Phoenix MLS Predicting Lowest Median September Price in Nine Years (leasing, crime)

[aoeu00]

Like someone said, last year, they thought it was the bottom.. and it turned out not to be. And the sky, actually to a lot of people, "has fallen". We're in a housing crisis and have been for a couple of years now. Of course, no one can predict the future exactly. We can only guess and perceive what's going to happen.

In just my own opinion, I think housing will be from flat to still going lower over the next year or so. Obviously, the further out we look, it gets more cloudy. Of course, I can be totally wrong, too.

I do fall into the camp of underemployed. I don't see my former income returning for a number of years. I bet the same can be said for a lot of folks.

[_Charles_]

The job market has to recover first. Its that simple. Folks can debate foreclosure stats all day long. It doesn't mean a thing until the job picture improves.
As a long time Valley resident I would like to see a departure from dependance on endless, runaway real estate speculation and sprawl but only time will tell.

[Howard Roark]

I have been gearing up for underemployment happening to me to. I think it's inevitable. In fact, in a sense my hourly rate has fallen over the last four years by virtue of the fact that the company eliminated overtime work.

At this point, nervous about my job, I work extra hours for no pay.

And I'm bracing for my real hourly rate (without overtime) to be cut in a few years. Fortunately I prepared for it the last ten years by saving like a miser while the grasshoppers were fiddling with real estate. LOL. I was laughing at them during those "go go" years because they were looking down at me as a renter. I have the last laugh, even when I will be underemployed I have a cash cushion to protect me during the coming leaner years.

Originally Posted by aoeu00

I do fall into the camp of underemployed. I don't see my former income returning for a number of years. I bet the same can be said for a lot of folks.

[EnicAZ]

Phoenix Metropolitan foreclosures spiked more than 33% from June to July, and home sales fell by more than 2,500. I would encourage anyone to back out of their purchases if they haven't already done so. Home values are starting to tank again.

[Ritchie_az]

I would encourage anyone to back out of their purchases if they haven't already done so. Home values are starting to tank again.

They certainly would tank if everyone took your advice. However, what would happen if everyone who is considering buying actually purchased a home?

[_Charles_]

Originally Posted by Ritchie_az

They certainly would tank if everyone took your advice. However, what would happen if everyone who is considering buying actually purchased a home?

It is apparent someone works in real esatate and or recently spent allot of money purchasing a home.
No offense but cognitive dissonance and denial does not change market facts.
Part of what drove the bubble in addtion to irresponsible lending was this kind of hubris.
The Valley's past dependance on real estate speculation and endless growth was not a plan. If nothing else this crash should drive that message home.

Besides - employment needs to turn around first. Playing with numbers around sales of homes does nothing to mitigate that.

[Ritchie_az]

It is apparent someone works in real esatate and or recently spent allot of money purchasing a home.

I'm not in real estate. I did purchase a home not long ago (I wouldn't say "a lot of money"... I certainly purchased at the bottom end of the market....), but in my mind it is not a financial investment, but a place to raise a family in. I don't really care what the "value" of it is, since I intend to live in it for many, many years.

No offense but cognitive dissonance and denial does not change market facts.

Neither does pretending to be Chicken Little. And what "facts"? You have no idea what the market will do. All you can do is speculate. So what? You might be right, you might be wrong. Don't pretend that you are speaking the truth.

Part of what drove the bubble in addtion to irresponsible lending was this kind of hubris.

Huh? I'll I said was if someone is in the market to buy, has done their research, and is either paying cash or intends to live in the house for at least five years (more is better), then now is an excellent time to buy. If that's not you, don't buy. It's pretty simple. But saying "only fools would buy now" is nonsense.

Besides - employment needs to turn around first.

Yes, but unemployment isn't as bad here as some people make it out to be, either. About 1/3 of the states have worse....

[jimj]

Originally Posted by Ritchie_az

I'm not in real estate. I did purchase a home not long ago (I wouldn't say "a lot of money"... I certainly purchased at the bottom end of the market....), but in my mind it is not a financial investment, but a place to raise a family in. I don't really care what the "value" of it is, since I intend to live in it for many, many years.



Neither does pretending to be Chicken Little. And what "facts"? You have no idea what the market will do. All you can do is speculate. So what? You might be right, you might be wrong. Don't pretend that you are speaking the truth.



Huh? I'll I said was if someone is in the market to buy, has done their research, and is either paying cash or intends to live in the house for at least five years (more is better), then now is an excellent time to buy. If that's not you, don't buy. It's pretty simple. But saying "only fools would buy now" is nonsense.



Yes, but unemployment isn't as bad here as some people make it out to be, either. About 1/3 of the states have worse....

Not to mention all the investors out buying right now and either flipping or turning into rentals. Saw/went up against lots of it while looking to buy and have seen it in my own neighborhood recently.
Now who would want people to stop buying and force prices down even more? Hmmmmmm?????

[YAZ]

Originally Posted by Ritchie_az

Yes, but unemployment isn't as bad here as some people make it out to be, either. About 1/3 of the states have worse....

that's like saying:

"Everybody sucks, but we suck less."

Like you though, we bought a home cuz we love it, not for the resale value.

[azjack]

"Now who would want people to stop buying and force prices down even more? Hmmmmmm?????"

Charles, please stop causing Phoenix area businesses to stagnate, employment to weaken, and incomes to decrease. Do you use your remarkable powers just so that Phoenix area houses will continue to get cheaper? Stop using your powers this way and get rid of that decade's worth of of excess inventory built during the bubble while you are at it.