By Catherine Reagor | The Arizona Republic
Climbing home values are sparking a surge in refinancing across metro Phoenix. With the overall median sale price up nearly 40 percent since January 2012, most homeowners trading in loans for lower rates don’t need help from a federal program to get it done.
Tens of thousands of homeowners, underwater on their loans a year ago or less, now have enough equity to refinance with interest rates below 4 percent. The new mortgage loans can save hundreds of dollars a month, freeing money for other expenses or to pay down debt.
The more than 10,000 refinancings in the region every month so far this year are one more sign of a more robust housing market. For the first time since the boom years of 2004-06, almost every community in metro Phoenix posted at least a double-digit increase in median home-sales prices in 2012, according to The Arizona Republic’s latest Valley Home Values survey.
Also: Mortgages’ Future Looks Too Much Like the Past
If you’d like to discuss real estate matters, contact RLG founder Jordan Rose, jrose@roselawgroup.com
