Blogs

With 6400+ home sales in January of 2012, the Phoenix foreclosure market is still red hot.  Since my last update last week, I have had a chance to look at the numbers in greater detail.

Investors remain a viable force in the Phoenix housing market.  Cash buyers (usually investors) accounted for almost 70 percent of all of the home sales in the sub $100,000 market across the valley.  On the other hand, FHA home buyers (usually first time home buyers) only made up 12 percent of all purchases last month.  

Arizona State Legislature is considering HB2584, legislation that would give homeowners considering short sales the same legal protection provided to those facing foreclosure. HB2584 would guarantee that homeowners would no longer be forced to negotiate with lenders to absolve them of financial responsibility for any shortfall between the amount paid for a short sale property and the amount owed on the mortgage at the time the short sale transaction is competed.

The competition is fierce in the Phoenix real estate market.  It is becoming all too familiar to see listings with multiple offers, above asking offers, and investors throwing their cash around like it is Monopoly money.  Remind you of 2005?  Here are the numbers for January 2012:

Are you considering downsizing your Phoenix home?

Well, you’re not alone! According to the National Association of Home Builders (NAHB), 60% of homebuyers are considering downsizing to smaller, more efficient homes.  The economy is playing a significant role in this decision but, for the most part, our society is full of Baby Boomers who don’t quite need the space that they once did.

Sales continued the same trend line as the previous months prior to December 2011, though the tighter supply of homes for sale is having an impact on the availability of good quality foreclosures.