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After more than $500 million in federal allotments to Arizona to try to slow foreclosures, the latest federal housing-assistance program seems to be the first one to provide widespread help.
A growing number of metro Phoenix homeowners who owe more than their homes are worth are lowering their interest rates and monthly payments with the federal government's second version of its Home Affordable Refinancing Plan.

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While the federal government has yet to release figures on the number of homeowners in the program, mortgage brokers, homeowners and housing counselors are both surprised and encouraged by its early success.
The program allows homeowners with loans ...

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In another sign that metro Phoenix's housing market is slowly recovering, hundreds of homes across the region sold by banks after foreclosure or through short sales are being flipped by investors for almost double the price they paid just a few months earlier.
With metro Phoenix's median home price steadily climbing this year, speculators have seized on an opportunity to make fast profits and are selling houses across the region at prices not seen since the beginning of the housing boom in 2003-04.
Home prices have climbed as the supply of houses for sale has ...

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