Network of Real Estate Professionals
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. …
Posted by CatherineReagor’s Blog
The average rent for a Valley apartment slipped again, according to new data from research firm RealFacts.
The typical Phoenix-area apartment now costs $761 a month to rent, down almost 1 percent from the second quarter of this year. The area’s apartment vacancy rate is at 12.8 percent, down 2.5 percent from last year.
"It’s a bad time to be a landlord," said Jay Butler, director of Realty Studies at Arizona State University.
Metro Phoenix Apartment owners are giving away free rent, TVs, Ipods and scooters to attract renters.
Butler said he recently saw a sign on a Phoenix apartment complex offering a deal …
Posted by CatherineReagor’s Blog
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
The U.S. Green Building Council is holding its annual Residential Summit in the metro Phoenix Nov. 11th through the 13th. The event is expected to draw thousands of developers, planners and investors from across the country.
According to the U.S. Department of Energy, households account for 20 percent of energy consumed and 21 percent of carbon emissions.
The Green Building Council estimates that as many as 120 million U.S. homes need energy efficiency improvements and retrofits.
Former Vice President Al Gore is the keynote speaker. He will speak at the Arizona Diamondbacks’ Chase Field Wed. Nov. 11th. Grammy winner Sheryl Crow …
Posted by CatherineReagor’s Blog
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. …
Posted by CatherineReagor’s Blog
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 …
Posted by CatherineReagor’s Blog
January’s significant drop in pre-foreclosures is the indicator many metropolitan Phoenix housing-market watchers have been anxiously looking for during the past several months.
For the first time since November 2008, the monthly tally of Valley homeowners to fall behind on their mortgages and face foreclosure is below 7,000. Actual foreclosures dropped as well, although their decline wasn’t as dramatic.
Last month, there were 6,762 pre-foreclosures, or notice-of-trustee-sale filings, against Phoenix-area homeowners, according to the real-estate data firm Information Market. That is a 14 percent drop from the 7,879 pre-foreclosures filed by lenders in December 2009. Pre-foreclosures hit a record 10,689 last in …
Posted by CatherineReagor’s Blog
Metro Phoenix home values inched up in the latest S&P/Case-Shiller 20-city home-price index. Between November and December of 2009, home prices ticked up 1.2 percent in the Valley, on a seasonally adjusted basis.
Overall, the 20-city index climbed 0.3 percent for the period. Phoenix was one of only five cities to post an increase in home prices. Los Angeles posted the largest increase, 1.4 percent.
Year-over-year, the Valley saw home values drop 9.2 percent on the index. While the data lags due to the time it takes to research home prices across the country, Case-Shiller is considered the best national index tracking …
Posted by CatherineReagor’s Blog
There’s lots of speculation about how many speculators are snatching up foreclosure homes in the Valley. However, tracking investors is tricky.
Here’s what we know for sure about the area’s foreclosure home buyers, according to real estate analyst Mike Orr, publisher of the Cromford Report.
About 19 percent of metro Phoenix foreclosure homes to sell in the past month were purchased by buyers who checked the box “intends to rent the property to a third party” on property records. Those buyers are definitely investors.
About 34 percent of all Valley foreclosures were purchased by all-cash buyers. Most of those buyers are …
Posted by CatherineReagor’s Blog
Phoenix is not leading the nation in home prices declines, according to the S&P/Case-Shiller home-price index released this morning.
Las Vegas is No. 1 with a 32.4 percent drop in housing values between June 2008 and June 2009. Metropolitan Phoenix came in at No. 2 with a 31.6 percent decline for the period. Detroit was No. 3 with a 25 percent price drop.
According to the well-respected index, metro Phoenix has led the nation for home price drops during most of the past six months. However, the Valley’s median home prices started to tick up in late April as the inventory of …
Posted by CatherineReagor’s Blog