Metro Phoenix experiencing "highest" home value increase in nation. (foreclosures, loans)

[fcorrales80]

While the gain is EXTREMELY moderate, it is a difference from the declines or no gains for the region as a whole. This was also the highest gain realized in the nation's largest metros.

While the values are still lower than 2008 numbers for the same months (14.2%), it is better than the percentages of earlier months and continues to move in that direction:

The latest numbers from the S&P/Case-Shiller Home Price Index show home values rose in the Phoenix area in November of last year while they fell around the country.


The average value of a Phoenix-area home in November was just under $112,000. That was 1.1 percent higher than October, but still down 14.2 percent from November 2008.


Only five of the 20 largest U.S. markets saw price increases in November versus October, and Phoenix’s 1.1 percent jump was the largest.


In terms of a price recovery, major Western cities appear to be faring better than other areas of the country. Phoenix, Los Angeles, San Diego and San Francisco have seen prices increase for at least six consecutive months.


Charlotte, N.C., Las Vegas, Seattle and Tampa, Fla., all reached new lows in November. In Las Vegas, prices have declined for 39 consecutive months, and those prices are down almost 25 percent from November of 2008 to November of 2009.

[adolpho]

I knew it; I closed on November 19, and prices have been going up since. That means my place must be worth at least 22,222 now. I'm sure between Obama and our local cronies, it will be back to 152,000 in no time. Everyone's assessments will be very interesting reading in a few weeks.

[Howard Roark]

Well yes, after dropping from $250,000 to $100,000 since 2006, then climbing from $100,000 to $110,000, I would say that is a big percentage increase. Funny how this news can be spun to fool people into thinking another bubble is brewing in Phoenix.

[las vegas drunk]

This is just temporary. I was just reading that towards the end of the year that there is going to be another mortage crisis that will be much worse than the current one. All the alt a and option arms loans are do to reset. This is going to push the housing prices WAY down again. This does not pertain to only Phoenix, it will be everywhere.

[adolpho]

I've seen those charts Drunk. I think the AG commented on that several months ago. So, not only will they owe 100% of what they (over)paid in 2006, the balance is now at 125%, and their interest rate will go up an average of 5%. about a 7-800 per month increase for many. I hope things are going well for them at the call center(s), err I mean at their "IT Jobs."

[fcorrales80]

Originally Posted by adolpho

I've seen those charts Drunk. I think the AG commented on that several months ago. So, not only will they owe 100% of what they (over)paid in 2006, the balance is now at 125%, and their interest rate will go up an average of 5%. about a 7-800 per month increase for many. I hope things are going well for them at the call center(s), err I mean at their "IT Jobs."

The Obama Adm is proposing and the House and Legislature look poised to pass many of his housing/loan/bank acts and regulations that will prevent many of these resets and possible foreclosures. One of only a few "bi-partisan" support the president is actually experiencing.

IT and call center jobs are very different. So are all those solar, medical, research, and finance jobs in the valley...

[fcorrales80]

Oops, forgot to post the link to original article: Phoenix home values up 1.1% October to November - Phoenix Business Journal:

[observer53]

Originally Posted by adolpho

I knew it; I closed on November 19, and prices have been going up since. That means my place must be worth at least 22,222 now. I'm sure between Obama and our local cronies, it will be back to 152,000 in no time. Everyone's assessments will be very interesting reading in a few weeks.

The assessments run far enough behind the actual state of the market that it will be interesting to see what they are, but at the same time, I'm not getting my hopes up.

[Vinny536]

Originally Posted by las vegas drunk

This is just temporary. I was just reading that towards the end of the year that there is going to be another mortage crisis that will be much worse than the current one. All the alt a and option arms loans are do to reset. This is going to push the housing prices WAY down again. This does not pertain to only Phoenix, it will be everywhere.

I have been reading that nonsense right next to "home prices will double by the end of the year" for the last 2 years. the "end of the year foreclosure flood" hasn't happened yet...

[tolovefromANFIELD]

FC, brother, If you are not getting paid by the Phoenix area chamber of commerce you should be. You are getting shafted, all this publicity for free.

P.S. I shall buy you a starbucks gift card if you write one negative post regarding Phoenix, just one. Send me a PM with your info so that I can send it to you.