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Surprise, Arizona

In Surprise, Arizona, the house value median is $243,800. This is an increase in Surprise value of houses in the last year of 7.4 percent. A prediction has been made that the value of homes will go up in the following year by 1.2 percent.

Per square foot, the list cost median is $127 in Surprise, Arizona. The metro area of Phoenix has a higher per square foot list cost median of $156.

In Surprise, $249,900 is the presently listed cost median of houses. For houses that have sold, the cost median is $240,100.

$1,395 is the rent cost median in Surprise. The metro area of Phoenix has a higher rent cost median of $1,495.

The foreclosure rate is a factor which has an impact on the worth of houses. The higher the foreclosure rate in any location, the lower the value of real estate in that location.

For every 10,000 houses in Surprise, Arizona, 0.9 houses go through foreclosure. This is a higher foreclosure rate than that of the Phoenix Metro area, which is 0.5 houses foreclosed for every 10,000 houses. The United States has a foreclosure rate of 1.6 houses foreclosed for every 10,000 houses.

In the process of foreclosure, there is a first step. It is called mortgage delinquency. Mortgage delinquency occurs when a house owners fails to make one or more payments on the mortgage of their house.

In Surprise, Arizona, 1.0 percent is the percentage of delinquent mortgages. The United States has a mortgage delinquency rate of 1.6 percent.

The recession of 2008 had a very negative effect on real estate. The cost of homes in the United States went down more than 20 percent. As a result, quite a few homeowners are currently underwater when it comes to their mortgages.

Being underwater on a mortgage means that the value of the house is less than the mortgage debt on the house. In Surprise, 11 percent is the percent of owners of homes experiencing being underwater regarding their mortgages. The metro area of Phoenix has a lower percentage of homeowners being underwate—10.6 percent.

Being underwater on a mortgage can be a serious problem. Depending on how far underwater an investor is, she may have to pay money to sell their home. Let’s say for example the value of the home is $300,000, and she sells it for $300,000. The problem is that she is underwater $50,000 by having a mortgage debt of $350,000. To sell her home, she has to pay $50,000 out of her own pocket in order to pay off the mortgage.

Households in the city of Surprise, AZ have a median annual income of $61,035.