Key indicators from Phoenix's Housing Market

March 13, 2010 By Leave a Comment

There are some positive signs coming from metropolitan Phoenix housing market. Foreclosures dropped slightly in September while home prices inched up again.
Last month, lenders foreclosed on 3,759 Valley homes, an almost 5 percent drop from August, according to the Information Market. It’s the second month in a row foreclosures, or trustee sales, have fallen. Pre-foreclosures also dropped in September, a good sign there will be another decline in foreclosures this month. There were 7,857 pre-foreclosures, or notice of trustee sales, filed by lenders last month. That’s an 11 percent drop.
There’s been a big push by the government and nonprofits for …

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Check out Valley Home Values

March 13, 2010 By Leave a Comment

There’s no doubt its been a tough year for metro Phoenix’s housing market. But some areas are showing smaller declines than last year.
Foreclosures homes resold by lenders continue to dominate the market, but the marketshare for those homes is shrinking.
Check out Valley Home Values at homevalues.azcentral.com to see what home sales and foreclosures are doing to prices in each metro Phoenix ZIP code. …

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Posted by CatherineReagor’s Blog

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What will it take for Arizona to keep growing?

March 13, 2010 By Leave a Comment

Or more importantly, what will it take for metro Phoenix to draw more quality jobs and keep growing?
Check out azcentral.com’s virtual town hall on creating jobs. It stars at 11:30 a.m. today.
 
 Economic development expert Ioanna Morfessis and Goldwater economist Byron Schlomach will answer questions and address the topic key to Arizona’s continued growth.
Growth is key to the Valley’s housing market’s recovery. 
  …

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Posted by CatherineReagor’s Blog

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President signs homebuyer tax credit extension

March 13, 2010 By Leave a Comment

Today, the homebuyer tax credit extension was signed as expected by President Barack Obama.
Real estate leaders at the Urban Land Institute fall conference in San Francisco believe the tax credit has helped boost home sales and prices during the past several months. The extension and expansion of the credit is expected to buoy the housing market until next summer.
In metro Phoenix, the area’s median home price has slowing been ticking up since April.
Now that many homeowners can tap the credit to buy other homes, it could help the Valley’s ailing luxury market. …

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Why aren't more homeowners walking away?

March 13, 2010 By Leave a Comment

A University of Arizona professor has some new advice for homeowners who owe more than their house is worth: consider walking away.
The controversial advice comes from Brent White, an associate law professor, who recently completed a discussion paper called “Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis.” His theory is more homeowners could be walking away from their mortgages but aren’t because they’re being shamed by banks and politicians to keep paying or their credit will be ruined, and that isn’t fair.
“It’s unfair that responsible homeowners, who bet on the housing market just …

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Posted by CatherineReagor’s Blog

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Slow recovery for Arizona economy and real estate, says Federal Reserve president

March 13, 2010 By Leave a Comment

“Thing are beginning to look up in Arizona as they are for the nation. Still the Phoenix housing market is nowhere near a return to health.”
The pronouncement came from Federal Reserve Bank of San Francisco President Janet Yellen on Tuesday to a group of the Valley’s leading real estate and banking executives.
“As the housing market collapsed and the nation fell into financial crisis and recession, your desert metropolis was set back on its heels,” she said to the Phoenix chapter of the land economics group Lambda Alpha International. “Just as you (Phoenix) grew faster than the nation as a whole …

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Posted by CatherineReagor’s Blog

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Various measures of Valley home prices heading in same direction: up or at least flat

March 13, 2010 By Leave a Comment

Tracking metropolitan Phoenix’s home prices can be done in several ways, so there are different medians or index numbers for the area’s housing market. What’s key is the direction the numbers or indicators are heading.
And all measures now show Valley home prices inching up or at least holding steady.
S&P/Case-Shiller, the leading national home index, shows metro Phoenix home prices ticked up 0.8 percent between August and September. The index lags a few months because it compares national home prices. Nationally, the 20-city index shows home prices climbing 0.3 percent during the period, so the Valley is faring better.
The median price …

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Posted by CatherineReagor’s Blog

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Phoenix real estate forecasts in January

March 13, 2010 By Leave a Comment

It’s time to mark our calendars for Phoenix’s big real estate forecasts in the New Year. Unfortunately, we probably can’t look forward to much good news.
 Urban Land Institute Arizona’s 2010 Real Estate Trend Conference is scheduled for Thursday Jan. 21st at the Arizona Biltmore. Peter Linneman, a real estate strategist, is the keynote speaker for the event. Go to arizona.uli.org for more information about the luncheon.
The Phoenix Housing Market Letter, RL Brown’s group, will hold its housing forecast on Jan. 20th. Information is available at www.rlbrownreports.com. …

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Alphabet soup of recovery theories for Phoenix's housing market

March 13, 2010 By Leave a Comment

Theories for the housing market’s recovery remind many of alphabet soup – V, W, L and U.
Real Estate analyst RL Brown explains the recovery scenarios behind each letter in the latest Phoenix Housing Market Letter.
V – This is the symbol behind a fast crash and subsequent fast recovery. We already know this won’t be the case. “The V’s were the rose-colored glasses folks,” says Brown.
W – The symbol for a double-dip recession. If this plays out, we are in for another stock market crash, spike in foreclosures and big drop in home prices. “The W’s are the skeptics,” says Brown.
L …

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How Phoenix's housing market fared in 2009

March 13, 2010 By Leave a Comment

There’s no doubt that 2009 was a horrible year for metropolitan
Phoenix’s real estate market. What most people hope is that it
will be the worst year ever recorded, and 2010 will be better.
Here are some final figures for last year, and not all are as bad
as expected.
There were 7,723 Phoenix-area home sales recorded in December,
according to Mike Orr’s Cromford Report. That’s more than double
the number of home sales from December 2008. Last month’s hearty
sales pace puts the annual total for the area at 92,435, which is
up 50 percent from a year ago and near 2006′s pace.
Foreclosures showed signs of slowing during …

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