Realtor: Obama’s housing plan could benefit Phoenix area

PHOENIX — President Barack Obama is scheduled to speak at Central High School in Phoenix on Thursday morning about the housing recovery and the move to lower mortgage insurance premiums.

Realtor Randy Courtney of Courtney Valleywide Properties in Tempe said the Phoenix area has a five-and-a-half month supply of homes.

“A healthy balance would be a three- to three-and-a-half month supply,” Courtney said.

Courtney said tougher lending standards have slowed home sales across the Valley.

Under the president’s new plan, announced Wednesday, first-time homebuyers whose loans were guaranteed by the Federal Housing Administration would see a reduction in their annual mortgage insurance premium.

The housing administration will reduce annual mortgage insurance premiums by 0.5 percent, to .085 percent.

The White House said the reduction means new home buyers would pay $900 less a year than they would without the change

Courtney said the Valley’s housing market would see some benefits quickly

“Most changes take time, but if he were to enact something immediately, and knowing we are going into our home-buying season, probably within three months we should be forging ahead,” the realtor said.

The Associated Press contributed to this report.

Related

Arizona’s Democratic superintendent nominee wants public schools to get stockpiled ESA fundsFAA is investigating why a plane was allowed to take off as President Trump’s helicopter approachedJudge criticizes the Justice Department as he dismisses Jan. 6 seditious conspiracy caseMotorcyclist dead after single-vehicle collision in West ValleyEl-Sayed campaign says Stevens has called to concede in Michigan Senate primaryThe Latest: Senate Democratic primary in Michigan remains too early to call