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Old 10-29-2009, 08:55 AM
 
Location: GoJoe
713 posts, read 774,645 times
Reputation: 283

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Quote:
Originally Posted by fcorrales80 View Post
Um, actually Detroit's unemployment rate is near 30%...Phoenix' unemployment rate is still in the 8% range...
the data was on talk radio. i do need to do some more research on it. thanks.
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Old 10-29-2009, 11:17 AM
 
Location: Scottsdale, AZ
421 posts, read 705,407 times
Reputation: 218
Look for interest rates on new mortgages to start going back up.

Fed Ends Treasury Buys That Capped Rates, Stabilized Housing
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Old 10-29-2009, 11:47 AM
 
Location: SE Arizona - FINALLY! :D
16,104 posts, read 14,132,090 times
Reputation: 4927
Quote:
Originally Posted by musicforme View Post
Look for interest rates on new mortgages to start going back up.

Fed Ends Treasury Buys That Capped Rates, Stabilized Housing
Considering that interest rates are down near historic lows that won't be a surprise.

Ken
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Old 10-29-2009, 01:03 PM
YAZ
 
Location: Phoenix,AZ
6,186 posts, read 6,781,861 times
Reputation: 4517
Quote:
Originally Posted by fcorrales80 View Post
Um, actually Detroit's unemployment rate is near 30%...Phoenix' unemployment rate is still in the 8% range...

Phoenix had the largest percentage of jobs lost and the largest actual number of jobs lost of any other large city in the past year.

Motown has been shedding jobs for decades; there just aren't many more jobs to cut back there.

The unenjoyment "rate" doesn't really tell the whole story....

While we most likely won't see $500 home prices here in the Valley of the Sun, this 'lil "correction" is gonna be around for a long time.
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Old 10-29-2009, 01:59 PM
 
Location: Scottsdale, AZ
421 posts, read 705,407 times
Reputation: 218
Quote:
Originally Posted by LordBalfor View Post
Considering that interest rates are down near historic lows that won't be a surprise.

Ken
You and I may know that, but believe it or not there are other people out there that don't follow this stuff. If they did, many fewer people would have an Adjustable Rate Mortgage.
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Old 10-29-2009, 03:20 PM
 
Location: Phoenix
3,995 posts, read 6,290,320 times
Reputation: 863
Quote:
Originally Posted by YAZ View Post
Phoenix had the largest percentage of jobs lost and the largest actual number of jobs lost of any other large city in the past year.

Motown has been shedding jobs for decades; there just aren't many more jobs to cut back there.

The unenjoyment "rate" doesn't really tell the whole story....

While we most likely won't see $500 home prices here in the Valley of the Sun, this 'lil "correction" is gonna be around for a long time.
It might be...what you state is a theory and not a foregone conclusion thought some would be more inclined to think this way because of the depressing state of the economy. Also, I'm not sure if Phoenix had the largest percentage of job losses and actual number of losses, I can't find that information, but Arizona was near the top for job losses this year. The hardest hit industry is construction, with out a doubt.

Another thing to consider is the shrinking inventory of houses available on the market and bidding wars that have once again sprung up. So while the asking price of a house may be going down, the actual sales price is going up, which in turn may cause prices to rise. Also consider that Phoenix is no longer a hot bed for foreclosures and unemployment applications have peaked and are falling ever so slowly.

EDIT:
I did find some info: Phoenix lost the highest percentage of jobs (8%) compared to other cities; however, Los Angeles, New York, and Chicago lead the nation in actual number of job losses so you were half correct. Most of those jobs lost in Phoenix were in construction: http://phoenix.bizjournals.com/phoen...6/daily34.html

On another note, Phoenix lead the nation for biggest gains in wages. Forecasts call for the state and city to once again show sings of growth in 2010 and increasing over two years leading to a rapidly growing environment once again by 2013; good news for some, bad news for others. As always noted, these economic crises are always cyclical. In 1983 Phoenix suffered from the largest historical unemployment rate of nearly 12% because of the financial debacle of the 80's (part of the Savings and Loan Scandal).

Last edited by fcorrales80; 10-29-2009 at 03:37 PM..
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Old 10-29-2009, 03:30 PM
 
Location: Sonoran Desert
17,573 posts, read 20,884,023 times
Reputation: 9208
Quote:
Originally Posted by jwest09 View Post
I noticed on Zillow, that the valleys home values are still going down thousands each 30 days. How long does anyone think this trend will last and when they think it will stabilize? Other western states home prices are on their way back up, at last.
My Zillow has gone up 6% in the last 30 days. Same thing on the other web sites and on the bank's appraisal page. Still have a ways to go recovering the undershoot and getting back on the trendline, but things are looking better than they have in quite some time.
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Old 10-29-2009, 04:46 PM
 
Location: Phoenix
3,995 posts, read 6,290,320 times
Reputation: 863
Some more information regarding homes and prices: At least in one community (Gilbert), home builders have applied for more permits and raised prices of new homes by $25,000...this wasn't hard to find as it was on the first page of AZcentral.com, LOL!

Demand for new homes rising amid Gilbert 'mini-boom'
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Old 10-29-2009, 04:57 PM
 
9,179 posts, read 10,038,164 times
Reputation: 6798
According to Zillow, my home went down $1500 in the past 30 days. I live in NW Chandler. A friend who lives in Ocotillo (Fulton Ranch) lost $5,000 in the last 30 days
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Old 10-29-2009, 05:53 PM
 
Location: Tucson
42,843 posts, read 54,814,416 times
Reputation: 22811
Zillow is a total mess! See my posts below if you'd like:

http://www.city-data.com/forum/9683123-post5.html

http://www.city-data.com/forum/9764446-post15.html

Right now they got it down to the purchase price. The neighborhood, the zip, the city, and the county are almost flat; only MY house is dropping like dead bird!

The house my ex-husband lives in was even a bigger mess! It was in the wrong zip code, a totally different house! Then it moved to the right place as a multi-unit building at half of the value again! Right now zillow shows 2! properties (it's a regular SFR) at the same address - the real house AND the other weird object... And this one is in an established 13-year old subdivision!
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