By Paul Maryniak | The Arizonan
The supply of homes for sale across the valley is starting to increase significantly but that may not be something to cheer about for either sellers or buyers, the Cromford Report said lasy month.
In several reports of the last few weeks, the Cromford Report, a daily analyst of the Valley’s housing market, offered little encouraging news for buyers.
It noted that fewer listed homes are going under contact and warned, “Ordinary owner-occupier home buyers are hitting real trouble.”
Blame spiraling home prices and increasing mortgage rates, it said.
“The very significant rise in mortgage interest rates over the past few months is keeping many sellers out of the market – they do not want to let go of their cheap fixed rate loans,” it said. “However, it is also taking the wind from the sails of the normal owner occupiers, especially the first-time home buyer.
