housing prices really jumping that much....WHY??? (Phoenix, Gilbert: rent, new home)

[Bideshi]

Originally Posted by Ponderosa

The only "hope" you have of seeing lower prices is a declining national economy. All the leading economic indicators say that is not going to happen.

Not any reliable indicators. The government's indicators are statistical frauds.

[Captain Bill]

Originally Posted by Bideshi

There's no if about it.
The Second Foreclosure Tsunami Is Coming, And Is About To Kill Any Hopes Of A "Housing Bottom" | ZeroHedge

You have to rely on the information you feel is best for you. You'll either choose the right direction, or the wrong direction. Only time will tell.

As has been said, many times over, Arizona has non-judicial foreclosures which goes faster than judicial foreclosure states, so while other states were backlogged, Phoenix was still doing their foreclosures and cleaning them out.

Phoenix does not have a large backlog of homes that are more than 30 days past due on mortgage payments. The foreclosure notices NOTC are way down, and the bank inventory is way down.

There really is no tsumami of foreclosures in the future that we can see in the Phoenix area.

Much of the mention of high foreclosure rates coming are for judicial foreclosure states.

Again, you have to believe what you believe, and do what you feel is best for you.

[whodiman]

Originally Posted by Bideshi

There's no if about it.
The Second Foreclosure Tsunami Is Coming, And Is About To Kill Any Hopes Of A "Housing Bottom" | ZeroHedge

Does this need to be explained again? This is a general article but doesn't not apply to many individual markets. Go back into the "real estate is tanking " thread to read why this isn't happening in Phoenix.

[Pink Jazz]

Originally Posted by dadof2divas

I would like a new build. Who is building in the San Tan Valley,Queen Creek area. That is where I would want to go since most of my drive will be to Chandler area any way. But I don't want to pay $170K I would rather stay around $150K and below. I have a rate right now of 4% on buying in AZ. Anyone know of builders in San Tan Valley/Queen Creek?

There is Fulton Homes Ironwood Crossing, where their Paradise series starts from $130K and their Mediterranean series starts from $160K.

[ReadyFreddy]

Originally Posted by jimj

True enough but there's usually a reason (bad location,over priced for what it is).

Like Bill said, also just the price level. Homes over a certain price aren't flying off the shelf, and it doesn't mean they're overpriced or in a bad location or bad condition. Also, some homes are unique and take more time to sell. It's rude and wrong to suggest a house that sells in 2.5 weeks had something wrong with it.

To the person looking for new builds in STV and QC, I think you could google that or go to any MLS or home listing app and find all you need fairly easily.

[jessrscott]

Originally Posted by Home Addict

Your best bet would be HUD homes and homepath homes. They are open for owner occupant bids ONLY for the first 30/15 days, so you won't be competing with investors if you decide early.

I still see very attractively priced HUD homes occasionally. Go to their website and search. Make sure your real estate agent can put in bids for you.

Best of luck!

Our experience with this was that multiple offers come in during those first 15 days because SO many people who are actually looking for a residence rather than having cash on hand for an investment property are taking this strategy. Every good HUD and Homepath that we saw when we were house-hunting last month already had multiple offers during that 15 day window. One of them ended up going for $85k over the bank's asking.

So, if you don't want to be in a multiple offer situation, I would add to the advice of "make sure your real estate agent can put in bids for you" with "have a real estate agent who is willing to call the banks to find out how many offers are on the table."

Good luck!

[Zippyman]

Originally Posted by Bideshi

There's no if about it.
The Second Foreclosure Tsunami Is Coming, And Is About To Kill Any Hopes Of A "Housing Bottom" | ZeroHedge

Zerohedge was right about things in 2006, in the country as a whole and specifically in California. But the post you've mentioned only assumes the reduction in foreclosures was due to robosigning and the author makes no attempt to try to count actual lender owned inventory.

Arizona is a much different legal landscape than California, Florida, or Michigan , primarily because we generally don't do judicial foreclosure, there is no long legal process to take a home back if it defaults, nor is there any need to "robosign" any documents. Until you understand that, you can't begin to understand how silly the idea of "hidden inventory" is in Arizona.

If you've been in the market the past few years, you would have seen how recklessly and carelessly the banks dumped their inventory on the market. They decimated neighborhoods & in my opinion exacerbated the problem by their "take whatever we can get right now" approach. Things no rational seller would do, like $20k price breaks every thirty days ( on a $100k property!) until it sold.

To infer that the banks are somehow knowledgable and efficient at disposing of real property is to ignore the past five years of their behavior. They simply aren't smart enough to "create" a bubble, nor are they patient enough to pull off some intricate conspiracy to raise prices while they dump their inventory.

[bguar]

Originally Posted by Bideshi

There's no if about it.
The Second Foreclosure Tsunami Is Coming, And Is About To Kill Any Hopes Of A "Housing Bottom" | ZeroHedge

You're right -- there's no "if" -- it simply isn't happening.

[MN-Born-n-Raised]

Originally Posted by dadof2divas

I am just saying it will be interesting, but they might just let them trickle out a little bit at a time. Since prices are slowly moving up again not to be a double minded thinker but I can see the banks slowly releasing them to get more money from them instead of taking a bath just to dump them. Unless the banks are hurting from holding on to the to long already...Just food for thought on that subject.

If you think there is a conspiracy to push up the Phoenix home prices, "they" did a terrible job of manipulating the market from 2008-2011.

Read the thread "phoenix real estate keeps tanking" . While real estate might go up or down because of market forces, the Phoenix market isn't being manipulated other than by super low interest rates. Everyone has a right to believe in a boogieman. In my opinion, uneducated fears will cost you thousands .

[WI2AZ]

I'll also quick share our experience. We are buying around the $100,000 price range. Have 25% to put down and will be getting a Conv. loan for the rest. We put an offer in on a HUD (they list their houses for so many days and to owner occupants first). We knew we'd be bidding over the asking price. We bid $9,000 over and were outbid. The next day a new house came available - we liked it so much better, but it was priced more too. Put in an offer of about $7,000 over the asking (this home is a Freddie Mac) and the following day at noon it was taken off the market with multiple offers, but ours turned out to be the best! My advice for you - get a GOOD REALTOR who knows how the market is working! We bought in the southeast valley, so if you want a recommendation for that area let me know.