Article on Pinal County Housing Bust & Issues Facing Exurban Subdivisions (Casa Grande: for sale, real estate)

[azjack]

"There will come a bust in every boom," said Bill Bridwell, a Casa Grande real estate broker. "Everything just got out of control."

Foreclosures in Pinal are on track to hit 9,790 this year, according to numbers from the Pinal County Recorder's Office. That would be up more than 100 percent from last year.

"It's a sad number," said Pinal County Recorder Laura Dean-Lytle.
In comparison, Pima County foreclosure filings are up 43 percent so far this year, according to data firm RealtyTrac.

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"This house was a really good deal," said Jeremy Willistein,26 who paid $165,000 for a 1,300-square-foot entry-model home last year.

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Affordability was Red Rock's biggest selling point from the time it opened in January 2007. Then, its lowest-priced home started in the $160,000s. Now after price decreases, the starting price is $129,000, and Pulte is working on a new floor plan that would be priced even lower, Chlarson said.

Red Rock hanging on | www.azstarnet.com (http://www.azstarnet.com/business/251919 - broken link)

[Bob's Burgers]

The same people who sold homes for $350000 plus to people who couldn't afford the house are now telling the truth? I would not believe the media, the bank nor the agent. Their goal is to take your money , just like before.

[Captain Bill]

Originally Posted by azjack

"There will come a bust in every boom," said Bill Bridwell, a Casa Grande real estate broker. "Everything just got out of control."

Foreclosures in Pinal are on track to hit 9,790 this year, according to numbers from the Pinal County Recorder's Office. That would be up more than 100 percent from last year.

"It's a sad number," said Pinal County Recorder Laura Dean-Lytle.
In comparison, Pima County foreclosure filings are up 43 percent so far this year, according to data firm RealtyTrac.

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"This house was a really good deal," said Jeremy Willistein,26 who paid $165,000 for a 1,300-square-foot entry-model home last year.

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Affordability was Red Rock's biggest selling point from the time it opened in January 2007. Then, its lowest-priced home started in the $160,000s. Now after price decreases, the starting price is $129,000, and Pulte is working on a new floor plan that would be priced even lower, Chlarson said.

Red Rock hanging on | www.azstarnet.com

That article was published on August 10, 2008. Old News. A lot has changed since then.

[azjack]

"That article was published on August 10, 2008. Old News. A lot has changed since then."

The excerpt and link were not "Old News" when I posted them on August 14, 2008.

But you are right that much has changed since 2008 in regards to monthly foreclosure filings in Arizona. They are higher now. And I am confident that prices at the mentioned subdvisions are lower in 2009.

[Captain Bill]

Originally Posted by azjack

The excerpt and link were not "Old News" when I posted them on August 14, 2008.

But you are right that much has changed since 2008 in regards to monthly foreclosure filings in Arizona. They are higher now. And I am confident that prices at the mentioned subdvisions are lower in 2009.

I didn't notice the date you posted. It looks like someone just happened to see it now and decided to use it to make another blast at realtors.

Yes I would also guess that houses there are lower, and it does look like the number of foreclosures in May will be higher.

However, I believe that the foreclosures and any resets that actually cause people to not be able to afford the mortgage and have to sell, will be absorbed. Of course that is a personal opinion, but I base it on what I see happening duiring the past year in the inventory decline/sales increase, along with the current buyers coming in. Plus the decline in inventory of the homes on up to $350k.

As of May 25, there were 9292 sales of all types in the valley, so we'll probably hit 10,000 total for May. The 9292 number for May is 74% greater than on this date last year.

The sales for the year to date, is up 48% greater than the same year to date period in 2008.

There are also 13,900 Pending sales, which is a very good indicator that June sales will also be strong.

I venture to guess that during the slow season for sales, we'll still see a high number because of the $8000 tax credit, and the rush to take advantage of it; and the still low interest rates.

Prices have begun to creep higher in more areas. In the beginning it was only Queen Creek that saw a price increase. Now we're seeing it in other areas, and of course. people on CD are reporting multiple bids, and getting out bid for properties.

It is a waiting game to see how this will play out during the rest of the year, but for now things are looking more positive for the market every day.

[JDish2000]

This article is useless now...

I don't even suppose you would use this to make a determination to buy or not buy a home...

I mean really, what's the point...

At the azcentral site there is a more relevant article today regarding home prices for the First Quarter of 2009.

Much more relevant than a article from August 2008...

[azjack]

Sometimes I forget that reading comprehension skills vary dramatically.