Phoenix Metro Market Thoughts
Bob Bemis is the CEO of the Phoenix Area Multiple Listing Service and a good guy. He recently did an interview for channel 15 and had some interesting information. 93K homes were sold through MLS in Maricopa County in 2009 - up 50% from 2008. This was the third highest amount of sales
in the 28 years the Arizona MLS has been around. 2005 was the next highest - sort of like bookends of the roller coaster. In 2009 50% of the homes sold were bank owned and 14% were short sales - up from 2% that were short sales in 2008. There are currently 50K homes in some stage of foreclosure in Arizona right now. 7K to 8K a month get notice of intent to foreclose which is usually the trustee sale notice on their tax record. One concern is shadow foreclosures
which are homes the bank has taken back but not yet put on the market. No one knows how many there are but the flow has been about 4K to 5K a month coming on the market.
Those that ask when the market will come back so they can sell their home at breakeven or even a modest profit have a long wait. Since May of '07 to now the price of homes sold has gone down 50%. It will be awhile before prices come back. The market is on an uphill trajectory but two things are looming on the 2010 horizon: unemployment and interest rates. Our government is doing it's best to not work on solving these problems in my humble opinion. I am not an economist,
athough I play one at home but if we stopped spending money and got the government off the backs of the folks that create the jobs this budding market improvement might take hold. Otherwise this may stall out and then it will be really bad. These are just my opinions. 
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The investor owned Velez at 3972 E. Hummingbird Ln just dropped asking price
by $20K to $469K. 5 bedrooms, 4 baths, pool, spa and 3 car tandem garage.
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The short sale Fiore, unit 1072, is now pending. Last asking price was $175K
and this was an approved price by the bank. 2 bedroom, 2 bath and 2 car garage.
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The bank owned Mirasol at 3835 E. Daley Ln is back under contract. Last priced at
$424,900 it has few upgrades but does have the bonus room over the LR/DR.
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The bank owned Cerreto, unit 1037 just closed for for $224K. 1535 sq ft it has 3
bedrooms, 2.5 baths and a 2 car garage.
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Investors bought the Tarragona at 3966 E. Herrera Dr for $381,500 on 1.22.10
according to MLS. Tax records say it was sold 12.4.09 for $346,704.
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The short sale Del Oro listing at 3720 E. Bryce Ln was cancelled.
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The short sale Savino listing at 3821 E. Cielo Grande Ave was cancelled.
