Oh dear god when will this end? Anyone from Phoenix please comment on conditions on the ground - what's it like to drive around and see For Sale sign after For Sale sign? And can you sense panic in the cocktail party chatter - as much as you sensed unbridaled greed a year ago?
Remember, these numbers do NOT include the FSBO's. I've attached a sign for Phoenix homeowners to print and post tonight too (just doing my part - you're welcome!)
Here's the numbers from the past few days - and remember a year ago we had 5,000 homes in inventory:
3/31: 39,852
4/1: 40,143
4/5: 40,147
4/6: 40,423
4/7: 40,925
4/8: 41,208
4/9: 41,320
April 10, 2006
I go away for a few days, and Phoenix gets another 1,500 homes added to the inventory pile-up
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8 comments:
PHX is going down hard. We will hit 50K by the end of the month.
David
Bubble Meter Blogspot
It is ugly .Two houses down from me is still trying to sell for $250,000.
1600 square/3bdrm.
Refuses to budge . Been on the market since Nov. Info Tube is full. Kids used paper to make airplanes the other day.
How many houses in PHX? 3M people? 1/2 own homes, 3 per house so 500K homes?
So 8% on market?
Or are there more homes than that?
Watch for the March sales figure coming out in the next few days by ASU. It'll certainly be interesting.
It's sad how some people are totally clueless on the state of the economy and their finances. There's one guy at work who won't invest in the company 401K even though it matches 80% of contributions. He invests in CD's instead. He puts money into a regular CD account instead of an IRA. There are still markets where homes are fairly priced and even underpriced. Phoenix is not one of them
What I see on the ground are tons of "For Sale" signs and definitely more open houses every weekend, and even during the week. Sad part is when I mention the housing bubble here to anyone, they have no clue what I'm talking about. One person was talking about buying a brand new condo that's way overpriced. I mentioned checking out the MLS to see that their are at least 50 condos for sale in the same area he's looking for a fraction of the price that are just as nice. He has no idea what I'm talking about. It's sad. Many believe that prices will not come down at all.
the sport of flipping has extended to the Indian Reservations of New Mexico. The idea of buying homes in Phoenix and flip them for profit is the hot topic amongst the circle of high school grad or non-high school grad native american twenty-somethings on the Rez.
Holy crap. That is BAD news about the Res people. As if they don't have enough problems.
Is it my imagination or have Americans gotten stupider over the last decade?
Everywhere I go in my area of the Washington coast, there are new houses and condos.
It is OBVIOUS that these will not be sold. It is OBVIOUS we've overbuilt here.
But most people take the news of 1000 properties on the market in a town of 80,000 people as a sign that RE is hot and a ton of people will be moving up here.
When the inventory hits 2000, will they think the market just heated up all the more?
3000? 4000? What's it gonna take before these people realize it's just overbuilding plain and simple?
If Phoenix is an example of your average American, then I guess no amount of inventory is too much.
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