Apparently the housing market in Maricopa Arizona is way ahead of the curve as the inventory of homes for sale is down approximately 66% form the same time last year.
This articler, based on statistics from Realtor.com, attempts to paint a picture that the housing market is on the rebound or at least stabilizing. However it is interesting to note that the very last paragraph states that the "market remains fragile" due to the large number of uncertain foreclosures. DUHHHH!
Without a doubt, the housing market is in better shape due to the sale of millions of distressed properties. The status of these properties will need to be resolved before any meaningful recovery can occur. But with many mortgages in the 30,60,90 day delinquent state (over 300 in Maricopa) and the huge amount of backlogged homes that make up the lenders' "shadow" inventory, I don't think anyone can begin to prdict what will happen in the coming months/years.
Yes, inventory is down. But my take on it is that this is a false indicator unless the number of foreclosed homes in "shadow inventory" are added to the total as they will ultimately add to the inventory. The only question is when? Many experts (and non experts like myself) feel that the release will begin after the State AG litigation reaches a settlement, rumored to be soon. How many homes there are and how quckly homes are released remains to be seen.
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