Comments on: Phoenix’s Real Estate Market Hits Tipping Point

By: Chris

Chris — Mon, 25 May 2009 18:00:55 +0000

I’ve seen the supply of homes for sale in PHX drop for a few months now on ListingSupply.com and I really think the market has turned. Someone pointed out that the gov’t has been printing money to manipulate prices. It is important to remember that printing money leads to severe inflation. Inflation pushes the prices of hard assets (like real estate, gold, commodities) UP. Also, Phoenix is still growing at an incredible rate. The 300 new people a day need somewhere to live.

By: Jason Bond

Jason Bond — Tue, 19 May 2009 02:58:31 +0000

Hi I am an estate agent in Brisbane, Australia, I am finding there are quite a few Australians buying properties in the states at the moment. Do you think the market has hit rockbottom yet?? New Farm Real Estate

By: Tom Royce

Tom Royce — Mon, 18 May 2009 18:12:25 +0000

Great points guys. I guess the point I was trying to get across is that the period of free fall is over. The bottom may be bumpy and stay down for a bit more, but the combination of low prices and shrinking inventory will allow consumers to feel secure making a purchase.

By: Portland Real Estate

Portland Real Estate — Mon, 18 May 2009 16:55:31 +0000

Yeah, nobody call for the bottom just yet. The spring uptick in sales does not necessarily mean that the trouble spots of the nation are going to bounce back.

By: Kirk Kinder

Kirk Kinder — Mon, 18 May 2009 13:09:21 +0000

Home sales are rising compared to January, but that happens every year. It isn’t a sign of the end but is really an annual given.

There are still a couple shoes to drop on housing. One, the ARM resets in 2010 and 2011 will put more pressure on foreclosures and price declines. Also, the Fed is clearly manipulating mortgage rates by printing money to buy mortgage backed securities. This will only last for a while. Eventually, the market penalizes price controls.

So things may not be as bad as last year, but we are far from the end.