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Phoenix
tops U.S. in home price appreciation By
The Business Journal
Phoenix
continues to have the highest home
price appreciation across the country, according to the PMI
U.S. Market Risk Index.
Homes
values in the Valley jumped by 31.1 percent from first-quarter
2005 to first-quarter 2006, based on a review of repeat sales.
Still,
according to PMI,
Phoenix
's 6.02 percent employment growth over the same period should
balance out the difference between price and affordability.
The
index shows that a
Phoenix
household spends 37.9 percent of its income on a 30-year
mortgage based on median income and median home price.
That's
less than the 42 percent paid by
Fort Lauderdale
,
Fla.
, homeowners, who topped the spending list.
Fort Worth
,
Texas
, mortgages had the least impact on family budgets, taking
just 19.6 percent of household income.
The
PMI Risk Index measures geographic house-price risk by
predicting the probability of a regional decline in home
prices over the next two years for the nation's 50 largest
metro areas over the next two years.
Phoenix
clocked in with a 17.5 percent chance of decline.
Repeat
sales information is taken from the Office of Federal Housing
Enterprise Oversight, which measures average price changes in
repeat sales or refinancings on the same properties.
PMI
Mortgage Insurance Co., a subsidiary of The
PMI Group Inc. (NYSE:PMI), is a leading
U.S.
residential mortgage insurer based in
Walnut Creek
,
Calif.
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