"Foreclosures continue to be the dominant force in the market", states Jay Butler, professor at the W.P. Carey School of Business at ASU. Butler feels the housing market is making a glacial pace recovery, but emphansizes that he has seen the same seasonal report in the past two years without a significant recovery in the home-resale market overall.
Median home prices for single family homes in Phoenix, AZ in June 2010 was around $143,000. June 2011 shows a median price for a single family home to be around $126,500 for the Valley compared to a median price in May 2011 of $125,000. A slight increase is good news.
The number of foreclosure pre-filings has been declining for the last year. The Phoenix-area housing market had 3,280 single-family foreclosures in June, down compared to June 2010 which had 3,835.
In general, available home inventory is low, a sudden increase in listings could cause another decline in prices, though. Some areas of Phoenix, AZ are seeing a great improvement in housing prices. New home building is rising too.
The Arizona Housing department is administering federal funds for homeowners working towards a loan modification. The department has agreed to match up to $50,000 in principal reductions IF, lenders will agree. Only a few of these have been completed so far. The Arizona Housing officials say they are close to working with Bank of America principal reduction loan modifications. Let's hope this turns into hundreds :)
Wednesday, July 13, 2011
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About Kathleen Mazzocco
- Kathleen Mazzocco, Realtor in Anthem, AZ Relocation to Scottsdale, AZ
- Scottsdale, AZ, United States
- Kathleen has worked with a variety of clients and employees from across and outside of the country, and this has given her a firm grasp of all the details that need to be considered when buying a home in Scottsdale, Anthem, or other areas of Phoenix, Arizona. Kathleen is a AZ Corporate Relocation Professional, and Buyer's Agent. She doesn't just help you find the home you want, she also insures that you're settling in well and that you have all the information you need in order to enjoy the highest-quality lifestyle Arizona has to offer. Begin your plan moving to Arizona with Kathleen today. It's a buyer's market right now, so there are great opportunities for you to land the home of your dreams for much less than you ever imagined possible. Acquiring property foreclosures, short sales, and bank owned homes are ways you can save in today's market. As Certified Distressed Professional she can negotiate the best possible price and terms for you. Please browse through Kathleen's website and let Kathleen Mazzocco help you come home to Arizona,search the newest home listings at www.KathleenInAZ.com.