Home prices are up for the 4^th month in a row:

We have seen a slight up tick in average and median home prices.

Between April and July there has been a 9% increase in median and average price of homes sold in the Phoenix area. (Increasing from $115K to $125k and $160k to 175K respectively).  If this continues that would represent almost a 30% increase in a year.

So what will it take till everyone else jumps on board and agrees that the market has turned?  Just remember you read it here first….

Is it Time to Buy?

It is clearly still a good time to buy a home. There has only been a one month supply of foreclosures for sale for several months now. But remember, short sales continue to be “long sales” as the 10 month supply stays the same.

As the tax credit window continues to close, prices are starting to increase and I am sure interest rates will be next. Need I say more?

If you know someone who is thinking of buying or selling a home please forward this link to them….

1. Contact your Tempe lender immediately.

2. Organize important papers – locate such items as lender information, annual tax returns paychecks and monthly utility bills (any organization providing assistance will ask for this information).

3. Look into Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 millions Americans reduce their monthly mortgage payments to more affordable levels. For more information, visit www.makinghomeaffordable.com or call 888-995-HOPE.

4. Call the Arizona Foreclosure Prevention Hotline at 877-448-1211. It offers bilingual counselors.

5. Check out www.hud.gov. Click on the “foreclosure avoidance counseling” link and then choose Arizona. It is a good way to find a counselor approved by the U.S. Department of Housing and Urban Development (HUD).

6. Consider a short sale – you won’t make any money, but you won’t have a foreclosure on your credit either.

Not everyone is going to be able to avoid foreclosures, but for many of you, it is not too late. Facing a foreclosure can be daunting, but it is important to face the challenge head on with creativity and honesty – hiding mortgage statements in the junk drawer or changing your phone number will not help you keep your Tempe home. So pause, take a deep breath, and start getting in touch with the people who can help you avoid foreclosure.