Many metro Phoenix millennials are buying homes because of the increase in FHA-backed mortgages, reports Catherine Reagor at The Arizona Republic.
The trend of more young buyers is expected to continue climbing for years, experts say after a lot of young people was missing from the housing market in metro Phoenix last year, stalling the Valley’s housing recovery.
Bidding wars are erupting over affordable Valley houses, which has led to the 10-percent increase in home sales this year, Reagor reported.
Federal Housing Authority-backed mortgages, used primarily by first-time buyers, nearly doubled in metro Phoenix during April compared to the same month in 2014.
FHA loans accounted for 32 percent of all home sales in April this year, Ruff’s latest STAT report stated That compares to 18 percent in April last year.
2014.
Related: Senior home equity nears $4 trillion as home values rise
