Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO, Keller Williams Arizona Realty
The media is giving us a hand with "the good, the bad, and the ugly," this week.
The Good
CNN television ran a segment this morning regarding pricing and affordability of housing nation wide, encouraging any buyers who have been on the fence, to get off, and quickly! As our local economists have been forecasting, CNN also reported that prices are expected to begin increasing in the third quarter of this year, and pointed out that although interest rates have been inching up, they are still extremely affordable.
CNN on line is also reporting that nationally, existing home sales increased for the third consecutive month. They also reported that inventory is at its lowest in more than a year.
The Bad
CNN on line also reported that obtaining a loan is still challenging because credit is very tight. Cash purchases have increased to 32%. That is an unprecedented percentage of full cash purchases, which of course means that investors are able to inch out owner occupied purchasers.
The Ugly
The Associated Press made an error in its report about the Phoenix market yesterday, which then went viral. It reported that 70% of homes in Phoenix are in jeopardy of foreclosure. That correct information is that 70% of sales in Phoenix were distressed, either short sale or foreclosure. ARMLS is working to have the story corrected.
Current Conditions in the Phoenix Market:
• There are 27,903 single family detached listings currently in MLS. That is a decrease of 559 listings from last week, and four consecutive weeks of decrease.
• There are 34,319 total listings currently active in MLS, which includes condos, townhomes, patio homes and lofts.
For market information, or information regarding purchasing or selling property, contact us at www.PacellaGroup.com
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