Metro Phoenix housing market has best month in a decade April just might have been the best month for metro Phoenix's housing market in a decade. Foreclosures fell to the lowest level since 2006. Homebuilding continued to rebound. Phoenix kept its spot as one of most affordable big metro areas for ...
More Phoenix homeowners have equity now Fewer metro Phoenix homeowners are underwater now, according to CoreLogic. Approximately 19.5% of the Valley's homeowners owed more than their house is worth as of June 30, down from 21% at the end of this year's first quarter. At the worst of the housing cra ...
Phoenix-area home sales, prices cool in July In Metro Phoenix, both sales and prices dipped in July. Home sales fell 4.5% and the median home sales price inched down to $210,000 compared with June, according to the W.P. Carey School of Business at Arizona State University. The housing market's mode ...
Ariz. homebuilders offering deals New-home prices across metro Phoenix soared too high and too fast in 2012 and 2013 for many buyers to handle, leading to a slump in sales. Home prices have dropped slightly this summer, and builders are trying to lure buyers by offering incentives that include lowe ...
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News Article From: 09-18-2006



The first article, Valley's falling home prices are 'necessary correction', from the Arizona Republic, reports that Metro Phoenix's housing market is "somewhat" vulnerable to a real estate bubble, but that's not necessarily a bad thing, because if home prices dip a little, affordability will climb and the area's growth has a better chance of continuing. People and companies move to Phoenix because the area has relatively affordable housing for the West. That was the message from Joel Kotin, a senior fellow at the New American Foundation at a real estate seminar given last week called, "Evolution": The Valley of the Sun, a Look at Future Growth, sponsored by the Urban Land Institute.  "Lower home prices are a necessary correction for Phoenix," Kotin said. Many in the audience and on the panel discussion agreed with Kotkin. Grady Gammage, a real estate attorney, said for years people have debated what's behind metro Phoenix's growth. Cheap housing or jobs? He thinks cheap housing.





The second article, W. Valley home resales drop, from the Arizona Republic, reports that West Valley resales were lower in August 2006 compared with August 2005, according to the Arizona Real Estate Center at ASU. But local Realtors aren't sounding the alarm yet. "Everybody got used to last year, when they were tripling what they were making on their house, and now they are only doubling it," said Judy Bowes, a Glendale Realtor. "It's still is not too bad, as far as I'm concerned." Sales were down about 50% Valleywide in August 2006 compared with August 2005, and while some areas showed price declines, others had price increases in the median resale price of a home. "I think it's pretty much the same all over the Valley. I don't think there is much of a difference between the East and West Valley," Bowes added.




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