Has the bottom hit?

[roosevelt]

Keep in mind, and I'm going to get arguments over this, but the only thing that matters in a house is the square footage of livable area. You can decorate all you want and it is money down the drain. Patio covers, garages, plants, kitchen cabinets, etc. mean nothing when you try to sell or get a loan.

Houses have been reduced all over again but they must have hit a threshold because I've been seeing multiple offers on the same house and forclosed homes are approaching what you can buy a new home in the same subdivision for. The area I have been looking is the Deer Valley Rd, Happy Valley Rd area around 99th avenue.

[Ponderosa]

The anecdotal evidence of a bottom has been coming in for a few months. Statistical evidence in support has recently surfaced. Today, CNBC has a banner story that that prices won't fall much anymore (in contrast to stories just a few weeks ago that 20% decline was in the offing). Watch the news. Once the press picks up on a bottom, that will be it. The mad rush to buy at the bottom will be on, prices will firm, appreciation will return - dramatically in the case of the foreclosures, and this mess will fade into memory for another 10 years or so.

[musicforme]

Originally Posted by Ponderosa

The anecdotal evidence of a bottom has been coming in for a few months. Statistical evidence in support has recently surfaced. Today, CNBC has a banner story that that prices won't fall much anymore (in contrast to stories just a few weeks ago that 20% decline was in the offing). Watch the news. Once the press picks up on a bottom, that will be it. The mad rush to buy at the bottom will be on, prices will firm, appreciation will return - dramatically in the case of the foreclosures, and this mess will fade into memory for another 10 years or so.

Was the CNBC story specific to Phoenix, or more general in nature?

[Ponderosa]

Originally Posted by musicforme

Was the CNBC story specific to Phoenix, or more general in nature?

It was non-specific.

[SOON2BNSURPRISE]

Moodys is saying that the Phoenix, Las Vegas, Florida, and Los Angeles Metro are still over priced and will continue to decline into 2010. The Phoenix Metro had another 20% drop and the Los Angeles area another 29% drop. They use a lot of economic factors to determine the information, such as projected forclosers, current market conditions, unemployment rate, available financing, and other items to determine their numbers. Not saying how well they are at predicting these things, but I am sure that they are better at it than the news organizations doing the reporting, or those of us on City Data Forum.

[roosevelt]

Originally Posted by SOON2BNSURPRISE

Moodys is saying that the Phoenix, Las Vegas, Florida, and Los Angeles Metro are still over priced and will continue to decline into 2010. The Phoenix Metro had another 20% drop and the Los Angeles area another 29% drop. They use a lot of economic factors to determine the information, such as projected forclosers, current market conditions, unemployment rate, available financing, and other items to determine their numbers. Not saying how well they are at predicting these things, but I am sure that they are better at it than the news organizations doing the reporting, or those of us on City Data Forum.

Over all maybe but try to buy where you want to with good schools, new shopping and no grafitti.

[SOON2BNSURPRISE]

Originally Posted by roosevelt

Over all maybe but try to buy where you want to with good schools, new shopping and no grafitti.

I don't mind the schools in Surprise, lots of new or at least newer shopping and I have not seen too much grafitti.