patrick.net

I think you need to stop listening to people with an interest in your savings.

Chase Bank - they love to take the next 30 years of peoples money.

Realtors - Don't leave them around your children. They are already stealing a good year of their education, how can you trust them at all

Newspapers - where do you think most of their ad money comes from. It is no where in their interest (actually negative interest) for them to run the truth. They would not live long.

Friends who are in house debt - they are in denial and would love to see you get more leveraged like them. Misery loves company

Rather then asking if housing is continuing to go down (it never really stopped), I would ask why in the world it would be going up. Then, if you can't find reasons for the rise, it will continue to fall. Staying stable at todays prices means more and more foreclosures to come. People are burning through savings/401k/etc to keep their houses. I don't take enjoyment knowing that, but it is fact. They need prices to move up, so the appraisals go with it and they can refi and get of the grid lock. Stable prices from here will kill many.

Do your analysis. Listen to everyone(I mean you can't avoid a Realtor,can you?) but make your own decision,what your heart says - How many time Mr Fed said,there is no bubble(in 2006). Go by your instincts and analysis.

Congrats Roberto.. AZ based on LT prices trends have long past bottom.. so a good deal is possible, not to mention Las Vegas took a real hard bottom on the chart! Lucky for you, you had the media giving the exposure.

http://dqnews.com/Articles/2012/News/Phoenix/RRMAAZ120106.aspx

http://www.housingbubblebust.com/OFHEO/Major/SouthWest.html

robertoaribas says

This blog gets annoying, where nitwits who don't know a thing answer questions they don't have a clue about.

Arizona is fixing to run out of water bub...it does not look good.

My wife and I were looking for houses in the 150k-180k range in Gilbert last summer and there were definitely bidding wars going on. We made at least 6 offers (all REO foreclosures) at asking price and some a few grand over asking and were outbid, and I did check Redfin and saw they actually sold. I figured it was just the families rushing to buy before the school year started but it was the same thru the end of the year. We ended up buying one a few months ago but the inventory has been pretty constant since then.

Check out the graph here and select the "# For Sale" checkbox.
http://www.redfin.com/city/6998/AZ/Gilbert

PC says

prices in IL are still too high in good areas and have you seen the taxes? they went up 33%!

Yes, they have more to fall -- like 99% of the rest of the country. My taxes on my condo in downtown Chicago went down by 20% though the past two years... perhaps you're referring to Lake county?

PC says

they say there are bidding wars going on here in az too. I told them Im not interested in doing anything like that.

chase bank just said (on tv) the housing bottom is here..this is it..we will have a couple years of stabilization (after all the shadow inventory is gone).

First -- "bidding wars" is a very subjective term, so realtards like to throw it around freely. It's true there are houses here in Scottsdale selling for -over- asking. It's rare (has happened twice now on my street in the past 6 months), but it happens if the house is on a good lot, in a good neighborhood, and renovated. Most of the houses out here are cookie cutters and have not had a lot of love in the past few years.

I don't think we're anywhere near the bottom here in Phoenix valley -- only in certain neighborhoods. There's still SO MUCH CRAP on the market here it's not even funny. And the shadow inventory isn't going away any time soon... I think each neighborhood will have it's own bottom -- many are YEARS away from that happening. West valley? Decades away.

JodyChunder says

Arizona is fixing to run out of water bub...it does not look good.

"Data Data Data, I cannot build bricks without clay" ~ Holmes.

http://phoenix.gov/WATER/wsd2011wrp.pdf

robertoaribas says

JodyChunder says

Arizona is fixing to run out of water bub...it does not look good.

The rising sea levels global warming will cause will flood all the deserts in California right up to the border of Phoenix! I'll have ocean front property, and you guys will learn what housing being "underwater" really means!

Unfortunately, you'll be dead! :)

robertoaribas says

there are 18,000 listings on the mls, and 7000 sales a month in Phoenix. that is very tight supply, and the foreclosure pipeline has dropped by more than 50%, so if that imagined flood is coming, there is no sign of it yet.

This blog gets annoying, where nitwits who don't know a thing answer questions they don't have a clue about.

I have had TEN all cash offers at list or better outbid, so yes there are other bidders on the homes that are good deals. To those who say it doesn't happen, well, it really isn't worth my time to debate clueless twits who don't have a fact to base their beliefs on.

When you list for 2001 prices, yah, you are sure to get some bites. Sorry to tell you, but it is now 2012. That is 11 years of nothingness in the desert. I wouldn't be buying right now in there. The probability of appreciation is next to nil IMHO.

GUAB says

First -- "bidding wars" is a very subjective term,

Bidding wars arent worth piss during good and bad times, since its never verifable. You shouldnt have to take anyone word for it unless you were standing there actually hearing the actual counter offer.