Phoenix Real Estate

Tempe Homes and News

Ron Wilczek — Wed Apr 07, 2010 6:08 pm

Author: Ron Wilczek

Posted: Wed Apr 07, 2010 6:08 pm

We live in Tempe and so do many of our friends. We though the results of this Tempe Resident Survey would be interesting. We found it in the Tempe News Room.

"City of Tempe residents have voiced positive feelings and offered constructive feedback about the services, programs and facilities provided in their community.

In October 2009, more than 800 residents weighed in on questions focusing on water service, parks, trash collection, public safety and more. Their ratings give the City of Tempe important information about how well it is providing services. For the third year in a row, the City of Tempe rated above average in almost every area that was assessed in the survey. Complete 2009 survey results are available at www.tempe.gov/government.aspx - click on the link under the "Statistics" heading.

Kansas-based ETC Institute conducted the survey and compared Tempe to its database of cities across the country. Survey respondents expressed overall satisfaction levels of 90 percent that's 34 percent above the national average. The Tempe City Council will discuss the survey results at their 6 p.m. Issue Review Session this Thursday, March 25. The meeting is in Council Chambers, 31 E. Fifth St. Highlights of the 2009 survey include:

Satisfaction with the condition of sidewalks rated 33 percent above the national average (78 percent in Tempe vs. 56 percent in U.S.)
Satisfaction with the quality of recreation centers rated 30 percent above the national average (83 percent in Tempe vs. 53 percent in U.S.)
Satisfaction with condition of streets rated 26 percent above the national average (80 percent in Tempe vs. 54 percent in U.S.)
Satisfaction with the overall appearance of the city rated 20 percent above average (85 percent in Tempe vs. 65 percent in U.S.)"

Tempe Real Estate Agents

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Source: Homes for Sale in Tempe AZ

Homes for Sale in Tempe AZ

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Tempe, Phoenix Real Estate News

Ron Wilczek — Wed Apr 07, 2010 6:08 pm

Author: Ron Wilczek

Posted: Wed Apr 07, 2010 6:08 pm

Tempe Housing Improvement Program accepting pre-applications from residents

Pre-applications are being accepted for the Tempe's Housing Improvement Program. This program provides deferred or low-interest amortized loans to income-qualified homeowners to correct code violations, existing deficiencies or other hazardous conditions in their home.

To be eligible, the applicant must be a Tempe resident, the owner-occupant of the home to be rehabilitated and meet program income limit guidelines. Grants are also available for home modifications for persons with disabilities and/or emergency repairs that affect the health, life or safety of the occupants.

To request a pre-application, or for more information, contact the Tempe Housing Improvement Services Division at 480-858-2154 (TDD: 480-350-8913) or visit the office at 21 E. Sixth Street, Suite 214, Tempe, AZ 85281 (Tempe News room)

Tempe Honors Young People

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Source: Homes for Sale in Tempe AZ

Homes for Sale in Tempe AZ

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Phoenix Real Estate Foreclosure Listings - April 2010

Ron Wilczek — Wed Apr 07, 2010 6:08 pm

Author: Ron Wilczek

Posted: Wed Apr 07, 2010 6:08 pm

Phoenix foreclosures remained relatively constant for yet another month. The drop in the total number of listings was only 587 listings from March 1st to April 1st in Phoenix. Foreclosures (bank owned or REO properties and short sales) dropped 345 listings. The big news expects to be the total number of homes sold for March 2010. Home sales may reach the 9,000 mark, making March the largest residential sales month since last July.

Read the chart this way:
"Residential listings in The Phoenix area totaled 34,461 to begin April 2010, a drop of 587 from March. 14,087 of those listings are foreclosure listings in Phoenix. Foreclosures make up 40.9% of the total listings.

Talk of "shadow inventory" still looms on blogs and in the news.

The second chart shows the breakdown between the normal listings and the foreclosure listings in the Phoenix area. Read the chart this way:
"20,374 listings are "normal listings that have been on the market for an average of 172 days. 14,087 listings are foreclosure listings that have been on the market an average of 102 days."

Short sales have dragged that number higher as bank owned homes slip off the market much sooner than short sales in Metro Phoenix. Real estate with short sales continues to be an adventure.

Short Sale Roulette

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Source: Phoenix Foreclosures
Phoenix Foreclosures and other Major Cities

Phoenix Real Estate Listings - April 2010

Ron Wilczek — Wed Apr 07, 2010 6:08 pm

Author: Ron Wilczek

Posted: Wed Apr 07, 2010 6:08 pm

The number of active listings in the Phoenix real estate market remained relatively constant for yet another month. The drop in the number of listings was only 587 listings from March 1st to April 1st. The big news expects to be the total number of homes sold for March 2010. It looks as though home sales may approach the 9,000 mark, making March the biggest residential sales month since last July.

Read the chart this way:
"Residential listings in The Phoenix area totaled 34,461 to begin April 2010, a drop of 587 from March. 14,087 of those listings are foreclosure listings (bank owned or REO properties and short sales). Foreclosures make up 40.9% of the total listings.

Talk of "shadow inventory" still looms on blogs and in the news.

The second chart shows the breakdown between the normal listings and the foreclosure listings. Read the chart this way:
"20,374 listings are "normal listings that have been on the market for an average of 172 days. 14,087 listings are foreclosure listings that have been on the market an average of 102 days."

Short sales have dragged that number higher as bank owned homes slip off the market much sooner than short sales in Metro Phoenix. Real estate with short sales continues to be an adventure.

Short Sale Roulette

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

Phoenix Real Estate -Short Sales or Roulette

Ron Wilczek — Sat Mar 20, 2010 6:10 pm

Author: Ron Wilczek

Posted: Sat Mar 20, 2010 6:10 pm

I constantly get buyer clients asking me about the pros and cons of short sales. In fact, I've received so many questions I created a short sale page on my website and I refer clients to that page. I'm sure I'm not the only realtor who has done that in this market.

I'll tell you that I've had my share of successful short sales, both on the selling and buying side. I've also had my share of short sales that have blown up because 1.) a HELOC demanded a promissory note and the seller refused to sign it OR 2.) a bank wouldn't let go of an unreasonably high BPO. [Side note: If the realtor who did the BPO for my short sale on Desert Cove Rd in Glendale is reading this -- your BPO WAS too high and the house sold for $10,000 less as a REO] Since I have a fairly analytical mind (which can be a curse in a marriage) I decided to see if I could figure out the statistical probabilities of a short sale closing escrow.

My bachelor's degree is in business administration and I did well in quantitative analysis. However, I did not want to create a thesis. I was just seeking a simple way to convey the success rate of short sales to my clients. Here's what I came up with: divide the number of closed short sales in one month by the combined total of the closed short sales plus the canceled short sales. Expressed mathematically:

closed short sales / (closed short sales + cancelled short sales) = % of success

I used only canceled short sales and not those that "expired" or were "temporarily off market." I reasoned that expired short sales could simply be re-listed, were generally caused because the listing realtor lost track of time, and that most of them received an extension. I did not count those that were "temporarily off market" because they would probably end up as either closed or canceled.

Here's my conclusion based on 12 months of statistics from the Arizona Regional Multiple Listing Service: There is a slightly better chance closing a short sale than winning at a roulette table. Remember that roulette has a 50% chance of winning if you play either "odd/even" or "red/black."

The 12 month chart shown below illustrates that an average of 53.7% of short sales close. Read the chart in this manner: "4,150 foreclosures sales (bank owned and short sales combined) occurred in February 2010. 1,438 of those sales were short sales. 1,167 short sales were canceled in February 2010. Therefore, 55.2% of short sales were successfully closed in February 2010." You will also note that the success of short sales has been greater in the last six months than in the first six months of the period.

I can already hear all of the short sale experts across America claiming a much higher success rate. I have a higher success rate too. However, I present these numbers for your information or your humor -- whichever you prefer. Actually, I kind of like the roulette analogy and have already used it twice today. Next time a client asks you if they should consider buying short sales say to them "red or black?"

Selling Your Home

Home Buyers, Mortgage, Inspectors, Credit

Phoenix Foreclosures - March 2010

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Source: Phoenix Foreclosures
Phoenix Foreclosures and other Major Cities

Phoenix Real Estate February 2010

Ron Wilczek — Wed Mar 17, 2010 6:10 pm

Author: Ron Wilczek

Posted: Wed Mar 17, 2010 6:10 pm

Phoenix Real Estate sales were up 14% in February 2010.

February only had 28 days, but that was enough time to beat January's total home sales in Metro Phoenix. Real estate residential sales increased from 5,812 in January to 6,613 home sales in February 2010. Need we ask why? The answer continues to be last minute shopping for the tax credit fueled by low interest rates. Expect more of the same during the next few months.

Read the chart in this manner: 6,613 homes sold in February in Metro Phoenix . Real estate defined as "normal" sales (not bank owned property or short sales) accounted for 2,463 sales, or 37.2% of the total. 4,150 sales were foreclosure related which comprised 62.8% of the total.

Here's another interesting statistic. Year over year sales, commonly known as YOY (a common industry comparison standard), have been up for 21 consecutive months (not completely shown by the chart ). YOY essentially compares the sales in February 2010 to the sales in February 2009, the sales in January 2010 to the sales in January 2009, and so on. In other words, Phoenix real estate sales have consistently been improved from the previous year.

It's also interesting to note that foreclosures (bank owned or REO property and shorts sales) officially accounted for over 1/2 all sales in the Phoenix real estate market beginning in October 2008. They have surged as high as 75.9% but have yet to drop below the 50% mark. My chart goes back to June 2007 for anyone who wants a longer term perspective.

My next post will evaluate the number of foreclosure sales and their makeup in terms of how many were lender owned properties and how many were short sales.

Phoenix Real Estate Forum

Tempe, Scottsdale, Mesa, Glendale, Chandler, Gilbert, homes

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

Phoenix Foreclosures, Eviction Laws, Homeowner Rights

Ron Wilczek — Tue Mar 16, 2010 6:10 pm

Author: Ron Wilczek

Posted: Tue Mar 16, 2010 6:10 pm

A Forcible Entry and Detainer is an action that a new property owner (the foreclosing bank) can take if the existing occupant refuses to leave after appropriate notice (90 day notice of Trustee Sale)in Metro Phoenix. Foreclosure occupants could be either a tenant or original owner of property that was sold at a Phoenix foreclosure or trustee's sale. Foreclosure eviction laws are subject to change, but this article is current In Arizona as of March 2010. This article was prepared with the help of a good friend, Georgi Stratton. Her contact info is on the bottom of the post.

The tenant/occupant receives a written demand to vacate the property. The term of the period to vacate is dictated by the type of occupancy - whether commercial or residential and whether a tenant or an owner that was foreclosed on. This term normally is either 5 or 7 days, unless the contract states otherwise. After the 5-7 days expire and the tenant/occupant still refuse to leave then a complaint for a forcible detainer action can be filed. The statutes provide for a very short notice period before a court hearing.

The sole issue at the court hearing is whether or not the tenant/occupant has the right to possession. If they do not then they will be found guilty of a forcible entry and detainer. The court will enter an order directing the tenant/occupant to vacate within 5 judicial days. After that period has expired the Sheriff's office can then evict the tenants/occupants, remove their personal property and give the rightful owner possession and control of the property.

It would be wise for the rightful owner to change the locks and take steps to protect the property.

Typically the seller must vacate the home within 7 to 14 days after a Trustee Sale (auction). Often the bank will offer the homeowner a $1,000 - $2,000 relocation fee if the homeowner moves within several days and leaves the home is good condition. If a foreclosed homeowner in the Phoenix area is being forced out without a moving fee or several days to move, the homeowner has rights. Inform the lender's representative that you request a moving fee or are requiring them to file a Forcible Entry and Detainer Action. If they refuse to comply with either of these or if you feel your rights are being infringed upon, contact the local Sheriff for enforcement of current metropolitan Phoenix foreclosure eviction laws.

If the lender has to file a Forcible Entry and Detainer Action, you will not be able to get any cash for moving expenses.

Georgi Stratton ,Paralegal - Director of Short Sales,  Winsor & Coleman, PLC Direct: 480.695.6565 Fax: 480.699.8853 Email: georgistratton@yahoo.com

Phoenix Foreclosures 41% of Active Market

Phoenix Real Estate

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Source: Phoenix Foreclosures
Phoenix Foreclosures and other Major Cities

Phoenix Foreclosures Still Dominate March 2010 Market

Ron Wilczek — Sun Mar 14, 2010 6:10 pm

Author: Ron Wilczek

Posted: Sun Mar 14, 2010 6:10 pm

Metro Phoenix foreclosures still 41% of active market

The number of active listings and number of Metro Phoenix foreclosures remained virtually unchanged from February to March of 2010. As seen in the chart, listings hit a several year low in September 2009.  They have been gradually increasing since that time.  The chart also indicates how far active listings have dropped since 2008, thereby accounting for the swing in the market from a complete buyer's market to a market that has evened out.  In some locations around the Valley the market is even closer to being a seller's market because of extreme competition for low priced Metro Phoenix foreclosures.

Phoenix Real Estate

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Source: Phoenix Foreclosures
Phoenix Foreclosures and other Major Cities

Listings remain stable in Phoenix Real Estate Market - Marc

Ron Wilczek — Sun Mar 14, 2010 6:10 pm

Author: Ron Wilczek

Posted: Sun Mar 14, 2010 6:10 pm

Phoenix Real Estate Market remains dominated by Phoenix foreclosures.

The number of active listings in and around metropolitan Phoenix remained virtually unchanged from February to March of 2010. As depicted in the chart, property listings hit a several year low in September 2009.  They have been slowly on the rise since that time.  The chart also indicates the dramatic difference since 2008 when listings were over 50,000, thereby accounting for the swing in the market from a complete buyer's market to a market that has occasionally been referred to as a seller's market in Phoenix.  Real estate listings in some locations around the Valley have sparked a seller's market because of extreme competition for low priced Metro Phoenix foreclosures. It's no real surprise because real estate prices in the Phoenix housing market are at their lowest levels in 10-years AND interest rates are still low.

The chart also shows that 41.2% of all listings in the Phoenix area are foreclosures. I am defining foreclosures as bank owned homes and short sales.

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

Sales Trends for Tempe, AZ Homes - February 2010

Ron Wilczek — Sun Feb 28, 2010 7:10 pm

Author: Ron Wilczek

Posted: Sun Feb 28, 2010 7:10 pm

I love Tempe and have an affinity for the sales trends of Tempe Homes. Our brokerage is headquartered out of Tempe, AZ just 2 miles from Arizona State University. Tempe is filled with history, great neighborhoods, entertainment, sports and a sense of community.  Not only that, it's centrally located with many of the valley's main freeways passing through or around it. So down to business.

Tempe, along with Scottsdale and Paradise Valley, were three of the cities that <strike>withstood the rapid depreciation</strike> we experienced during 2007 and 2008 for the longest period of time. Perhaps saying they withstood depreciation is not entirely accurate. It's more accurate to say they maintained higher values than most  surrounding Phoenix communities. Let's talk about the below chart provided by the Cromford Report.

The meter in the upper left hand corner indicates the current price per square foot in Tempe is almost $116.  The meter on the top right corner indicates the annual average price per square foot for 2010 is about $118 per square foot.

The middle graphs indicate the averages expressed in monthly and annual terms.  You can see that the prices spiked as much as $10.00 per square foot in the timeframe between June and August 2009.  That was attributed to increased home purchases and occasional bidding wars over properties when buyers thought the tax credit was going to expire.

As a point of reference, price per square foot in Tempe two years ago was $157.  3 years ago, In February of 2007, the price per square foot was about $178.  It becomes clear that a $20 drop per-year has been the standard. Have we bottomed out? Except for the upward spikes shown in the graph Tempe appears to be somewhat flat. Is this the time to take a serious look at Tempe homes for sale?

Search Tempe, Scottsdale, Mesa Homes

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Source: Homes for Sale in Tempe AZ

Homes for Sale in Tempe AZ

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Homes for sale in Tempe AZ

Ron Wilczek — Wed Feb 17, 2010 12:20 am

Author: Ron Wilczek

Posted: Wed Feb 17, 2010 12:20 am

Homes for sale in Tempe AZ built in the 50's - 60's

There are a lot of new homes in the greater Phoenix metropolitan area. Face it, Phoenix has not been around as long as many of the east coast cities. I can go six months showing homes at not see a home that was built before 2000. This statement would not be true in many cities from across the United States.  So, if you live on the east coast and are reading this blog just bear with me.

Lately I've been showing lots of homes to clients who want to live in Tempe, Arizona.  I came up with an idea to write about the "Top 10 signs you're in a house that was built in the 50's - 60's."  Here we go:

10. The electrical power reaches your home from a cable dangling over your head.
 9. The trash is picked up in an alley from behind your house.
 8. The water heater is outside.
 7. The power box is 18 inches square.
 6. Armstrong linoleum tile matches your pink toilet.
 5. All of the interior cabinetry is quarter inch stained plywood.
 4. The windows crank open.
 3. The gas heater is in the hallway closet.
 2. The doorbell is a Nutone chime.
 1. The stove does nothing but get hot.

That's not to say all Homes for sale in Tempe AZ are over 50 years old. There are many homes south of Elliot road that were built in the 1990's.

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Source: Homes for Sale in Tempe AZ

Homes for Sale in Tempe AZ

Your Tempe Real Estate Experts

Tempe Foreclosures

Ron Wilczek — Wed Feb 17, 2010 12:20 am

Author: Ron Wilczek

Posted: Wed Feb 17, 2010 12:20 am

Tempe has 13th highest foreclosure sales among major Metro Phoenix cities for the month of November 2009. This chart is very updated and only reflects the sales from November 1st-13th, 2009.

In other words, this chart shows the number of bank owned properties sold in each city expressed as a percentage of TOTAL sales.

Leading the way in November is El Mirage with 51% of all sales being bank foreclosures. Just ahead of Tempe is the city of Surprise with 35% of sales being foreclosures.

Tempe and Queen Creek are tied for 13th position with 33% of all November sales being bank foreclosures. The lowest cities in Sun City West at 10% followed by Paradise Valley at 16%.

Metro Phoenix Foreclosure Report

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Source: Homes for Sale in Tempe AZ

Homes for Sale in Tempe AZ

Your Tempe Real Estate Experts

Something Stinks in Phoenix Real Estate

Ron Wilczek — Sun Feb 07, 2010 7:10 pm

Author: Ron Wilczek

Posted: Sun Feb 07, 2010 7:10 pm

There currently 9,200 homes for sale in the city of Phoenix. Real estate deals are around every corner in the Metro area. Many REO properties need some work and we expect that. Some Phoenix real estate deals  need lots of work and cause potential buyers to go hmmmm .... And then there's the occasional house that really stinks! Literally.

I took a buyer, who flew in from New Zealand, out to look at REO properties on Wednesday and saw some really good deals for Phoenix homes for sale. The banks don't like to waste time anymore and most are starting to price properties really aggressively ... enough so that many REO homes are still getting up to 15-20 visits in the first week. I took a buyer, who flew in from New Zealand, out to look at REO properties on Wednesday and saw some really good deals for Phoenix real estate. The banks are getting wise to the game, and most are starting to price really aggressively ... enough so that many REO homes are getting up to 20 visits in the first 1-2 weeks.

Well, we are 5 homes into our search when we open the door to a really nice looking home in Phoenix. Real estate memories fill my mind, but this was one of those moments that would have been interesting to record -- then watch our reaction on video. I knew something was wrong as soon as I swung open the door. 5 steps into the house and my eyes were beginning to sting. Holy pet urine Batman! This was not the work of a random "tinkler." These pets had the run of the place. I never thought I would need to stop by Big 5 Sports and buy 2 gas masks before showing any Phoenix homes for sale.

My client was shocked at the smell. It was almost so thick it could be cut with a knife. But after traveling half way around the world to look at Phoenix real estate she could not be stopped. She proceeded to do a quick walk-through of the downstairs and headed upstairs. I started to assess her weight and wondered if I would need to carry her out of the house. It has been awhile since I worked out regularly at the gym. My mind started remembering the correct lifting techniques to avoid back injury.

She disappeared up the stairs and I tried to regain my senses. It occurred to me that she might think this yank was a pansy, so I darted up the stairs. That was a mistake because I started to breath harder. My memory was jolted into remembering that warm air rises. If it was possible, the smell was even worse upstairs. Of all the Phoenix real estate I could have been in ... then I lost my train of thought.

Where am I?

Then I remembered. My client came out of the master bedroom and headed for the stairs (thank you God). She didn't appear faint (thank you God). We headed outside and locked up the house. My client actually liked the floor plan and features and commented that removing the carpet would help a lot. She wondered what my thoughts were on the subject.

I actually had thoughts on the subject because, first of all, my sight and mind was returning. I told her I had bought a house with a similar problem at the trustee's sale , which of course was "sight unseen" (and smell un-smelled). I described the process of scrubbing and sealing concrete. I described the process of sanding and sealing 2x4's that were along the concrete floor. Thankfully she was losing interest in the house and I wouldn't need to return (thank you God)! On to better smelling Phoenix real estate!

Today I received an email from the listing agent wondering what I thought about the house. It was then I decided to write this post. My return email will contain a link to it. That should be satisfactory feedback, don't you think?

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Source: Phoenix Homes and Foreclosures
Current information on Phoenix homes for sale and Phoenix foreclosures. Market conditions.

A 10-year look at the Phoenix Real Estate market - Foreclos

Ron Wilczek — Sat Feb 06, 2010 7:10 pm

Author: Ron Wilczek

Posted: Sat Feb 06, 2010 7:10 pm

Phoenix Foreclosures

I usually break down the Phoenix Foreclosure market on a micro level. But, and as Monty Python used to say, "and now for something entirely different," here's a look at the larger macro picture.

I was curious just how far prices dropped since the boom years. So I went tothe multiple listing service, came up with some criteria, clicked a few buttons, and wallah: a 10-year look at the average price and price per square foot in the Phoenix real estate market. As you can guess, they have been impacted by metro Phoenix foreclosures. This is my disclaimer: this information came directly from the Arizona Regional MLS. Any realtor and can get the same information. I'm not responsible for any errorsss in the data. OK, now that that's over with, let's get back to this post.

Read that chart in this manner: in 2009 there were 92,146 residential sales in the Phoenix area. That total sales volume equaled $15,668,606,573, or an average price of $170,045. Since the average sold home was 1,930 square feet, the average price per square foot in the Phoenix housing market for 2009 was $88.00

Phoenix Foreclosures

Anyone who follows Phoenix real estate will realize the rest of the chart isn't hot breaking news because this information was available on an intuitive basis. In other words, we all knew that house values started an amazing increase in 2004 - 2005 and that many people bathed in the "afterglow" during 2006. But seeing these numbers all in one place -- and in black and white and blue-- is a minorshock to the system. Who doesn't wish they has access to this chart 4-years ago? However, then the crisis with foreclosures hit Phoenixand home values decreased to their current state.

You can see a $94.00 drop in the price per square foot from 2006 to 2009. Obviously, that is due to the fact that approximately 55% of all homes sold in 2008 - 2009 were Phoenix foreclosures. More specifically,bank owned homes and short sales. That quantity of metro Phoenix foreclosures is enough to suck the life out of values in any housing market (and we won't name other housing markets in this post -- you know which ones I'm talking about ).

When people ask me "is this the time to buy real estate" I can now honestly say prices are lower than they have been in the last 10 years.

Phoenix Foreclosures

Housing Tracker Phoenix

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Source: Phoenix Foreclosures
Phoenix Foreclosures and other Major Cities

A 10-year look at the 2009 Phoenix Real Estate market

Ron Wilczek — Sat Feb 06, 2010 7:10 pm

Author: Ron Wilczek

Posted: Sat Feb 06, 2010 7:10 pm

Housing Tracker Phoenix

I usually break down the Phoenix housing market on a micro level. But, and as Monty Python used to say, "and now for something entirely different," here's a look at the larger macro picture.

I was interested to see just how far prices have dropped since the boom years. So I logged into the multiple listing service, came up with a few criteria, pushed a few buttons, and here you go: a 10-year look at the average price and price per square foot in the Phoenix housing market. This is my disclaimer: this information came directly from the Arizona Regional MLS. Any realtor and can get the same information. I'm not responsible for any errors in the data. OK, now that that's over with, let's get back to this post.

Read that chart in this manner: in 2009 there were 92,146 residential sales in the Phoenix area. That total sales volume equaled $15,668,606,573, or an average price of $170,045. Since the average sold home was 1,930 square feet, the average price per square foot in the Phoenix housing market for 2009 was $88.00

Housing Tracker

Phoenix residents and those in the know realize the rest of the chart isn't really any ground breaking news because this information was available on an intuitive basis. In other words, we all knew that house values started an amazing increase in 2004 - 2005 and that many people bathed in the "afterglow" during 2006. But seeing these numbers all in one place -- and in black and white -- is a littleshock to the system. However, then the foreclosure crisis set in and home values decreased to their current state.

You can see a $94.00 drop in the price per square foot from 2006 to 2009. Obviously, that is due to the fact that approximately 55% of all homes sold in 2008 - 2009 were foreclosure-type properties. I'm talking about bank owned homes and short sales. That quantity of foreclosure sales is enough to suck the life out of values in any housing market (and we won't name other housing markets in this post -- you know which ones I'm talking about ).

When people ask me "is this the time to buy real estate" I can now honestly say prices are lower than they have been in the last 10 years.

Phoenix real estate

Housing Tracker Phoenix

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Source: Housing Tracker Phoenix

Housing Tracker Phoenix

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