{"id":2826,"date":"2008-03-24T10:45:23","date_gmt":"2008-03-24T17:45:23","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2826"},"modified":"2008-03-24T10:45:25","modified_gmt":"2008-03-24T17:45:25","slug":"in-the-metropolitan-phoenix-real-estate-market-our-long-slow-slide-in-home-prices-is-finally-encountering-demand","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2826\/in-the-metropolitan-phoenix-real-estate-market-our-long-slow-slide-in-home-prices-is-finally-encountering-demand\/","title":{"rendered":"In the Metropolitan Phoenix real estate market, our long, slow slide in home prices is finally encountering demand"},"content":{"rendered":"

This is my column for this week from the Arizona Republic<\/i> (permanent link<\/a>):<\/p>\n

 
In the Metropolitan Phoenix real estate market, our long, slow slide in home prices is finally encountering demand<\/b><\/p>\n

If you’ve been looking for the bottom of the Phoenix real estate market, it might well be upon us.<\/p>\n

The world beyond our control — Washington and Wall Street — is so volatile right now that it’s hard for anyone to make plans.<\/p>\n

The Federal Reserve Bank is determined to keep markets liquid, so its own interest rates are heading back toward record lows. The investment banks that brokered the mortgage-backed securities that made sub-prime loans possible are in turmoil. Meanwhile, Congress is desperate to do something — which will almost certainly make things worse.<\/p>\n

The interesting thing about all that chaos is that it seems to be isolated to the real estate market. The larger economy is growing so fast that the twitterpated monetary policies of the Fed seem not to have had much of an impact.<\/p>\n

That’s a good thing, and let’s hope things stay that way.<\/p>\n

Meanwhile, in the world we have some control over — the local real estate market in Metropolitan Phoenix — our long, slow slide in prices is finally encountering demand.<\/p>\n

Because so many people wanted to buy houses in Phoenix, our builders gleefully over-built the Valley. This caused the glut of inventory we have been trying to absorb over the past nine quarters.<\/p>\n

Many of the resale homes that have languished on the market are by now short sales or have been taken back by the bank. Lenders don’t want to own houses, so they’re cutting prices until the homes get sold.<\/p>\n

At the same time, our reliable inflow of population, along with investors and second-home buyers, is there to absorb these newly-affordable homes. The snow belt just got belted with its worst winter in memory, which will bring even more newcomers to Phoenix.<\/p>\n

It could be we’ll be back to normal inventory levels fairly soon. The bad news? If your home is for sale, the price it will sell for right now is probably quite a bit lower than you think it Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This is my column for this week from the Arizona Republic (permanent link):  In the Metropolitan Phoenix real estate market, our long, slow slide in home prices is finally encountering demand If you’ve been looking for the bottom of the Phoenix real estate market, it might well be upon us. The world beyond our control […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6,5],"tags":[],"class_list":{"0":"post-2826","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-investment","7":"category-marketing","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":5778,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5778\/the-bottom-of-the-phoenix-real-estate-market-may-be-in-sight-but-alas-the-end-is-not-near\/","url_meta":{"origin":2826,"position":0},"title":"The bottom of the Phoenix real estate market may be in sight — but, alas, the end is not near","author":"Greg Swann","date":"November 23, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0The bottom of the Phoenix real estate market may be in sight -- but, alas, the end is not near When will the Phoenix real estate market finally hit bottom? Believe it or not, I can answer\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":302,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/302\/august-2006-market-basket-of-homes-values-up-25-on-stronger-sales\/","url_meta":{"origin":2826,"position":1},"title":"August 2006 Market-Basket of Homes: Values up .25% on stronger sales . . .","author":"Greg Swann","date":"September 8, 2006","format":false,"excerpt":"Is the Metropolitan Phoenix real estate market starting to recover? Too soon to say, but prices edged up slightly on sales that were stronger -- even if they are still slow -- in the August edition of the BloodhoundRealty.com Market-Basket of Homes. Average prices for Market Basket homes in August\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":500,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/500\/metropolitan-phoenix-has-added-271900-jobs-since-2002\/","url_meta":{"origin":2826,"position":2},"title":"Metropolitan Phoenix has added 271,900 jobs since 2002 . . .","author":"Greg Swann","date":"October 3, 2006","format":false,"excerpt":"Utterly amazing... Technorati Tags: arizona, arizona real estate, phoenix, phoenix real estate, real estate, real estate marketing","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7018,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7018\/obamas-housing-rescue-plan-wont-rescue-housing-but-it-will-delay-the-eventual-recovery-of-the-real-estate-market\/","url_meta":{"origin":2826,"position":3},"title":"Obama’s housing rescue plan won’t rescue housing, but it will delay the eventual recovery of the real estate market","author":"Greg Swann","date":"February 21, 2009","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Obama's housing rescue plan won't rescue housing, but it will delay the eventual recovery of the real estate market President Barrack Obama came to Mesa Wednesday to announce his new housing initiative. The location made for good\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":326,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/326\/economist-elliott-pollacks-housing-market-analysis\/","url_meta":{"origin":2826,"position":4},"title":"Economist Elliott Pollack’s housing market analysis","author":"Greg Swann","date":"September 12, 2006","format":false,"excerpt":"Phoenix and Tucson housing market analysis from Elliott Pollack:The economic fundamentals that have allowed Greater Phoenix to prosper have not changed. Our long term forecast remains positive.Note this slide: That's ostensibly bad news, since our affordability is down substantially over the last 6 years. But what's interesting to me is\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11206,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11206\/i-have-never-seen-a-better-commercial-for-residential-real-estate-in-metropolitan-phoenix-where-its-sunny-and-66-degrees-today\/","url_meta":{"origin":2826,"position":5},"title":"I have never seen a better commercial for residential real estate in Metropolitan Phoenix — where it’s sunny and 66 degrees today…","author":"Greg Swann","date":"February 9, 2010","format":false,"excerpt":"The only thing that might improve it would be the sound of the howling winds...","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2826"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2826\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}