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Elliott Pollack and "Rent Check" from ARMLS


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Blog by Doug Ingersoll | August 7th, 2014


From the Elliott Pollack Monday Morning Quarterback:

"On a national level the S&P/Case-Shiller home price index shows that home price appreciation is slowing rapidly. On a year over year basis, home price appreciation is at 9.3%. But, this is down substantially from 10.8% and 12.4% in the two prior months.  Indeed, on a month to month basis, 14 of the 20 cities in the index were in the negative column last month.

And in PHoenix: The home ownership rate in Arizona and Greater Phoenix continues to decline.  In the second quarter, the rates were 64.2% and 61.4% for the state and Greater Phoenix respectively. 

The rental vacancy rate in Greater Phoenix was 8.0% in the second quarter according to the Census Bureau.  This is down from 8.6% a year ago.

Lodging occupancy rates continued to show improvement in the second quarter.  For the state, occupancy rates were 62.1%, up from 59.2% a year ago.  For Greater Phoenix, occupancy rates were 61.7%, up from 58.6% a year ago.  The improvements were due to a surge in demand of over 5%.

The S&P/Case-Shiller home price index shows that home price appreciation is slowing rapidly. On a year over year basis, home price appreciation is at 9.3%. But, this is down substantially from 10.8% and 12.4% in the two prior months.  Indeed, on a month to month basis, 14 of the 20 cities in the index were in the negative column last month."

Click HERE for the latest "Rent Check" publication from ARMLS. Look at the growth in the number of leased units from 2005 to present.It may level off at some point in the future but I do not see it coming back down to 17,147.