned (REO) and foreclosures made up 9.2 percent of all total existing home sales. This is down 1.3% from August of 2014.
Mortgage Fraud Trends
There are several different angles to view the Phoenix housing market from, based largely on the market types. For example in the lower housing price points, a low supply point has certainly caused an increase in prices even with relatively weak demand. The valley has seen a 10 percent increase in price in the lower market price point on an annual basis. Although each city has it's own story to tell, as well as areas within the cities, the overall average shows a 4%-5% increase
Phoenix Valley: Supply And Demand Runs The Show
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The CoreLogic Mortgage Fraud Report analyzes the collective level of loan-application fraud risk the mortgage industry is experiencing quarterly.
In the second quarter of 2015, fraud risk decreased by 8.9 percent year-over-year. For the year ending in quarter 2 of 2015, there was an estimated value of $17.3 billion of applications with fraud. This makes up about 0.67 percent of all mortgage applications. Florida tops the list of states with the highest risk of application fraud.