Phoenix Real Estate 'Market Distress' Charts - June 2013 versus June 2010
Drastic improvement in the Phoenix Real Estate market from June 2010 to June 2013. By comparing 2010 to 2013 in simple to understand charts it's easy to see at a glance that the real estate market is almost back to normal. The 'Market Distress' as coined by Michael Orr is at an almost normal 21.9% compared to a whopping 60.3% in June of 2010. If you are like most of us we cringe at looking back, now that we know what was ahead of us the next 3 years.
Did most people think it would get so bad? No, not by a long shot. Back in the late 80's and early 90's we experienced the Savings and Loan Crisis here in AZ but that was nothing compared to the past 5 years - nothing. Now the key is to never - ever -put our state or country in that same situation again. Is that possible? Yes, at least we hope that everyone has learned what not to do. A big factor in the future scenario is for banks not to offer ridiculous loans to anybody who can fog a mirror and for buyers to not make less than wise home purchases. There are good risks and there are just plain stupid risks. Can I say that any plainer? Maybe, but I am not sure that would get the point across. Sometimes the truth hurts a lot. In this case more than a lot when we look backwards in time and know how many families and communities were effected by this disaster.
Compare the charts below and see the drastic differences in the Phoenix Metro Real Estate Market 2010 to 2013
________________________________________________________________________________________________________________
What the future brings is up to all of us. We can collectively make sound lending practices and real estate purchases or will we once again learn the hard way? Which direction would you rather head? Pretty easy to answer, isn't it? Serious issues - Serious talk.
Phoenix Real Estate 'Market Distress' Charts - June 2013 versus June 2010
Comments(4)