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Phoenix Real Estate in April: Sales down 9%, Inventory down 26% YoY

By Feux Follets following x   2018 May 16, 3:25am 151 views   4 comments   watch   sfw   quote     share    

This is a key housing market to follow since Phoenix saw a large bubble / bust followed by strong investor buying.

The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):

1) Overall sales in April were down 9.3% year-over-year (including homes, condos and manufactured homes).

2) Active inventory is now down 25.7% year-over-year. In some cities, it appears the inventory decline might be ending, but not in Phoenix!

This is the eighteenth consecutive month with a YoY decrease in inventory.

Read more at http://www.calculatedriskblog.com/2018/05/phoenix-real-estate-in-april-sales-down.html#bHme8LAVYvge47V2.99

#Housing #Phoenix #RealEstate

1   Feux Follets   ignore (1)   2018 May 16, 3:27am   ↑ like (1)   ↓ dislike (0)   quote        

Arizona offers little protection from bad HOAs. Arizona’s nearly 9,000 homeowners associations go virtually unregulated even as they hold immense power over their residents.

While they're responsible for annoying but trivial matters such as dictating paint colors and enforcing landscaping requirements, these HOAs also manage large sums of money and can foreclose on homeowners.

Unlike other industries that operate within the confines of state or federal rules, Arizona’s HOAs operate with few checks and balances.

•The people who serve on HOA boards and make all of the community decisions — including the cost of dues and how that revenue will be spent — are homeowner volunteers who need not receive any training on finance or budgets.

•The professionals whom HOA boards hire to help manage their communities are not required to be licensed or have any specific training.

•The financial documents that detail how HOAs spend the sometimes millions of dollars they collect from homeowners each year are not publicly reported.

"Homeowners associations really are privatized government without accountability. We can control everything from what you paint your home to when you cut your yard, but we aren’t accountable to you and don’t have to respond to you," said Phoenix lawyer Jon Dessaules, who represents homeowners in lawsuits against HOAs.

As a result, homeowners are left with little recourse when an HOA decides to take their home, or a management company embezzles hundreds of thousands of dollars intended to repair roads or replace roofs.

Some housing advocates are pushing for reforms — and more oversight. But most of their efforts have found little traction.

About half of Phoenix-area homeowners live in a community run by one of Arizona's HOAs, according to industry estimates. There's no way to know for sure because the state does not track them.

This lack of oversight is typical of HOAs throughout the country, according to Ron Cheung, an associate professor at Oberlin College who specializes in HOA research.

More: http://www.streetscout.com/news/article/arizona-offers-homeowners-little-protection-bad-hoas-managers
2   Feux Follets   ignore (1)   2018 May 17, 5:43am   ↑ like (0)   ↓ dislike (0)   quote        

Phoenix Real Estate in April: Sales down 9% or up 4%?

Yesterday I reported that sales in Phoenix were down 9% in April compared to April 2017. This was based on the monthly ARMLS Market Report.

Housing economist Tom Lawler pointed out that the Stat report, also from the ARMLS, shows April sales were up 3.7% year-over-year! Quite a difference.

On inventory, the Market report showed inventory down 25.7% year-over-year, and the Stat report showed inventory only down 9.9% year-over-year. Another huge difference.

I'm trying to understand why the two reports are so different (I've always used the Market Report).

The bottom line is sales in Phoenix on a year-over-year basis were either down 9% or up 3.7%. And inventory was either down 25.7% or down 9.9%.

3   lostand confused   ignore (0)   2018 May 17, 5:48am   ↑ like (1)   ↓ dislike (0)   quote        

So does this mean that nobody is selling, because they don't want to miss out on gains?
4   Feux Follets   ignore (1)   2018 May 17, 6:01am   ↑ like (1)   ↓ dislike (0)   quote        

lostand confused says
So does this mean that nobody is selling, because they don't want to miss out on gains?

Kind think more that there are several very different schools of thought and interpretation of numbers...waiting to see what kind of update comes out of this.

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