Watchhttp://www.deptofnumbers.com/asking-prices/arizona/phoenix/
Inventory is still down 20% on a year over year basis, even after climbing these last few months...
meanwhile, foreclosure filings plummeted.
http://www.foreclosureradar.com/arizona/maricopa-county-foreclosures
In fact, there are 7000 less foreclosures pending today, then one year ago...
climbing list prices, dropping foreclosures, still tight inventory... Yep, prices will keep climbing!
SO SO SO SO glad I ignored the really terrible advice of war, darrell, etc on this site!!!!
As of October 22 2012 there were about 16,471 single family and condo homes listed for sale in Phoenix Arizona. The median asking price of these homes was approximately $208,500. Since this time last year, the inventory of homes for sale has decreased by 20.0% and the median price has increased by 26.4%.
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San Jose, CA
Actually, you forgot iwog. He was only off by a few years. I knew to buy last year. The price went up by more than 20%. The story is much better in Silicon Valley. But this is beginning to sound like the bubble inflating again. That's not a good thing. Just a word of advise. Understand the danger of bubble.
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Belmont, CA
Great, lets capitalize on increasing on the cost of living in a consumer economy. Iwog and robertoaribas, working to capitalize on rentier income and crush the ability for this generations kids to have any hope of owning or having disposable income or having the ability to afford higher education.
The fact is this will push us closer and closer to the fiscal cliff, and the cost of living becomes unbearable, things will start to break down. And the Iwog robertoaribas victory dance will be short lived once the masses realize the rentier class of clowns who do nothing, run substandard rental homes and collect money for no labor (basically like charging access to the watering hole in a desert).
Another thing here is easy come, easy go, if prices rise fast based on hot air, when unemployment U6 is 15% and fresh grade UE is 50%, at some point all the social disorder is going to fall on properties in terms of taxation.
And with no such thing as Allodial Titles in everywhere but Nevada and Texas, not paying your taxes means you loose your rented deed.
Swapping FRNs for mortgage paper to hold on to non-withstanding allodial deeds is so overrated especially when factoring the cost of taxes, maintenance , etc, that its starting to not be economical viable.
These folks are basically supporting the 0.1% , who can manufacture FRNs and buy up all the property and hold and rent to the kids. They are riding the wave. And they think this is good? For every FRN made on RE means someone has to service that much more debt.
Its sad to watch those who destroy the future taking such pride in watching the average middle class family crushed under cost of living issues.
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Oakland, CA
leo707's website
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robertoaribas says
Asking-price smasking-price, the sale prices are much more convincing.
I think in the past you have usually added the sales price data as well.
Funny thing with asking prices is that for the homes that I track in the East Bay --with a very tight inventory-- houses that ask over $600Kish are for the most part getting less than asking, but under $600K are getting over asking. That is just a general trend that I have noticed in the individual houses that I watch, I can't speak for the entire East Bay.
But, yeah it sounds like in Phoenix prices are probably going to be coming up.
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Belmont, CA
leo707 says
Great, it the midst of a economic calamity, with U6 at 15% and fresh grads at UE 50%, we really need rising house costs like a kick in the pants
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Phoenix - the major meth distribution hub of the US.
http://en.wikipedia.org/wiki/Phoenix,_Arizona#Economy
I don't see much. I suppose the virtual businesses will last as long as electricity is relatively cheap. Better than nothing. Otherwise the city seems pretty much useless, particularly now that tourism is gone forever. Earthships are the only reasonable thing I've seen come out of that area of the country
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What might be the water issues in the future for Phoenix?
Surely that could not have any ramifications for housing.
Who needs meth when we have Patrick.net comments?
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South pole antarctica land price (both asking and offering) increased 124% due to global warming.
Do people care? NO!
Why should we care about the place that no NORMAL people want to live there?
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Oakland, CA
leo707's website
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HEY YOU says
This will probably not be too much of an issue for another 20-30 years.
It was discussed in detail in this thread:
http://patrick.net/forum/?p=1215834
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leo707's website
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HEY YOU says
Yes, the implications for housing will be significant, but the future ramifications for fashion in Arizona will be equally significant.