CNBC reporter Diana Olick revealed on Thursday that the housing supply in Phoenix is shrinking – and that’s a good thing.

Just a few years ago, Phoenix was looked upon as the “poster child for the housing crash,” but these days the market is heating up and homes are not sitting for long.

"The market is moving very fast, especially under $250,000,” said Erik Jensen, a real estate agent with the Caniglia Group. “Homes are lasting one or two days on the market.”

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When J.D. Power released the results of its customer satisfaction study for mortgage originations on Wednesday, there was a clear winner in Quicken Loans, which received 835 points on a 1,000-point scale.

But when it came to second place, the numbers were so close that both Bank of America and Chase claimed to have notched runner up honors.

As it turns out, however, the actual second place finisher was BoA with 807 points, followed closely by Chase with 805. And for what it’s worth, U.S. Bank was right on their heels with 802 points, good for a No. 4 ranking.

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As Americans continue to enjoy a 23 percent drop in gas prices from this time a year ago, a new study conducted by Bloomberg Business has revealed that many consumers are using the extra cash on a range of other categories – most notably fun and food.

According to Bloomberg, sporting and book stores are enjoying the largest jump in sales, with spending there representing 1.67 percent of the total pie, as opposed to the 0.65 percent we saw in June 2014.

With that said, however, consumer spending is still weaker overall than what many economists had hoped to see, accounting for just about 70 percent of the total economy.

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The financial pros over at CNBC released a new set of tips on Monday, urging homeowners to carefully weigh all of the pros and cons before paying off a mortgage early.

“If a client thinks they’ll be in a house for 10 years after the mortgage payoff, I encourage them to do it,” said Kristi C. Sullivan, CFP and owner of Sullivan Financial Planning. “But if they want to move soon after they are able to pay off the mortgage, I don’t.”

Meanwhile, David Mendels of Creative Financial Concepts urges borrows to keep mortgage rates in mind.

“Far too many clients focus on paying off their mortgage in retirement, only to end up ‘land poor,’” he said. “Especially at today’s low rates. I urge them to think less in terms of the added payment than of the added safety net of the extra cash.”

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Earlier this week, NerdWallet put together a handy new guide to help consumers find the cheapest car insurance rates online.

According to the site, a little bit of Internet research can pay off big time, especially when you take into account the relatively small amount of time it takes to look around.

But before you embark on your search, take a few minutes to prepare. Gather all of your information, decide the type and amount of coverage you’d like, gets lots of quotes and then – if necessary – talk to an expert to help you make sure you’re making the right decision for you and your family.

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As you’re likely aware, the stock market in China is currently experiencing a bit of turmoil.

And with so much Chinese money tied up in U.S. real estate investments, many experts are led to wonder what sort of effect this will have on our country’s housing market.

"My conclusion on China is that those who are buying U.S. real estate are doing it with a very long-term view – to diversify their assets, provide a safe haven in case something happens at home," said John Burns of California-based John Burns Real Estate Consulting. "I don't think a 30 percent stock correction after a relatively recent 150 percent boom changes much of that. If you told me the economy was going negative, their shadow banking system was exploding, or the government clamped down on foreign investment, then I would be concerned."

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According to real estate website Zillow, betrothed actors Sarah Jessica Parker and Matthew Broderick have just sold their New York City townhouse for $18.25 million.

Despite the hefty selling price, the couple actually lost a bit of cash on the deal, as they reportedly purchased the home four years ago for close to $19 million.

the impressive structure is located in NYC’s Greenwich Village neighborhood and boasts six bedrooms, five full bathrooms, three half-bathrooms, a dining room, a library and a state-of-the-art kitchen, all spread out over multiple floors.

Image via Zillow.com/Douglas Elliman Real Estate

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Reporter Cory Johnson made an appearance on Bloomberg Markets on Tuesday and revealed that the booming tech industry in the San Francisco area has led to giant gains in the housing market there.

According to Johnson, in the slower months this year (like January and February), the average Bay Area home sold within 50 days, whereas in June, the turnaround was more like 28 days.

“The pace of sales, not just the price, is happening at a break-neck speed, and that’s leading to a lot of action in the housing market,” he said. “Buyers are being asked to do things like write letters or show pictures of their family and make videos and present themselves to the sellers. It’s not enough to just have enough money to buy the house or mortgage and be approved to do so.”

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When the S&P/Chase-Shiller home prices indices report for April was released at the end of last week, it showed strong gains in the construction of new housing, with 34 percent of housing starts coming in the form of apartments and condos.

The good news, though, is that despite the shift toward condo living, prices for such housing units is not expected to rise.

"While the shift in consumer preferences for condos versus single family homes seen in the housing starts data may be a change in people's housing preferences or housing affordability, it does not appear to be changing the patterns of price movement,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones. “Moreover, the shift to condominiums isn't likely to make home prices more or less volatile than in the past. It certainly won't reduce the risk of another housing boom-bust cycle in the future.”

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CNBC reporter Diana Olick revealed on Thursday that, despite the short supply of housing in Tampa, Fla., the area is currently experiencing a surge in home prices.

According to Olick, who referenced the Greater Tampa Association of Realtors, the median price for a home sold in Tampa in May jumped 12.4 percent from a year ago to $204,000.

Similarly to the rest of the country, however, the number of homes on the market in Tampa remains low, with inventory down nearly 5 percent from 2014.

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