In this episode of State 48 Homeowner Podcast, Steve Farrington, Kraig Klaus, and Scott Kooiman discuss the latest market update for the Arizona real estate market in July 2023. They delve into the trends and factors affecting the market, including the decrease in overall closings, fluctuating median sales prices, the impact of low mortgage rates, and the surge in new construction sales. The team also addresses the recent headline about US banks reporting their biggest jump in loan losses since the beginning of the pandemic, providing insights into the types of loans affected and clarifying the details. They debunk misconceptions about potential foreclosures and emphasize the ongoing shortage of homes for sale. Additionally, the team discusses mortgage interest rates, inflation reports, and the outlook for the future of the housing market.
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VIDEO VERSION:
Arizona real estate market, market update, mortgage rates, loan losses, pandemic impact, credit card loans, commercial loans, foreclosure rates, housing shortage, inflation reports, housing market outlook.
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