Some Clarity Regarding Phoenix Real Estate – July 2012

Yes! I have a new fancy camera! A Canon T3i to be exact and I love it, I still have a lot to learn, but here’s my first attempt at video with the new hardware. Hope it brings you a “clearer picture” of what’s happening in Phoenix real estate!

July’s numbers are not all that different the June’s, but there are some indications that things are rapidly heading towards a wonderful state of boring. The price increase we have experienced over the last year – 28% bump up – puts us right about where we should have been have the real estate market truly followed the laws of supply and demand last year – it didn’t, so prices adjusted in a much more dramatic fashion.

Buyers — don’t be afraid! Even FHA buyers are getting into new homes! Almost 20% of last months sales were FHA buyers and I suspect that number will start to go up. 34% purchased using a conventional loan. We aren’t going to talk about the cash buyers!

Oh, and that Foreclosure Tsunami? Forget about it! It ain’t happening. As I have been steadily reporting for months – years! – now, foreclosed homes are sold as fast as they come in – 60% at the auction and only a 6.3% presence in the market. Notices of Defaults are down to 2007 levels, and short sales are keeping many home off the auction block.