The Arizona Republic reported numbers today that show mixed signals regarding the Phoenix housing market. Part of the confusion is due to the large unknown regarding the impact of the federal homebuyer tax credit on sales as well as the loan-modification program on foreclosures.
The Republic reported that the "number of foreclosures climbed, but the number of foreclosure homes resold by lenders didn't. New-home sales sagged, but the median price of all home sales ticked up above expectations."
This can be really confusing. Let's take a closer look at their reported numbers:
- Foreclosures rose about 20 percent last month, while pre-foreclosures, or notice of trustee sales, fell 5 percent.
- Homebuilding slowed but not by much. Permits in the Phoenix metro area for new homebuilding went down from 604 in April to 571 in May. However, homebuilding is up more than 50 percent, year-over-year, from 2009 to 2010.
- Though homebuilding decreased slightly, home prices increased in May (around $2,000 above expectations).
- As I have blogged about recently, short sales done by homeowners to avoid foreclosures, are up in Phoenix.
So what does this all mean?
Read more about "The Phoenix Real Estate Market Continues Its Ups and Downs," at MyPhoenixmls.com blog.
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