Bargain Hunters Boost Home Sales in Some Markets - 04/22/08 11:19 AM
USA TODAY reports that as home sales and prices drop across much of the USA, many potential buyers remain scared to jump into the market, and sellers are resorting to slash-and-burn prices. The national median price sank to $195,900 in February, down from $213,500 in February 2007. Foreclosures are up nearly 60% from March 2007, according to RealtyTrac. But, to a small but growing number of buyers across the nation, the grim housing recession offers a tantalizing upside: They can get a home at a fire-sale price. In some metro areas, price declines are galvanizing bargain hunters - especially first-timers, foreign investors … (0 comments)

Apartment Rental Costs are All Over The Map - 04/22/08 11:13 AM
According to reports from MSNBC.com, as a result of the housing supply and demand imbalance, median rental prices in Phoenix fell this year to $939 per month, down about nine percent from $1,035 in 2007. Mark Forrester, a partner with Hendricks & Partners in Phoenix, says that the rental market in Phoenix has been impacted not by an oversupply of apartment properties, but by an oversupply of single-family homes. The city can accommodate about 30,000 new homes per year, he said, but between 2005 and 2007 about 60,000 were built annually and many were acquired by investors to function as rentals or … (1 comments)

Surprise / Sun City Grand Homeowners Take Legal Action Against Pulte Homes - 04/22/08 11:05 AM
The Arizona Republic reports that owners of about 1,000 homes in Sun City Grand, one of Surprise's most affluent retirement communities, are seeking legal action against developer Pulte Homes to correct alleged construction defects. The sheer number of participants puts this among the largest such complaints in Arizona history, building experts say. With about 9,600 homes in Sun City Grand, more than 10 percent are part of the legal action. The law firm representing the residents argues that abnormal cracking in walls, floors and ceilings demonstrates a clear pattern of defective construction. It says the repairs could amount to $50,000 to $100,000 … (1 comments)

Arizona 4th in U.S. in Home Foreclosures - 04/22/08 10:54 AM
A recent article from the Business Journal of Phoenix reports that Arizona ranks fourth among all states in the rate of home foreclosures, according to new research from Realty Trac. Nearly 9,200 homes in Arizona were touched by foreclosure proceedings in March, an average of one in every 283 households. That's more than double the rate from March of 2007. Nationwide, rates are up 57 percent from March of last year. In all, nearly 235,000 homes were hit with foreclosure filings last month, which include default notices, auction sale notices and bank repossessions. Of those, 51,393 homes were lost to foreclosure - … (2 comments)

Northeast Arizona Valley Decline in Inventory - Pending Sales on the Rise - 04/22/08 10:49 AM
The Arizona Republic reports that home prices continue to slump in Scottsdale but Realtors are encouraged by a decline in inventory and a pickup in pending sales. In the northeast Valley, there has been nearly a 50 percent increase in pending sales since January.  As of early April, there were 2,654 listings of existing Scottsdale homes priced under $1 million. That is an inventory of 12 1/2 months, which is better than some areas of the Valley. The report shows about a 26-month supply of homes in Paradise Valley and in Scottsdale for homes priced at more than $1 million.
For more … (1 comments)

U.S. Home Construction Falls to a 17 Year Low - 04/22/08 10:30 AM
Construction of U.S. homes fell to a 17-year low in March, according to CNNMoney.com, which is a much steeper than expected drop, according to a government report released Wednesday. Privately-owned housing fell to a seasonally adjusted 947,000 annual rate in March, according to the Commerce Department. The rate was down 11.9% from February's revised reading of 1.07 million and 36% lower than March of 2007. Economists were expecting housing to decline to 1.01 million, according to consensus estimates compiled by Briefing.com. Mike Larson, a real estate analyst with the research firm Weiss Research, reports, "These figures confirm that the housing market is … (2 comments)

 

Joyce "Joy" Mahaney Brewster

Glendale, AZ

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High Profile Realty

Address: 18185 N. 83rd Avenue, Su. D202, Glendale, AZ, 85308

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Northwest Arizona Real Estate Blog, presented by Joyce Mahaney Brewster of High Profile Realty. Check back often for info on current market trends and analysis and general thoughts on the state of real estate in Maricopa County as well as local news and events. Free multiple listings search with no registration at http://www.joycemahaneybrewster.com.


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