Ah, nothing like a good mad rush to the exits. Combined with a rather hilarious stubbornness of sellers to drop their price. What might they be thinking - that they deserve a certain price? That they don't need to drop price, because sooner or later someone will show up - at least to look at the house? Well, if they could find an honest realtor in Phoenix, maybe they'd get some better advice.
Bad news Phoenix. You were Housing Ponzi Scheme ground zero. The investors got in, bid up your prices, and got out. Corrupt realtors, mortgage brokers and appraisers went along with the scam. Now you're left holding the bag. Take what you can get and get out.
Also, another note to the lazy reporter, Catherin Reagor: Find another friggin source other than biased realtors!
Home sales are plunging in metropolitan Phoenix, even as record numbers of people decide to put their houses on the market. For now, the median sales price is holding firm. But with the number of for-sale signs dotting yards across the Valley, no one expects that to last.
"Buyers think, 'Why should I buy today? It will be less expensive in a month or three weeks.' Every listing agent I talk to is getting ridiculous lowball offers," said Diane Watson, a Realty Executives agent in north Scottsdale.
Neil Brooks, a Century 21 Arizona Foothills agent in the north Valley, said the clock is ticking on resales in metropolitan Phoenix. He expects a 10 to 15 percent price reduction Valley-wide if summer selling doesn't chop inventory. "The next 60 days are crucial for Arizona real estate," he said.
Jim Sexton, owner of John Hall & Associates in Phoenix, said job growth and rising population (housing fundamentals) are still in place. He doesn't expect a price collapse."The market is far from falling apart," he said. "You're going to talk about real estate falling in a lot of other markets before you start talking about it here."
Margaret Dixon, broker and owner of Prudential Arizona Properties, thinks prices could drop 10 to 15 percent in areas hit hardest by speculators. "The core of the market is very strong," Dixon added. "It will be a soft landing."
May 14, 2006
What a housing bust, and lazy reporting, looks like: Phoenix blows up
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THE TIME COVER
Inside Bush's secret spy net
Around the White House, an abrupt change in the president's public schedule is known as an "audible," and generally, it's the last thing anyone wants to suggest to a boss so allergic to disruption that he makes everyone turn off their cell phones when he's in the room.
This A hole knows that EVERYONE in a room with a cell phone has NO PRIVACY!
uh, this post is about phoenix and real estate and not bush and cellphones...
on the post, i thought we had taught the az repub a lesson a couple months back? guess they still don't know anyone other than their advertisers - the realtors
years before price drops of any real degree. It to late to buy at this point. Its going to be five years to buy or more except in places like utah, austin, id, etc. but those places are going up so buy there now or wait years before owning.
Jim Sexton must be delusional. Phoenix is my "ground-zero" for the housing bust. Other people proclaim other markets are "ground-zero" such as LA, San Diego, and Miami. Maybe they are right, but Phoenix is my favorite market to watch.
OT:
What I witnessed this morning was pretty interested. My neighbor was outside talking on her phone and I felt a little panic going on. Mentioning Zillow, the bubble, people she knows talking more about the bubble. (I'm surrounded by home owners.) I smell a new listing coming.
Yeah, the only jobs in phoenix are $10/hr call center jobs or REIC jobs which only perpetuate the phoney Phoenix Ponzi economy.
the arizona republic reported over a year ago that 40% of the jobs in Phoenix are tied to real estate
uh, I think that means 40% unemployment coming soon
wow.
I have heard concern for the large number of people employed in housing one way or the other since 2000.
It will get awful when the housing slow down really hits.
Job growth in this sector has been steaming full ahead for several years.
The ice berg is straight ahead. And the guy in the look out is passed out drunk.
It will be a very nasty wake up call soon.
Cool numbers on a city as hot as a god damn oven 9 months out of the year!
http://www.benengebreth.org/housingtracker/location/Arizona/Phoenix/
Every week adds another 500 unwanted, not needed crapboxes to the valley of the sun. No one should live there, it's to freakin hot, and the jobs are a joke. Face facts, by the end of the year Phoenix may have over 100k homes up for sale, with no buyers in sight.
To autofx in phoenix,
You must be drunk lizard to think all you need is a pool in Phoenix to be OK in the summer (May through October). Even with little sun exposure, my skin looks and feels leathery and looks brown. After 2-3 minutes of walking to my car, I can hear and feel my skin sizzle.
PHOENIX=HELL.
Help!
Very pretty design! Keep up the good work. Thanks.
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Hi! Just want to say what a nice site. Bye, see you soon.
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Phoenix will be a huge overgrown bust very soon.
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