did you see it, passed by a year ago, now we are approaching all time lows in inventory, particularly in the under $600k category
Don't be fooled by the short mumbo jumbo, real estate market is on fire in some areas and will spread
very misleading stat....home prices in Phx have gone up because of more foreclosures and forced sells at higher prices. You can't ignore last year's numbers as the foreclosures here are starting to hit the prime mortgage market with mortgages of 500K and up as more white collar workers here lose their jobs....commercial real estate is starting to be a disaster here with either closing or 50% rent concessions....I did help my son buy a condo which one next door sold for 147K in 2005, bought it in foreclosure last month for 59K......the other factor is the huge number of homes that have not been foreclosed on yet, have a friend that is living in a home he hasn't paid mortgage on since Feb and no foreclosure yet as many banks are delaying the process because of not taking the markdown on the balance sheet...still very ugly here...
prices are up in the last 3 months, all the big news cos like to focus on y/y price declines but the shrt term has taken a big turn
U.S. Foreclosure Filings Set Third Record-High in Five Months
Aug. 13 (Bloomberg) -- Foreclosure filings in the U.S. climbed to a record for the third time in five months in July as falling home prices and the recession left more homeowners unable to keep up payments or refinance.
A total of 360,149 properties received a default or auction notice or were seized last month, according to data seller RealtyTrac Inc. One in 355 households got a filing, the highest monthly rate in RealtyTrac records dating to January 2005, the Irvine, California-based company said in a statement.
“We’re in a deep hole,” Diane Swonk, chief economist at Chicago-based Mesirow Financial Inc., said in an interview. “There is a whole new wave of foreclosures tied to the cyclical dynamics of the economy.”
Real estate is on fire????
Aug. 12 (Bloomberg) -- Home price declines in the U.S. accelerated in the second quarter, dropping by a record 15.6 percent from a year earlier, as foreclosures weighed on values.
Are those Marijuana green shoots? Puff puff give