Double Dip in Phoenix Metro Real Estate? Yes, and it already occurred!
On October 11, 2010 our market dipped to a lower point than the original "bottom" that occurred in April 2009 (which was $82.09). It dipped to $81.96 per sq. ft. (according to Cromford Report). The prices have bounced up a bit since then. They are currently $84.05 per square foot as an average throughout the valley. The statistics are showing a slight trend upward and are predicting improvement in the months ahead.
The pricing will depend on how the foreclosures hold up with the recent "freeze" that major banks such as Bank of America and GMAC have implemented. Our supply is increasing in all aspects (normal, short sales and foreclosures) and the demand is still not there.
On the plus side, it is a really great time to buy because interest rates are in the 4% range which is unbelievable! Investors are still buying and seeing the opportunity. If you have any questions, please contact me. I do short-sales, strategic defaults, investment purchases and normal purchases.