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Economist Observations and ARMLS

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Blog by Doug Ingersoll | October 14th, 2014

Arizonaeconomy.com is where you will find the Monday Morning Quarterback publication of economist Elliott Pollack. Here are the money lines from the latest edition:

"Locally, most of the data was housing related and told a familiar story: housing is not doing well.  Yet, despite that disappointment, the overall Arizona economy continues to recover.  Were it not for the problems in single family housing, the local economy would probably be recovering at a substantially faster rate.  A combination of slow population growth, the large number of millennials continuing to delay marriage and live with their parents, and the difficulty in getting financing (this isn't improving quickly and isn't being discussed enough) will prevent a quick turnaround in single family construction.  Yet, the state will continue to expand, albeit at a rate that by historic standards looks to be painfully slow.  Remember, this too shall pass. 

In Greater Phoenix, single family listings were up 15.2% in September compared to a year ago. At the same time, single family sales in MLS were down 0.5%.  Medial prices have been flat to down over the past few months but are still 8.0% higher than a year ago.

Days-on-market for resale homes in Greater Phoenix have gone from 62 days a year ago to 85 days as of September.   This is down slightly from 88 days in August.

The number of residential foreclosures in Greater Phoenix in September was 405.  This was down from 684 a year ago.  The current level of foreclosures in now almost back to levels reached in 2002-2004"

Click HERE for the most recent edition of STAT from the fine folks at Arizona Regional Multiple Listing Service. Good information and graphics. Inventory is starting to pile up as sales get slow.