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To Billddrummer,
May 07 20:24 pm
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All Comments by Tom Lindmark »The Housing Crisis is NOT Over [View article]
You can buy a newer home (post 2000 construction) say 1700 sq.ft. from the banks for around $125,000. You can go to my blog and navigate from there to the website and see some listings. Rents have held up well here, so these work well for first time home buyers or investors as they will cash flow nicely.
The FHA lenders in Phoenix are swamped. It's taking at least two weeks just to get a first pass on a loan file by the underwriter. I suspect a lot of the backlog is due to refinances but purchase transactions account for some as well.