When You Buy You Had Better Be Getting A Great Deal
Arizona State University reports the February sales numbers. “For February, 4,280 homes were recorded sold, in contrast to 4,520 for January, 5,460 for a year ago and 7,935 transactions in 2005. This was the lowest February since 4,090 homes were recorded sold in 2003, which was the lowest month for 2003. So far in 2007 a total of 8,800 homes have been recorded sold in contrast to 10,715 in 2006 and 17,290 in 2005 for the same time period.”
“‘The activity levels should be well below those of the last few years, because the current market lacks the market frenzy to own and/or invest at almost any price and reasoning,’ said Jay Butler, director of Realty Studies at Arizona State University.”
“Since home prices have declined slightly from a year ago, the monthly payment of $1,300 is down from last year’s $1,320. Limited home appreciation and household income continues to raise concern about the ability of some homeowners to maintain their homes.”
The East Valley Tribune. “Some people are asking, ‘When will the market recover?’ and are expecting prices to soar again like during the housing boom, Butler said. But the market has recovered, he said. It won’t keep rising at the same frenzied pace, he said.”
The Arizona Republic. “A group of former housing counselors, loan officers and an escrow agent has been indicted on fraud and conspiracy charges in one of the biggest real estate fraud cases in Arizona since the housing crash of the late 1980s.”
“The group is accused of defrauding the Department of Housing and Urban Development of $1.9 million through a pre-foreclosure scam that targeted dozens of first-time homeowners across the Valley from 2001 to 2003, according to a grand-jury indictment.”
“The investigation into the pre-foreclosure scam began before a recent wave of mortgage and real estate fraud in metropolitan Phoenix. Several other fraud investigations are under way.”
The Rocky Mountain News from Colorado. “An analysis of foreclosures in 2006 for the Colorado Bankers Association released Wednesday found that, on average, homes that went into foreclosure had the loans in place for only 987 days, slightly less than three years.”
“Nonbank loans, which accounted for 77.5 percent of the loans in foreclosure, had an average price of $201,536 and a median price of $161,354.”
“Chris Holbert, president of the Colorado Mortgage Lenders Association, said it is not a surprise that most of the loans in foreclosure were made by nonbanks because about 70 percent of mortgage loans nationwide are made by mortgage brokers.”
“But, he said, ‘I would not take from this study that you are at a three times greater risk of foreclosures or default if you get a loan from a nonbank.’”
“Colorado’s status as a mortgage fraud ‘hot spot’ isn’t cooling. The FBI, which named Colorado as one of 10 states with the most mortgage fraud cases in 2004, this week listed the state among seven with the most mortgage fraud cases in its 2006 Financial Crimes Report.”
“The FBI report said research indicates that 80 percent of mortgage fraud nationwide ‘involves collaboration or collusion by industry insiders.’”
“Carolyn Sandberg, a broker with Home Real Estate in Westminster, said she ran into a case of what she considers mortgage fraud when an elderly couple she was representing were buying a house. Their loan was going to rise almost immediately from slightly more than 6 percent to more than 9 percent.”
“‘I stopped the deal three days before the closing’ and put them in touch with a reputable mortgage lender, she said. ‘The (original) lender went nuts,’ she said. ‘He was probably calling me 10 to 14 times a day.’”
The Denver Post. “A survey of 374 randomly chosen foreclosure filings released by the Colorado Banker’s Association found that the average age of a loan going into foreclosure was only 2.8 years, and that borrowers had paid down 3 percent of the mortgage amount. Nearly 8 out of 10 of the foreclosures involved adjustable-rate mortgages.”
“Many ARM loans adjust to current interest rates three or five years after the original loan. But some are going bad well before that. ‘You may be looking at people who couldn’t handle the original payment,’ said Don Childears, president of the Colorado Bankers Association.”
The Gazette. “The Colorado Springs economy slowed dramatically during the second half of last year, a malaise that has continued into early 2007, according to revised state job-growth data released Thursday. In January, local job growth slowed to the lowest level in nearly three years.”
“The number of firsttime claims for unemployment benefits surged 74 percent in January from a year earlier, to 451, the most since March 2005. ‘You obviously have a slowdown, but I am not convinced the Springs economy is headed into a recession,’ said Joseph Winter, an economist for the Colorado Labor and Employment Department.”
“From job growth to home sales, economic indicators point to a sluggish economy in the Pikes Peak region: Home sales fell 11 percent in February compared with the same period a year ago.”
“The pace of new-home construction in 2007 is off to its poorest start in years — single-family home-building permits fell by 50 percent in February compared with the same month in 2006.”
“If you could spend a few hours with me driving around the Denver area, you would be amazed. Many neighborhoods have a dozen foreclosed properties, and there are more waiting in the wings. I spent five days showing the nicest young couple around, and we looked at vacant foreclosure after vacant foreclosure.”
“If these foreclosed properties keep coming on the market, as all indications seem to show, we will have way too many foreclosed homes. It will overwhelm this market and have unavoidable long term effects. Prices will have to come down.”
“It is a very serious situation: We are going to see second mortgages on zero down purchases be eliminated. They are simply too risky.”
“When buyers buy, they need to be aggressive and patient and wait for that great deal. It is their only protection against this coming real estate market. I look forward to the day when I can see a turnaround and a positive growing market. As it stands now, when you buy here you had better be getting a great deal.”
Since the Arizona press doesn’t want to look too close, I’ll give it a shot.
From the ASU link:
‘The townhouse/condominium sector in Scottsdale also decreased from 235 to 220 sales and the median sales price decreased from $285,000 to $254,950. Glendale decreased from 435 to 300 sales and the median sales price decreased from $250,000 to $242,850. For the city of Peoria, the resale market decreased from 275 sales to 235 sales, with the median price moving from $275,000 to $270,000.’
‘In comparison to a year ago, the Sun City resale market remained at 100 sales, while the median sales price decreased to $204,500 from $216,000. As resale activity in Sun City West stayed at 55 sales, the median sales price decreased from $243,500 to $230,000. The townhouse/condominium market in Sun City declined from 60 to 45 recorded sales, while the median home price decreased from $146,450 to $129,000. In Sun City West, activity improved from 15 to 30 sales and the median sales price decreased from $180,000 to $166,000.’
‘The resale market in Gilbert decreased from 290 to 230 sales, with the median sales price decreasing from $341,000 to $307,500 ($319,000 in January). The townhouse/condominium market fell from 20 to 15 sales as the median sales price decreased from $213,000 to $205,500.’
‘The resale market in Tempe increased from 120 to 135 sales, while the median sales price decreased from $300,000 to $280,000. Avondale fell from 110 to 70 sales, with the median price moving from $261,000 to $242,080. El Mirage decreased from 60 to 45 sales, and the median home price went from $221,000 to $206,000. Goodyear declined from 80 to 65 sales, with the median price decreasing from $289,000 to $270,000. Surprise increased from 200 to 215 sales, while the median price decreased from $260,750 a year ago to $245,000.’
What’s notable is that February 2006 sales and prices were already headed down.
‘Local housing analysts estimate the Valley still has a six-month inventory of new homes to be sold. And there are more than 40,000 single-family resale homes on the market.’
‘The number of spec homes is still high. Brown estimates there are 12,000 to 14,000 Valley-wide. Metrostudy’s figure is similar. That’s quadruple the number of homes built, but not bought, from a few years ago. Cancellation rates in some subdivisions are as high as 60 percent. But some builders have dropped prices and are drawing buyers to developments in the fringes again.’
‘There were almost 16,000 new listings for Valley homes in January, down a couple of hundred from December 2006.’
They keep talking about number of houses sold but I thought that that number also reflected the houses that go back to the bank. If those numbers are also imbedded in this “sold” number then we are looking at much much lower actual sales. Am I correct about this?
Honestly, I find it unbelievable they are selling that many..Yes, it’s going lower, but Shoot, who would buy now at this late date? it’s 5 til ,and the piper is tuning up…..
what were the same experts saying in 04
buy the biggest house you can - go big dude
Hey Ben here’s a great article for you:
http://www.suntimes.com/classifieds/homes/homelife/289082,HOF-News-right09.article
“More than 54,000 homeowners in the Chicago area were 60 days behind on their mortgage payments and in serious danger of going into default as of Dec. 31, 2006. That’s 14.5 percent of an estimated 374,000 subprime loans in the greater Chicago standard metropolitan area”
A little sloppy with his writing (the second sentence doesn’t really follow the first). But if he means to say that all the 54,000 homeowners in default also all have subprime loans, and that represents 14.5% of the total subprime loans in the Chicago area, then all I can say is look out below. First, that’s an astonoshingly high percentage of stress given that most of the other MSMs have been reporting subprime stress at around 8-10% in other parts of the country. Second, although the MSMs are starting to understand the subprime picture, you gotta know there is the same stress developing throughout AltA (A minus paper) as well as A paper. Perhaps the stress is not as advanced as in the subprime market, but give it time - a couple of months maybe. So in reality, the total mortgage stress number is probably a lot higher in Chicagoland today than the 54,000 figure the author quotes. Finally, I wish a reporter would pose the rhetorical question to readers and ask what has really changed to warrant these defaults? Answer: nothing. Unlike past housing bursts where you could point to something in the economy and say “that was it,” here, you can’t. Interest rates are still artificially low, the feds and CNBC had an orgy fest over the supposed unemployment numbers, so what gives? If people are employed and interest rates are low, then how could we be in this situation? And what happens when something bad does happen (interest rates spike or unemployment spikes or both)? Can you imagine the pain then . . .
“For February, 4,280 homes were recorded sold, in contrast to 4,520 for January, 5,460 for a year ago and 7,935 transactions in 2005. This was the lowest February since 4,090 homes were recorded sold in 2003,
On a side-note, I want to express my thanks to Ben and all the great people here. I am no expert on finance or economics. (I am a mechanical engineer) But I just could not fathom buying a house during the run-up of 2001-2005. This brought much misery and self doubt. I am glad I found this blog to bring me real hard numbers to substantiate the feeling I was having on what a crazy market it was. People like Texas Chick, Neil and Stucco have offered invaluable information I would have never had. I may have even taken the plunge and regretted it even more. I am trying to spread the word to everyone I know. You posters are some of the funniest and smartest I have read. Keep it up. You are saving many people from an awful fate and exposing the corrupt real estate industry.
OK Love-fest over.
Send Ben a few bucks as a thank-you.
Glad you are here, but when you use Neil’s name…..don’t forget the “Got Popcorn?”. :o)
I’ll take this
http://cgi.ebay.com/Ladies-Rolex-President-Auto-Wind-with-Quickset-179369_W0QQitemZ200074820634QQcmdZViewItem
Seriously, if anyone makes any money off my ramblings, I’d appreciate your paying it forward a few bucks to your local animal rescue organization. The economy is going to hell and a lot of blameless beings will suffer. Thanks.
Aw, Txchick–it’s good to know you have a soft spot for animals….
It’s most humans she doesn’t like
KIDDING! Totally kidding. We all love the chick.
I second that. I wasn’t the best parent, but we do OK rescuing dogs and cats (we have 4 and 3, respectively). There is always an animal who needs a home… it’s not their fault. If you need unconditional love, well… there you have it.
More specifically, send money to the French Bulldog rescue. That’s Txchick’s dog of choice. Mine is the Arizona Greyhound rescue.
Amen. I’m a single mother and school teacher with 20 yrs experience in the L.A. area. I have managed to build a small inheritance into 200K of savings over the years, but even if I used that entire amount as a down payment, I would not be able to afford the PITI on an 800sf home in a mixed neighborhood. I thought something was wrong with me for thinking these prices were so insane… and then I stumbled upon this blog. I’ve been reading it for a year now and I have learned SO MUCH, not just about this bubble but also about the economy and responsible financing. You have all helped me through a very trying time and have made the wait to buy a home infinitely easier. THANK YOU!!!
rebby,
One of the best thing about this blog is what you pointed out. Reading the comments and of course Ben’s outstanding Topics really does put some sanity back into the picture for those of us who are trying to make sense of what is clearly insane if you only read/see/hear MSM and REIC slanted info. Reading posts like yours helps me because I am in a similar place as you are insofar as saving and looking for a place to raise my kid. It can be dispiriting to work pretty darn hard, make a good buck, save as much as you can and still feel that housing is out of reach. So Thank You for being part of one of the few sources of honest information on Housing on the Web.
“But I just could not fathom buying a house during the run-up of 2001-2005. This brought much misery and self doubt. ”
I don’t think this comment can be overstated. I owned a home (since sold) during this time frame and even then had some self doubt. All I kept thinking was “how can people afford this stuff” and “where have I gone wrong that all these people have this much wealth.” This site and others revealed the truth and brought me some measure of sanity. Great to know that I wasn’t alone….
The resale market in Gilbert decreased from 290 to 230 sales, with the median sales price decreasing from $341,000 to $307,500
10% YOY median price drop in Gilbert! That’s huge!
So what you are telling me is that if a person bought a house for $1,020,000 in Gilbert (Seville) in Sept. of 06, that the house may only sell for $900,000?? Those are some harsh words considering the first mortgage is $970,000, 2nd mortage may not exceed $190,000 and the old house has been refinanced from 250,000 to 450,000 due to it not selling.
Debt is not always your friend. I am I was selling about the time a person was signing on for the McMansion in Seville. I was lucky to get the house sold in June 2006 after dropping the price agressively. I was impressed to see that the person who bought it put $500k down and only carried a $200,000 mortgage on the place. If everyone was doing that I truly would be priced out forevver.
“For February, 4,280 homes were recorded sold, in contrast to 4,520 for January, 5,460 for a year ago and 7,935 transactions in 2005. This was the lowest February since 4,090 homes were recorded sold in 2003,
January is typically one of your slowest months in the calendar year for RE sales. If February was slower than even January, we can really get an idea of how rapidly the market is deteriorating.
Good catch!
Very true. My own realtor told me in December (when I was still looking for a buyer) that things traditionally pick back up in February. Doesn’t bode well if the traditional order of things is being disrupted.
Countrywide foreclosures are piling up. Here’s a small script I wrote that scrapes their website, parses out their listings and displays them on blogspot. It will update weekly. Here’s the link for anyone interested: http://countrywide-foreclosures.blogspot.com/
(Total Foreclosures: 5,861
CFC Asking Price: $1,012,740,063.15)
I will be integrating it into a database soon where we can know how many homes were sold/taken off the list, new homes added, median selling price (increase/decrease)from asking price, and charts. I wish I had collected this data a while ago, but looking forward I think it could serve as a useful tool. Oh, and I’m also going to integrate each house with virtual earth, zillow and/or ziprealty. Any suggestions would be welcomed. Thanks. (Will take me some time to complete all that though.)
Nice link - very interesting!
You might go to flippersintrouble.blogspot.com and see how Max puts his stuff together. He is a wizard at data merging and posting. You can e-mail him for questions.
That’s a great site! Thanks.
Man, nearly 30% of CW’s exposure is in CA - and the ball hasn’t even started to roll here.
This is hilarious. I’m a huge hockey fan and my team (go, Canucks, go) was playing in the center of the universe–Phoenix (in housing bubble terms, that is)–last night.
Get a load of this from the notes at the end of Yahoo’s (via the AP) summary of the game from last night, March 8th”
Cowan had been goal-less on the season until starting his recent run. … The Canucks were awarded a penalty shot midway through the first after a Coyotes player covered the puck with his glove in the crease, but Joseph stopped Henrik Sedin’s attempt with a kick save. … Following the Coyotes’ flurry of moves at the trade deadline, Doan is one of only three remaining Coyotes players with double-digit goals. … Sabourin was making his second start in 2007 and his first since February 20. … The game was preceded by a real-estate seminar, “Foreclosures on Ice.” All participants in the seminar received a ticket to the game.
“Only in Phoenix,” as they say.
http://www.phoenixcoyotes.com/news/story_details.php?ID=5648
‘The (original) lender went nuts,’ she said. ‘He was probably calling me 10 to 14 times a day.’”
Oh yes, I can relate. I can’t tell you how many times I went through this. It usually went something like this; someone calls me saying they were recommended to me and that they think thet’re getting screwed. I meet with them, and sure enough, they’re getting screwed. Soon after I get a call from their original LO screaming every obscenity in book. Now here’s the great part. I tell the dude/dudette “Listen, you obviously put a lot of work into the deal. Tell you what, why don’t you keep the loan but give the client the deal they should be getting (not the “I’m-putting-you-in-this-toxic-loan-cause-it-pays-three-points-on-the-backside-plus-I’m-charging-two-points-up-front” deal) Usual response was a pause, followed by more obscenities, later to be followed by their broker calling with, you guessed it, more obscenities. What a great buisness, huh?
How about this nutcase
http://orangecounty.craigslist.org/com/290981907.html
That is about the strangest thing I have seen on Craigslist, and that’s saying a lot. Txchick, how do you find all of these things?
Sheer boredom but I know where to look. Arizona, California, Florida, Texas. LOL
“oh my god” is right.
Is that in English or Jibberish?
absolutely hilarious
$16,000 to find a sucker for a loan? OMG
txchick57-
Wow I thought I had seen everything. I’m at a loss for words. That has to be a joke.
The Nigerian scam comes to the OC?
Hey Texi, you have way, way to much time on your hands if you had to work hard to find this one!
TxChick off topic but is there an ETF that allows you to track the home builders as a group?
Josh
Take a look at ITB, the Dow Jones US Home Construction Index. Its top holding are all home builders.
XHB
I have been a lurker reading the board for quite some time, first post.
Instead of calling folks realtors someone here came up with the name realtwhores, which is a classic.
For those of us full time residents of Florida I propose a new name for snowbirds…I say instead we call them snowturds because they are so rude and full of sh**.
You should be more respectful of them. They are the ones paying the taxes down there.
Good point pt barnum, maybe that accounts for their rudeness
I’d be ticked off as well. One neighbor who drives the big Mercedes Benz down was in a little economy Ford. Must be a bitch to have to downsize from the Benz to an economy Ford because of taxes
go back to lurking - Please !
“Some people are asking, ‘When will the market recover?’ and are expecting prices to soar again like during the housing boom, Butler said. But the market has recovered, he said. It won’t keep rising at the same frenzied pace, he said.”
Wow, that sure was a quick correction. Ben, aren’t you glad to hear that the market has already recovered there in AZ? Sure, you won’t be getting appreciation at the “frenzied pace,” but at least there’s no more pain in sight. I mean, Jay Butler is the director of Realty Studies as ASU, so he must know what he’s talking about. Right? Man, these REIC guys are just major tools (and so are the journalists that quote them without ever actually questioning what they are saying or have said in the past).
I agree ! These people have absolutely no skill at forecasting ! They couldn’t forecast winter coming ! Sheesh !
Florida realtors are mad that prices aren’t falling. They can’t sell stuff the way it is priced now !
http://www.palmbeachpost.com/business/content/business/epaper/2007/03/05/c1bz_rawlscol_0305.html
Well, if they’re in Palm Beach County or Port St. Lucie, prices are still apparently rising (4Q06 v. 4Q05) according to OFHEO. Hmm, wonder what the people actually buying and selling homes in those areas would say prices are doing? I’m guessing that their experiences don’t quite match up with the OFHEO stats.
‘When buyers buy, they need to be aggressive and patient and wait for that great deal. It is their only protection against this coming real estate market. Protect them. Help them buy carefully.’
I believe this is the first time I’ve read someone in the industry say that buyers need to be defensive and only price under the current market, because future prices will be coming down. Very refreshing!
But Jay Butler said the market has already recovered there. Ah, Jay must still be drinking the kool aid and thinking that he looks good in his little cheerleader’s uniform.
I’m tempted to print that out and hand it in with any offers I dare to make.
“…against this coming real estate market.”
I focused on these words as well. Here’s a person (in the industry) suggesting that the downturn hasn’t even started yet. Youch!
Seat belt securely fastened.
Another thought. Between this comment and the “2007 is gonna suck” comment, the cat is out of the bag.
Industry folk can no longer live in denial. I suspect we’ll have a negative comments windfall over the next few weeks.
Wow, what an amazingly honest assessment of the Denver market by a realtor! Unbelievable. Sounds like someone forgot to spike his kool-aid.
Realtors just like to sell sell sell. They are probably just as pissed as us that the specuvestors and other flippers don’t just lower their prices.
Yes,
This guy deserves credit for being a decent human being. A rare feat these days…
“Some people are asking, ‘When will the market recover?’ and are expecting prices to soar again like during the housing boom, Butler said”
All you have to do is look at the value of the NASDAQ since the dot com bubble. The same thing will happen in housing. Its the same phenomenon, same mindset, ONLY WORSE, because then inventory of houses doesn’t go away like stocks did and its bigger and there is a ton of debt involved !
Intel sold for $74.25 at the peak of the boom because there wasn’t enough processor manufacturing capacity to meet demand, just like there isn’t enough land today. *snicker Today it sells for $19. Competition knocked the wind out of its product margins and now that everyone isn’t trying to get on the Internet all at once, there actually is enough manufacturing capability for processors. Imagine that !
Same thing will happen with houses.
Isn’t the same NASDAQ that’s still more than 50% off its high (reached in early 2000)?
Yeah, its the same NASDAQ thats 50% off its 2000 high. Yep.
You watch, because the pool of buyers will dry up because of lack of sub prime lending and 100% lending and mortgage rates will rise to reflect a level of risk and inventory will explode due to foreclosures. You put that all together and we are in for a huge crash that nobody yet understands !
Whats the difference if a stock is way over priced or a house ?
Whats the difference if a stock is way over priced or a house ?
The shares of stock have already been paid for. The house is probably being financed with debt.
Stocks are liquid, houses are not.
Houses are bigger. When they turn off the utilities, there’s more to burn.
You can also buy just a little bit of stock, even at different prices. With a house, you have to buy the whole damn thing at once.
As a rule people do not borrow money to buy stocks (if they’re smart)
What I like is the aftermath of the dot.com bubble. I know some people who lost a ton of money and then went out and withdrew all their remaining money from IRA accounts to invest in housing starting in late 2003. Their last moves into SFR for rentals was in 2005 and 2006 in Sac, CA. The question will be whether they saw the storm coming or are they going to get their second smackdown.
OT - I love all the headlines today about how great the job numbers were. The number comes in UNDER the forecast, is lower than any number of new jobs created in over TWO YEARS, and 40% of those jobs are parasitic (government) in nature, yet everyone says it’s great because it could have been so much worse. What will be worse, when we get to zero?!? Am I living in a parallel universe?
Can’t trust those US Dept. of Labor numbers….or anything else this administration publishes.
Het, America, howz that “Ownership Soceity” thing going?
Can’t trust those US Dept. of Labor numbers….or anything else this administration publishes.
Right. Jobs report is horrific, yet unemployment drops to 4.5%? I believe that!
Go take a look at Mish’s site. He has a post up deconstructing the numbers and it seems that ~375K people magically left the workforce so the unemployment number went down. All of these gov’t numbers are made up with just a smidgen of truth in them to make them believable, but I believe for the last few quarters we have been running withing the margin of error so the reports are essentially meaningless.
goin’ great if you’re an owner and not the owned.
January numbers were revised higher . . . thus the “good” news. In April, they will adjust the Feb. numbers.
But, but, but, but, but….real-estate never loses value.
In the future, I will smack anyone that says that to me.
“A survey of 374 randomly chosen foreclosure filings released by the Colorado Banker’s Association found that the average age of a loan going into foreclosure was only 2.8 years, and that borrowers had paid down 3 percent of the mortgage amount. Nearly 8 out of 10 of the foreclosures involved adjustable-rate mortgages.”
Since these are loans that defaulted in early 2006 to fall 2006, these were for the most part 2003 originated loans. We haven’t even touched the 2005 loans yet! This is why it will be a long, long slow collapse. No quick fixes, folks. 1 year down 14 years to go.
Given the lower rate of ARM issuance prior to 2003, as well as the increase in absolute numbers, foreclosures could hit what, 4X current numbers. And this is still only the ARM crowd. Bank repo’s for everyone (that still has cash)!
I’ve got to say, I wouldn’t have picked Memphis as ground zero:
http://getforeclosures.blogspot.com/2007/03/memphis-sales-almost-equal-to-defaults.html
1 foreclosure for every 1.06 sold in ‘06. Negative numbers can’t be far away.
Where in Texas are you from Ed?
I’m currently outside Alvin. (In the uphill direction; that’s a major consideration around here.)
I’m repeating my reply here to similar observations, but keep in mind that this number isn’t ALL that much worse than normal, for Memphis. In fact if you read our local media, the denial phase remains firmly entrenched - look at all the panic and bloodshed on the coasts, but here half the zip codes depreciate to start with, so big woo.
Important info in the ASU report that’s not mentioned directly. The percent of recorded sales in the less than $199,999 category is going down while the over $200,000 sales are going up. This skews the median. Also note that for SFH the sqft. is up. The buyers who can still afford to buy are getting more (a lot more, I bet) for their money. That should make them feel like finanical geniuses for a couple of months…
I’m really glad you mentioned that. If you look at it closely, that has been the trend for over a year. IMO, prices are definitely falling in greater Phoenix.
Ben,
I track sales in 85226 (west Chandler) that are listed in the AZ Republic sales report. Can I send you a check or do I need to PayPal?
If we do find that smokin’ deal in Arizona, I’m relieved to discover that
Arrrgh. Screwed up the coding. What I was relieved to discover was that there is still sensible and prudent financing available.
Gag…My favorite part, “See, all of us know that potential home buyers have little or NO money, and less than perfect credit. This makes it tough when trying to buy a home. No one seems to wanna give credit challenged potential home buyers the time of day. “But it’s not your fault!”"