Phoenix Housing market, new data
Foreclosures for january : 4280, reversing a recent (slight) slowdown.
Notice of trustee sales (NTR) filing: 8550 worst ever.
Sales: 4670. (increase of 1700 from last year) No doubt, this increase will be hugely overblown in the media, but consider this fact they will fail to mention: Last January, there were only 2100 foreclosures. So, we have a bigger increase in actual foreclousures year over year, than in sales. The market is effectively worse now, than one year ago.
MedianJanuary 2009 =130K, average = 182K. These are STUNNING one month price drops, from december 2009's median of 143K, and average of 192.7K. In fact, if price drops continued at these rates, home prices would be $0 in about 11 months (median) and 18 months (average). The median has dropped 50% since its peak, in June 2006.
I would expect price drops to slow during the spring buyers months, however the continuing wave of foreclosures makes any reversal to real price appreciation basically impossible for the next year. I would advise any potential buyer, to save money and wait at least six more months, possibly one more year to buy. If you value my advice, save this page, and contact me when you are ready to buy. I have given straight forward advice on here and zillow for 2+ years, that this market correction would be horrific, so you know you can trust me to accurately measure the market, and your possible buying scenario.