The 10 American Housing Markets That Made Tremendous Turnarounds In 2012

http://www.businessinsider.com/top-10-turnaround-housing-markets-of-12-2013-1?op=1#

WHAT OBAMA ELECTION MEANS FOR HOUSING

From Trulia on 11/14/2012

http://trends.truliablog.com/2012/11/what-obamas-re-election-means-for-housing/

Phoenix, AZ Statiscal Data

Please take the time to visit my Webpage at www.denismarque.com .

I have added extensive statistical data on Sales, Listings, Days on Market, Foreclosures and many other items at "Market Statistics" on the webpage. You will find it to be encouraging if you are buying or selling in the Phoenix Metro marketplace.

As an aside, if you are concerned about keeping your current home, we do have several plans available to assist you including HAFA, HAMP, and HARP. Give us a call at 480-899-8844.

Denis

WE HAVE ADDED NEW SEARCHES TO OUR WEBSITE

Our website at wwww.denismarque.com contains 2 great searches:

Resale - a search of all active listing in Metro Phoenix.

New - a just added search of all New Homes in 3 counties in/around Phoenix including 90+ New Home Builders and 390+ Subdivisions.

Give it a try!! No obligation - we won't bother you!

Phoenix Ranks 4th in Single Family Price up in 4th Qtr 2011

Prices in Phoenix-Mesa-Scottsdale were up by 4.49% in 4th quarter of 2011.

Details in the Lowes website at

http://lowes.inman.com/newsletter/2012/02/13/news/177435

Moving from/to in 2011

This chart shows people moving from state to state in 2011:

http://www.atlasvanlines.com/migration-patterns/

AZ Republic Article re 800 New Homes Planned

DMB pursues Mesa subdivision project

800 homes planned for former General Motors Desert Proving Ground

8 comments by Gary Nelson - Jan. 11, 2012 07:00 PM
The Republic | azcentral.com
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Primed by optimism over the region's future, DMB Associates is aggressively pursuing its development of the former General Motors Desert Proving Ground in Mesa.

DMB, based in Scottsdale, said it would break ground early next year on about 800 homes in nine subdivisions adjoining the first phase of a mile-long "great park" that will run through the center of the project.

DMB planned to roll out a new name for the project during this morning's East Valley Partnership breakfast with Gov. Jan Brewer in Mesa.

The name: Eastmark. It replaces Mesa Proving Ground, which was DMB's previous tag for its property.

"We didn't want to come up with a contrived name, a foreign-sounding name, a flowery name," said Karrin Taylor, a DMB vice president. "It needed to create an identity both geographically and as to importance."

The idea, she said, was to find a name that would resonate outside Arizona as the Gateway area grows in importance.

Eastmark is expected to evolve over the next three or four decades into a dense urban center closely tied to the Phoenix-Mesa Gateway Airport. Eventually, there could be high-rise business districts fronting the airport along Ellsworth Road.

"Eastmark aspires to be the heart and hub for homes and families, the connector for great neighborhoods, education and active centers of commerce, and a vibrant economic engine impacting the entire region," DMB board Chairman Drew Brown said in a news release.

A zoning plan approved by Mesa for the property in 2008 allows up to 15,000 dwelling units of various kinds. Dea McDonald, DMB's vice president for development, said the time had arrived to start building them.

Builders have been signaling for months that they're ready to turn dirt, McDonald said.

"The lights are back on," McDonald said.

He expects DMB and "multiple" developers to close escrow in June, and that Mesa also will approve plans for their subdivisions about that time. McDonald said he cannot reveal the builders' names until deals are finalized.

Taylor said the Gateway area is rapidly making good on the potential that was described in a 2006 Urban Land Institute study that identified the region as a likely future business hub.

Gateway is becoming a hotbed of education, health care and aerospace, she said. Roc Arnett, president of the East Valley Partnership, noted that the airport currently supports about 5,000 jobs -- more than were there during its previous life as an Air Force base.

Taylor cited other indications of southeast Valley prosperity, including Intel Corp.'s growing presence in Chandler and the enhanced tourism expected after Mesa builds a complex for the Chicago Cubs in its northwest corner.

Although the recession hit Arizona hard, she said, "The southeast Valley has weathered this storm better than most."

Because of that, she said, DMB doesn't have to start from scratch with Eastmark.

"A lot of the big master-planned communities that have developed in the last two decades -- ours and others -- you had to create something from nothing," Taylor said. "And here we don't have to create something. It's there -- the components of a great place."

Trevor Barger, who leads DMB's design team, said Eastmark is not going to be a cookie-cutter subdivision.

"Typically, it's much easier to announce that the design is going to be Spanish or Tuscan, and then everybody knows what to design," he said. "This has been taking us back a bit and saying the theme is, not a theme. It doesn't exactly fit a perfect stereotypical category. At the same time it can't be chaos. You have to hold it together."

Narrow streets, distinctive hardware such as streetlights and monument entries to subdivisions will help with that, Barger said. He calls them "memory points."

Neighborhoods will be designed to almost force people to mingle, Barger said.

"If you're moving here, you're not moving here to be alone," he said.

DMB will build and maintain a 10-acre park just west of the new homes and donate it to Mesa. It will have an "event lawn" capable of hosting 15,000 people for community events, DMB's community center and riparian wildlife habitats.

Eventually, the park will stretch north to Warner Road, encompassing 106 acres and in some places providing a direct line of sight to the towers of the still-hoped-for Gaylord resort that is on hold because of the economy.

Although the homes may stay for generations, McDonald said early phases of Eastmark's design will signal that it will always be a work in progress.

"It's difficult to understand a vision that's got a 30- or 40-year runway to it, and that evolves over time," McDonald said.

DMB, founded in 1984, is a real-estate and investment firm with an array of developments in its portfolio.

Copyright: AZ Republic


Read more: http://www.azcentral.com/arizonarepublic/business/articles/2012/01/11/20120111dmb-pursues-mesa-subdivision-project.html#ixzz1jO2zZ1KJ

New Listing

We have released a new listing today.

Details may be seen at http://1511.dmarq.info/

You will find 45+ pictures of the home at that address.

Denis Marque

denis@denismarque.com

Search AZ MLS with the same software Realtors use!

Search AZ MLS with the same software Realtors use!

LIVE MLS SEARCH:
http://idx.dmarq.info/

Five Smart Reasons to Buy a Home Now

Five Smart Reasons to Buy a Home Now

RISMEDIA, July 30, 2010--The economy is stabilizing. Home prices are holding. It's not just as good a time as ever to buy a house. It's one of the best times ever.

ForSaleByOwner.com presents five overlooked reasons why now is a great time to buy a house.

1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they have a little give to absorb a few ups and downs as the still-recovering housing market gains traction.

2. Houses are in move-in condition. Homeowners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. Homeowners who have been holding back kept their houses in good shape while they waited. As those houses enter the market, they are in marked contrast to tattered foreclosures.

3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system – and this is just the opportunity that owners of many desirable properties have been waiting for.

4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines...again. Now that appraisers have more flexibility to set values that reflect the current market, today's deals will make it over the finish line.

5. Plenty of programs. Homes are more affordable than they have been for years, but communities have stuck by "workforce housing" programs that encourage middle-class families to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.


RISMedia, Inc.

© 2010 by Lowe's®. All rights reserved

Choosing the Best Home

From Realty Times of June 24, 2010

Choosing the Best Home by Carla Hill

After weeks of searching for your next home, you now have it narrowed down to two great options. One offers a shorter commute, but the other offers more square footage for your growing family. How can you make the best choice?

There are several strategies you can employ in your decision making process. Above all, be confident in your decision making abilities. "The fear of making serious decisions is a new kind of fear, called decidophobia," proclaimed by Walter Kaufmann at Princeton University in 1973. Worry and procrastination do nothing to aid the process, so buyers, be confident that you will make a sound choice.

Pro/Con list: In this case, you are deciding between two houses as your prospective home. For each house, divide a sheet of paper into two columns: pro and con. Be realistic about what the positive and negative factors would be for each purchase. Considerations could include: price, location, schools, repairs, square footage, floorplans, street noise, neighborhood value, comparables, and gut intuition.

Brainstorm scenarios: Chances are, whatever house you decided upon will be your residence for many years to come. Try and think ahead to situations that may arise in the future, and how each residence would affect those situations. Do you have aging parents that could move in? If so, then which house provides the best floorplan for this? Planning on having children? Check out ratings on local schools.

Do the math: Business executives might call this the "cost/benefit analysis." Buying a home is a huge financial decision, and while personal preferences (e.g. location, schools, square footage) all come into play in homebuying, many purchases are based on what makes the best financial sense. Discuss numbers and neighborhood comparables with your real estate agent. One home may be a smaller dollar amount, but the other may be a better deal in the long run. Some neighborhoods are up and coming, while others have come and gone. Are either homes overpriced or underpriced for their neighborhoods? Do either homes need repairs or updates?

Priorities list: Yes, you know you want the pool, landscaping, granite counters, close proximity to work, extra bath, and the list goes on. But when push comes to shove, and it might, what items are your priority, really? For some, driving a longer commute is worth having a larger house or a cheaper price. For other buyers, the exact opposite can be true.

Change perspectives: Sometimes you simply must step out of your own shoes to see a situation clearly. There are many different ways to approach this decision. You can look at it from an emotional point of view (which home do you love), an intuitive view (what does your gut tell you), and even a devil's advocate view (what if). Experts consider this the "Six Thinking Hats," introduced by Edward de Bono in a book of the same title, where you put on six different hats during a decision making process. Try and see the buying process from the perspective of your spouse, your children, friends, and even your worst enemy.

Finally, be realistic in your own abilities. While the final decision rests on your capable shoulders, you should rely on the professionals that are by your side. This includes your agent, lender, attorney, and even your family. And while you are the final say, remember that you have a team to help give you information to fuel that sound decision.

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Copyright © 2010 Realty Times. All Rights Reserved.

NEWS OF NOTE

Items gathered from several places:

The median home price in the Phoenix area reportedly rose for the first time in 2 years. The median price was over $120,000. No doubt the 1st Time Homebuyer program has something to do with that. The inventory of homes in the $100,000 price range in nearly non-exsistant in even Maricopa and Johnson ranch, and even the next range step up to $150,000 is small at best. Most remaining in that market are short-sales which have less appeal to most buyers today.

There were over 8,000 sales in the Phoenix market in August, offset somewhat by 12,000 new listings. The Foreclosure Pipeline is approaching 50,000, but one hopes a large percentage of those will be resolved by loan modifications. You may have read about the judge that brought a Senior VP from a major bank to Phoenix for 2 days of grilling on why modifications are only in the 2 to 3% range? Workload seems to have been the answer - when new loans stopped, people were laid off. How about we hire some back?

Related issue, credit cards.

Some rules that just kicked in the Credit Card industry mean that:

-Card issuers must mail credit card bills at least 21 days before their due dates. That's up from 14 days. Issuers were"banking" on the fact that consumers would make a payment late and incur a $35 late fee.

-Card issuers must give you the option to avoid future interest rate increases and pay off any outstanding balance under your current rate. If you take this option, you won't be able to make additional charges on that card, and you must pay off the balance within five years the bank can cancel the card and make you pay it off under your old terms, but with a higher minimum payment, according to Consumers Union. "Your new payment could be double your old minimum payment, or higher, if needed, to pay off the card in five years."

-Card issuers must give you at least 45 days' notice before making major changes in terms, such as changing your interest rate or the fees they charge. That's up from 15 days. Other card changes that require at least 45 days' notice include an increase in your minimum payment and switching your fixed rate to a variable rate.

After seeing their housing and personal wealth hammered by the recession, U.S. consumers are saving more and paring down their debts, a trend that the new law could reinforce.

For the three months that ended June 30, U.S. households on average carried a credit card balance of $7,987, down from a high of $8,529 in the third quarter of last year, according to Moody's Economy.com.

For Information on getting a new credit card if you're current terms are undesirable visit Bankrate.com

Oh, by the way, the Feds announced today that savings in the U.S. rose by 3%. Why is my head spinning?

Hang in there!

Arizona Home Market

I spoke with 3 of the large Title Companies this last week All told basically the same story -

May closing were 3 times the April closings!

Urban legend or is it happening?

Phoenix in the middle of recovery

Realty Times of May 8, 2009

Hot Market: Phoenix in the middle of recovery by M. Anthony Carr

A year ago, I covered the Phoenix market in this column, saying that comparing April '08 to April '07, it looked like this western market had hit bottom – sales were up 15 percent year-over-year. That prediction, seems to have been right on the nose as nearly 12 months later, sales are up a whopping 78 percent from March 2008 to March 2009.

With listings down 17 percent for the metro area, sales are siphoning off inventory and buyers are picking deals at prices they haven't seen in more than 5 years, according to blogger Ron Wilczek, West USA Realty "Another notable fact is that the year over year (YOY) sales are up for the 10th consecutive month," blogs Wilczek. "One more notable fact: the year over year over year (YOYOY) sales are up for the fourth consecutive month. I admit that I "made up" that last statistical category. But essentially it means that the sales in March 2009, February 2009, January 2009 and December 2008 were all higher than the same months for the last two years."

The foreclosure sale dominates the market, but may be a necessary evil to jump-start one of the largest markets in the southwest. Wilczek says foreclosure sales make up more than 75 percent for March 2009.

"Though March's percentage was a slight increase from February 2009's, the percentage of Phoenix foreclosure sales (Valley wide) has remained relatively stable over the last three months," he says. "This is a change from the trend we saw starting in June 2007 and lasting until December 2008. Foreclosure properties during that time sold at a steadily increasing rate each month -- sometimes by a substantial amount."

Copyright © 2009 Realty Times. All Rights Reserved.

Housing Most Affordable

Realty Times of April 10, 2009

Housing Most Affordable: May be Time to Move from Renting to Owning
by Phoebe Chongchua


Falling housing prices, historically low interest rates, and tax credits are creating an enticing environment for renters to convert to homeowners.

"We are still going to have a tremendous amount of foreclosures, price declines, and best opportunities to buy properties at amazing prices," says Bruce Norris of The Norris Group.

If that sounds like a mixed bag of bad and good, indeed it is. Consumers have been inundated with news about a troubled real estate market. "If you look at the closings for California, 55 percent or more closings every month are lender-owned properties; that ratio has never existed before. So, the lenders are really dictating the prices at this point and there are so many lender-owned properties that the appraiser almost has no choice but to give that comp a lot of credence," says Norris. But the good news, especially for those who have been wanting to take the plunge into homeownership is that markets across the country are ripe for choosing the most suitable home.

"The affordability has never been this high. So, in relationship to income, California is the cheapest it's ever been. The fact that prices will still go down kind of means nothing to the person who is going to live in a house for quite a long time -- partly because the interest rates are also historically low," says Norris.

He points to his own daughter as an example. She is getting married this year and buying her own house for the first time.

"I think it's a very bright decision. Do I think her neighborhood might go down for another year-and-a-half, yeah—and to that I say, who cares! She's tying up an interest rate that's probably under 5 percent for 30 years and that may be the real bargain," says Norris.

Her fiancé owns a home but Norris and the couple agreed that her buying a home now is a good opportunity. So after the couple marries they will live in the home in order to receive maximum financial benefits. His daughter is using an FHA loan and putting $4,000 down on a $110,000 California home that was, at the height of the real estate boom worth, $330,000. She will then get a federal tax credit for $8,000 and she can receive that money (in as few as 10 days) now rather than waiting until she files her 2009 tax return. Best of all, the mortgage payment is less than it would cost to rent.

This is a trend that is playing out in many areas across the country. "Fortunately, the interest rates are national so you have that incredible interest rate that is forcing the mortgage payment below rent in many locations, including California. So the area that my daughter is buying in, her rent would be $1,100 and her mortgage payment is going to be about $825," says Norris.

Norris says that, coupled with the federal tax credit for first-time homebuyers, is making renters weigh their options, "It really is an inducement for people to go from being a renter to an owner."

"There are lots of areas that didn't go up as much as California. Let's pick an area, Texas, for instance, you have houses selling for $110,000 to $120,000 range and the rents there are also pretty high--$1,100 - $1,200 or so—so payments there are also a lot less if they own it," says Norris.

"It's most affordable right now, so you would think that everybody would want in, but real estate right now has a lot of fear attached to it and a lot of uncertainty about jobs," says Norris.

Some markets such as California are working to help alleviate barriers to home ownership. The California Association of Realtors in April introduced the Housing Affordability Fund's Mortgage Protection Program. There are specific eligibility requirements; talk to your Realtor for details.

"People who buy property in 2009 have a safety blanket now of six months of up to $1,500 payments per month that the California Association of Realtors, out of some fund that it has, will pay the people's payments," says Norris. He adds, "I've never heard anything like it."

Norris says while these programs to entice renters to become buyers are attractive, he says make sure you're ready to buy. He says there are specific habits that you should have in place before buying a home.

"You should already have developed a savings habit and you're ready to buy a home because you have a little bit of money left over in case something goes wrong," says Norris.

Another affirming reason to move from renting to buying comes from statistics from John Burns Real Estate Consulting in Irvine, California.

The company reports that 50 percent of the 76 metropolitan area markets across the U.S. that are tracked show that people can buy a house (after tax cost of homeownership considered) for less than they could rent one.
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Copyright © 2009 Realty Times. All Rights Reserved.

Where Housing is Headed

From Realty Times of March 17, 2009

Real Estate Outlook: Where Housing is Headed
by Kenneth R. Harney


We received an important indicator of where housing is headed last week, when new mortgage applications for home purchases and refinances suddenly surged as they hadn't in months.

Applications for FHA loans to buy houses were up by 10.4 percent. And overall home purchase applications jumped by 7.1 percent.

Meanwhile mortgage interest rates dropped to their second lowest level in nearly two decades, according to the Mortgage Bankers Association. Thirty year fixed rates averaged 4.96 percent and fifteen year rated dropped to just 4.5 percent.

Why's this important? New financing applications to buy homes obviously point to rising purchase contracts and closed sales in the months ahead. They also suggest that prices have hit a level in many markets that is attracting once-hesitant buyers off the sidelines.

There's still another factor that's likely at work here as well: Congress's recent improvements to the home purchase tax credit -- pushing it to $8,000 from $7,500 and making it non-repayable. George Ratiu, research economist for the National Association of Realtors, says the big jump in loan applications could be tied to the improved credit in the stimulus package signed into law last month.

"Consumers may be responding to the stimulation" effect of the better credit for 2009, he said.

But let's be clear here: A rise in home purchase applications does NOT suggest we've turned the corner in the cycle or have solved the multiple challenges facing markets around the country -- high foreclosure levels, continuing domination in some areas of REO and short sales, and continuing increases in the unemployment rate.

Even amid these problems, however, there are some hints of possible improvements ahead. For example, a new study by research firm Realty Trac and USA Today found that despite the constant headlines about record levels of foreclosures, the more closely you look, the more you find that those numbers are highly concentrated in a relatively small number of counties.

More than half of the nation's foreclosures in 2008, researchers found, were concentrated in just 35 counties in 12 states. You can guess where: California, Las Vegas, Phoenix and Florida.

But the really eye-opening finding: In more than 650 other counties, representing one fifth of all markets in the U.S., foreclosure numbers have actually declined since 2006.

Foreclosures are horrible no matter where they occur. But the fact is: Huge portions of the United States have NOT been seeing record foreclosures, short sales or even serious property value declines. They're doing better.


Copyright © 2009 Realty Times. All Rights Reserved.

Arisona always seems to get a mention - we are No. 2 nationally in Foreclosures in January 2009. I hope most of those are the California Investers that ran our prices up out of reach to most buyers in 2004 and 2005.

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Real Estate Outlook: Bottom in Sight?

From Realty Times of February 17, 2009

Real Estate Outlook: Bottom in Sight? by Kenneth R. Harney:


Signs of a cyclical turnaround for housing are on the upswing. Sales are up sharply in many of the hardest-hit markets, and prices are firming in many others.

And now, even some of the country's previously most-bearish economists and media outlets are seeing the light.

Last week, Dr. Mark Zandi, chief economist for Moody's Economy.com, surprised analysts by announcing that "the bottom of the housing downturn is in sight for the nation."

Just days later the Wall Street Journal -- which had been among the most pessimistic of major U.S. dailies -- ran a prominent article with this headline: "For some, it's finally time to dive into the housing market."

The article focused on purchasers in Phoenix, Seattle and Connecticut who recently found that lower prices and affordable mortgage rates made ownership possible for them. They got what appear to be great deals.

The Journal quoted one Phoenix buyer who had just picked up a bargain-priced first home as saying, "six months ago, I didn't think I would ever own a home. Now I do. It's so perfect."

It's obviously good news that doom and gloom economists like Zandi and the Wall Street Journal are picking up on what's happening in local real estate markets. More important for the larger market, though, is that they are in the position to spread the word to consumers that it's now not simply a "good time to buy," it's also a safe time to buy.

Mortgage rates continue to hover near historic lows. According to the Mortgage Bankers Association, thirty year fixed rates last week averaged 5.2 percent, down from 5.3 percent the week before. Fifteen year rates average a flat five percent.

But don't mistake the message here: The economy as a whole still is facing huge problems -- unemployment at 7.6 percent, banks taking billions from the government, a stock market that's still pumping out losses, household consumption down.

None of that is positive for real estate.

But here's what may be developing: Just as housing's troubles preceded the rest of the economy on the way down, there are increasing indications that housing could be out ahead on the national economic recovery.

Why? Because pent-up demand is strong, affordable financing is there for buyers with decent credit and a downpayment, and improved federal tax credit incentives make the equation even better.

Once more consumers grasp the fact that the worst is over for real estate, we just might see some very encouraging numbers in the months ahead.

Copyright © 2009 Realty Times. All Rights Reserved.

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Real Estate Outlook: Affordability Dramatically Improved

December 16, 2008
from Realty Times
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Real Estate Outlook: Affordability Dramatically Improved
by Kenneth R. Harney


How you see the real estate market at the moment depends on what parts you look at. If you focus primarily on mortgage rates and core affordability measures, you may see the country in a recession, but there are some very positive forces at work in the housing sector.

On the other hand, if you look at widespread employment losses -- 530,000 last month alone -- along with rising personal and business bankruptcies, mortgage delinquencies and foreclosures at levels not seen since the 1930's, you might ask: How can housing rebound if the overall economy is mired in such a mess?

And of course housing can't bounce back significantly unless national and regional economic fundamentals begin to improve. But there's at least an outside chance that housing could help in that whole process -- and begin to get healthier as a result.

Here's why: Number one -- affordability has dramatically improved since the end of the boom.

Thanks to severe price rollbacks and near-record low interest rates, homes are more affordable to households with average incomes than they've been for almost a decade. Standard and Poor's economist David Wyss calls affordability a major bright spot, and that's confirmed by the Housing Affordability Index compiled by the National Association of Realtors.

Mortgage rates are an important part of that equation, and they dropped again last week -- this time below five and half percent for 30 year fixed rate loans, according to the Mortgage Bankers Association.

Add onto this the Treasury Department's reported plan to cut fixed mortgage rates for home purchasers to four and a half percent through a "buy-down" program, and you've got the potential underpinnings for serious increases in home buying just over the horizon.

Some economists project an increase in sales of 500,000 to 700,000 homes in the coming 12 months if mortgage rates are cut by a point, AND if the new Congress agrees to include a non-refundable tax credit of up to 10 percent of the purchase price of a home in the economic stimulus package expected in January.

The idea here is to stoke up housing sales and construction -- and dozens of other industries through housing's well-documented multiplier effect -- the stimulus it gives through ripple effects into building materials, appliances, furniture among others.

This has worked before. Congress took precisely these two steps -- interest rate reductions plus tax credits for home purchases - in the 1970s, and the program had far-reaching positive effects on jobs and the economy as a whole.

It could happen again -- even if, on any given day, the picture looks a little grim.
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Copyright © 2008 Realty Times. All Rights Reserved.

Mortgage rates in the Phoenix area hit below 6% APR last week - still waiting?

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PHOENIX & EAST VALLEY SALES & LISTINGS

The latest report for the Southeast Phoenix Valley and Greater Phoenix markets provided courtesy of First American Title.

Please use the BACK arrow to return to this Blog after viewing the data:

MLS INVENTORY - 07/23 - SOUTHEAST VALLEY

Departing from the previous format, during the last 2 weeks Listings up 81, Pending up 53 and Sales down 99. With Active and Pending at 21079 total and divided by sales of gives us 9.8 months of inventory. Based on Active only, that would be 8.3 months.

Again, under a new format, Total Phoenix Area MLS Actives, during the last 2 weeks, up by 308, Pending by 173 and Sold down by 79. This is 11 months inventory, but based on Sales only it is 9.4 months.

MLS INVENTORY - 07/23 - TOTAL VALLEY


Prices continue to decline, driven mostly by sale of REO (Bank owned) properties and Short Sales.

As stated before, it is predicted that the Valley will double in population in 20 years. Good time to buy - I think so!

On a short term time line, the President will likely sign the Mortgage Relief package from Congress, which should help the economy begin to turn upward. Not a total solution, but hopefully will help folks to become a little more positive about tomorrow.

PHOENIX & EAST VALLEY SALES & LISTINGS

The latest "last 30 day" report for the Southeast Phoenix Valley and Greater Phoenix markets provided courtesy of First American Title.

Please use the BACK arrow to return to this Blog after viewing the data:

MLS INVENTORY - 07/08 - SOUTHEAST VALLEY

The number of listings (active and pending) in the SOUTHEAST VALLEY went down by 733 from 2 weeks ago, new contracts in escrow were 466 of those. Sales were up by 52 (2.4%). Summer months are not when a lot of folks are out looking, most make there move earlier to close before schools reopen.

With the total listings at 20964 and SALES at 2252, we now have 9.3 months of inventory in the pipeline for the South East Valley.

Phoenix data is compared to a report of 5 weeks ago.

Results for the total Phoenix MLS area showed the listings decreased by 470 to 60926, while contracts and sales both increased (by 54 and 34 respectively.

We now have 10.7 months of inventory in the Phoenix MLS pipeline.

MLS INVENTORY - 07/08 - TOTAL VALLEY


Prices continue to decline, driven mostly by sale of REPO (Bank owned) properties and Short Sales. Where it will end is anybody's guess, but it is predicted that the Valley will double in population in 20 years. Eventually, the market will begin to turn - we are the nations leader in employment increases which will begin to attract new folks from areas not so fortunate.