Time magazine reports that there are a number of indicators that point towards a housing recovery in spite of the fact that many experts warn that we have not yet hit bottom. The indicators they mention seem to make some sense but I am still concerned about the number of foreclosures yet to be released by the lenders as well as the high number of homeowners that are 30,60,90 days delinquent.
It is a very confusing housing market and I can only report first hand on what I see in my community of Maricopa Arizona. We now have only 173 homes available for purchase, the lowest level in years and WAY below the 650 that were available this time last year. That being said, there are approximately 350 homeowners that are delinquent on their mortage and my guess is that they will either short sale or walk away. In addiiton, there are numerous homes that have been foreclosed on but still remain vacant with no realtor sign in sight.
For my community, I have no doubt that we have hit the "bottom". The question is, can the rise in values we are experiencing due to lack of inventory be maintained? Only time will tell!!
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