Economists and Real Estate
From DSNews.com:
"NAR Reports Big Rebound in Home Resales
A surprising jump in the number of existing-homes sold in September pushed the monthly tally to its highest level in more than two years, the National Association of Realtors (NAR) reported Friday. After a disappointing showing in August, a 9.4 percent increase in sales of previously-owned homes in September marked the fifth monthly gain in the past six months. The trade group says the surge in the numbers is largely because of increased activity from first-time buyers." Homes priced higher than $500K-$600K are still struggling.
Elliott Pollack & Company (local economists) put out their take on our Arizona economy and it is..... well, you decide. The recession may technically be "over" but it will be years before things return to normal. A large amount of jobs that went away may not be coming back. Arizona went from 2nd to 49th in job creation in 1 year. Due almost entirely to a decrease in population inflow. Until population inflows improve our economic growth will be very slow. APS has the slowest growth in 50 years measured by new electric service. Estimates are that builders overbuilt homes to the tune of 75,000 between 2003 and 2006. It may take until 2014 before we achieve market balance. We will come back and that is for sure. Our market has a very high affordability index - LA is half of our affordability. We have the great weather and lack of natural disasters to make this a desireable place to live. It will all take time.
The Brezza short sale listing at 3984 E. Morning Dove Tr reduced price by $10K to $420K or $125 a sq ft. On the market for 40 days it was originally priced at $440K.
When I read the wrapper on my Hebrew National hot dog package it says they answer to a higher authority - I'm guessing during production. That higher authority must be looking after the welfare of the the bank owned Velez at 3972 E. Hummingbird Ln as it was just flipped to pending. On bank sales
this usually happens after the buyer accepts the banks addendum or counter offer of how its going to be. Lets hope the higher authority stays with this home through close of escrow!
Tags: aviano, desert ridge, phoenix, real estate, villages, toll brothers, Arizona
