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Old 05-28-2011, 05:25 PM
 
421 posts, read 1,074,699 times
Reputation: 128

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You are right, the inventory atleast in Chandler area is going down dramatically, good houses are selling within 24-48 hours
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Old 05-31-2011, 09:40 AM
 
2,806 posts, read 3,186,205 times
Reputation: 2709
Ouch - Phoenix made it on top of the year-over-year loser list on the latest Case-Shiller housing index. - 8.4% y-o-y. Why was just Phoenix so hard-hit over the last year compared to other areas?

Case Shiller Housing Index
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Old 05-31-2011, 11:54 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,794,859 times
Reputation: 3876
Quote:
Originally Posted by Potential_Landlord View Post
Ouch - Phoenix made it on top of the year-over-year loser list on the latest Case-Shiller housing index. - 8.4% y-o-y. Why was just Phoenix so hard-hit over the last year compared to other areas?

Case Shiller Housing Index
In April 2009 the Phoenix area median price was $115,000.

The first time home buyers tax credit drove the prices up to $130,000 by May 2010.

After the tax credit expired, the prices dropped back down to where they are today at $111,000.
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Old 05-31-2011, 11:26 PM
 
9,891 posts, read 11,791,787 times
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And the foreclosure rate as #2 in country, slow sales, and a huge over supply is expected to bring down prices near 10% more this year.

Report: Phoenix-Area Foreclosure Rate Remains High (http://tinyurl.com/46z57xk - broken link)
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Old 06-01-2011, 10:12 PM
 
Location: East Central Phoenix
8,046 posts, read 12,292,334 times
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I'm more concerned about the potential sellers and what they're faced with right now. Even though I'm not looking to sell my house right now, the thought has crossed my mind because I would like to eventually live in a condo or gated community within a short distance from my work and not have to drive so much. That would also be a good investment for retirement. As it stands now, my mortgage is paid off, so I guess I should consider myself one of the lucky ones ... but if I HAD to sell and move out, what good would it do me with the resale values being so low? In many cases, an older home like mine would not allow me to make a kind of capital gain of any substance. In fact, I might actually end up losing money.

All I keep hearing is how good the Phoenix market is because home values are so cheap in comparison to other large metro areas. Sorry, but I don't consider that anything to brag about. What is so wonderful about cheap housing when sellers can't make any kind of profit on their investment???
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Old 06-02-2011, 02:13 AM
 
10,719 posts, read 20,322,264 times
Reputation: 10021
Quote:
Originally Posted by Valley Native View Post
I'm more concerned about the potential sellers and what they're faced with right now. Even though I'm not looking to sell my house right now, the thought has crossed my mind because I would like to eventually live in a condo or gated community within a short distance from my work and not have to drive so much. That would also be a good investment for retirement. As it stands now, my mortgage is paid off, so I guess I should consider myself one of the lucky ones ... but if I HAD to sell and move out, what good would it do me with the resale values being so low? In many cases, an older home like mine would not allow me to make a kind of capital gain of any substance. In fact, I might actually end up losing money.

All I keep hearing is how good the Phoenix market is because home values are so cheap in comparison to other large metro areas. Sorry, but I don't consider that anything to brag about. What is so wonderful about cheap housing when sellers can't make any kind of profit on their investment???
What about renting your home?
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