How's the Phoenix Real Estate Housing Market Performing?

How's the Phoenix Real Estate Housing Market Performing

?

While most people know the housing market in Phoenix, AZ has been hurt incredibly hard over the last several years. Is there any near term sparkle of optimism for this market? Personally I believe 2011 will probably be a year of additional stabilization for Phoenix and by 2012 we will in fact begin to witness a slow movement of prices going back up.

Certain regions of the Phoenix housing market have been affected worse than others. Hardest hit has been central Phoenix along with far out burbs like Buckeye, Queen Creek and Florence. Some HOA's located in Florence have even gone thru bankruptcy, not a great community to be the owner of a residence! Regions that seem to be stabilizing the most are Scottsdale, Gilbert and Peoria.

The existing trend looks to be headed for a double dip. After the '07 crash the market somewhat stabilized after which it began coming back up in 2010. Interest rates, government assisted home buying programs along with the return of investors where the key factors in prices inching back up. However in the most recent couple of months values appear to be taking a new downhill swing. Investors are becoming a little more guarded plus the government subsidies to first time home buyers are no longer obtainable.

As with every market melt down the bounce back won't go directly up. There is definitely going to be various bumps along the way and this is just one of them. Real estate markets usually slow down in the winter anyhow is one cause. Median home costs for the Phoenix vicinity are at this time approximately $120,000 and are forecast to hit $110,000 by late winter before they begin to gradually moving back up. The majority of all area economists and real estate experts in this region agree, as I affirmed above, that we will witness more stabilization in '11 along with some rebound beginning in 2012.

Does this imply foreclosures are going away...no. I will pronounce that the recent halt on foreclosures instituted via some of the larger finance institutions might make some difference. It seems as though the larger banks are starting to cooperate more with loan modification. However we will still see a sizeable number of foreclosures in the next couple years. We need to see more job recuperation, which by the way we are beginning to see glimmers of this within Phoenix, furthermore there are actually still 1000's of foreclosures that plainly said will still shift into the foreclosure collection of households.

There are varying thoughts from the professionals on precisely how are marketplace will improve but one thing everybody is confident of is the Phoenix residential housing market WILL, in time recover.

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