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News Article From: 12-21-2010Positive indicators for metro Phoenix's housing market - "The sharp relapse (of home prices) fueled by the end of the tax credit is now over," said Housing analyst Mike Orr, publisher of the Cromford Report. "I expect a long, slow recovery in 2011." There are positive indicators for metro Phoenix's housing market. Investors continue to buy many of the region's foreclosure homes, keeping the supply of lower-priced houses from growing. The job market is slowly improving, and although mortgage rates remain low. Pending sales show home prices ticking up slightly in January. The Arizona Regional MLS's figures forecast the Valley's median home price climbing from $115,000 this month to $118,000 in January. Foreclosures are expected to level off and even drop next summer if the job market continues to improve, more loan modifications and short sales are successful. Read article: http://www.azcentral.com/business/realestate/articles/2010/12/21/20101221valley-home-prices-low.html |
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