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Phoenix active listings are flying up at an unbeleivable pace. currently passed 50000 homes. I made a seperate search for vacant homes on the mls and that has jumped from 16000 to 18500 in the last 3 months. Sales activity is picking up, march is looking like about 6000 after 4950 in feb, but this is still off about 10% from last year so i assume its just spring buying. Meanwhile i sampled recent expired listings and found 30% are 2005 and later purchases still trying to make a profit. So, fear has not replaced greed yet and the truth of how bad the market is getting is not common knowldege here yet. My prediction: many more homes will come on the rental market later this summer as investors give up on selling, and most areas will have very soft rental markets for quite a while in addition to soft sales markets. Disclosure: I am a realtor, but i started selling my homes in 04, and am down to just 2; both are paid off so I don't really care what happens if it goes up I will the last rental, if the market tanks I will buy foreclosures. Peace everyone!
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There appears to be a significant drop in inventory on listing sites. At the same time, open house activities appear to be picking up. Could this be the start of a considerable spring bounce? What is going on?
Perhaps we need to brace for some impact.
[Note: This observation has not been confirmed by most participants of this blog. Please do not be alarmed.]
Peter P