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Phoenix Rental Market Heats Up!

Signs of a U.S. economic recovery are everywhere except the housing market.  New-home sales fell to their lowest level in five months according to data released last week, while home prices appear to be losing their momentum.  Also, higher mortgage rates and rapidly rising home prices have also kept buyers away.  These buyers are continuing to rent allowing the rental market to heat up and causing properties to rent in as fast as 24 hours and driving rental prices up. If your home is currently on the sales market you may want to consider renting instead for at least 12 – 24 months.

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