Any questions? Good god, if you look up "Housing Bubble" in the 2010 Dictionary, you'll see a picture of Phoenix and some of these numbers. This is the very definition, playing out to perfection, of a financial mania, bubble, panic and collapse.
Now here comes the falling prices and layoffs part...
June 10, 2006
Phoenix sales plunge 34% while inventory rises 800% (now at 48,579 for sale units)
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9 comments:
Add high gearing levels for many "investors", rising interest rates, a shortage of tenants (?) and a general economic downturn (?)to the oversupply and things could get ...... interesting
The questions then become, how low will it go and how long will it take to get there?
keith,
love the pictures....where do you find them?
Keith finds his pictures by going to Google and clicking on the "images" button in the tool bar, then he searches words that will bring up groups of images that may work. Then you can simply cut and paste or hyperlink the images onto your site. Many of the imagrs I have seen are copyrighted, so to use them is somthing even a realtor would not do.
funny how many haters come here
Phoenix will survive because people STILL are moving here, especially from California.
I read and greatly enjoyed the other posts about how fucked the market is here. The reporters at the AZ Republic deserve to be ripped. They're as clueless as the realtors.
It is a mess, and will get worse before it gets better, and I am looking forward to buying more.
Also, there is a bank short sale on a property in the Encanto historic district. Tremors now to come for the ridiculously overpriced historic homes. 600K for 1200 SF near downtown. Hah!
It should be just a matter of a few months before we hear stories of flippers being bent over and given the ass-pounding they deserve! I look forward to hearing the moans and groans coming out of the pheonix area! Spread em, boys!
Many of the imagrs I have seen are copyrighted, so to use them is somthing even a realtor would not do.
Oh yes they would. Does anyone smell the stench of irony in the NAR's radio and TV ads where they say that their realtors adhere to a strict code of ethics? The irony is that the comments come from people who sound like they are giving testimonials, but it is clear that the testimonials are coming from paid actors. Of course, more gullible people would think that those testimonials are real. So how can the NAR truly be ethical when their commercials give fake testimonials?
Great pic....
good pic
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