March 22, 2008

Phoenix new home price now down 25% or $75,000 from bubble peak. And anyone who listened to realtors on commission these past few years got killed


Man, $75,000 in a matter of months, that's just brutal... No matter how the Arizona Republic's Rolodex-of-Realtors Catherine Reagor (she's still employed?), Phoenix realtors on commission or RL Brown wants to spin it.

If you listened to the new-home-ad-supported Arizona Republic or Reagor's always-good-for-a-quote realtor buddies these past few years and stupidly bought a new home in Phoenix, you simply got destroyed.

Here's the latest from Housing Ponzi Scheme Ground Zero, Phoenix Arizona:

Valley new-home permits dip during Feb.

Home-building was down 64 percent from a year earlier, and sales were off by 38 percent.

New-home building permits and sales across the Valley both dropped slightly in February, according to RL Brown's Phoenix Housing Market Letter. Brown said the continued slowing in permits and sales is expected as builders sell off existing speculatively built homes.

The median new-home price in the Valley fell to $225,000 last month, compared with $231,000 in January. In 2006, the Valley's median price hit $300,000.

And here again are the immortal words of a ramen-eating Phoenix six-percenter, the most discredited realtor in America who is still allowed to pollute the Arizona Republic, who has yet to admit to how horribly wrong he was or apologize to HP'ers, Phoenicians or his former clients.

The BubbleBloggers will someday bawl balefully in private, but they will never, ever admit that they have been very publicly very foolish
.

You will know and I will know and in the secret chambers of their hearts they will know they were wrong all along. But as long as you don't hold your breath waiting for that contrite admission of error, you should be fine.

24 comments:

Anonymous said...

Damn

The builders screwed their customers something fierce!

Straw Patty said...

Check out the brown blanket layer of smutty air.

Anonymous said...

Is that China or Phoenix? Cant tell from the pollution

Anonymous said...

Greg Swann represents why people hate and distrust realtwhoresTM

Anonymous said...

But what about the year-round (cough-cough) golf (cough-cough)!!

Anonymous said...

West Palm Beach has the very same problems as Phoenix as far as real estate ,instead of golfing year round, we were told the boomers where all retiring to FL

Rich in FL

Paul E. Math said...

And to prove what a whore she is, Reager ends the article with this quote "New-home prices are beginning to stabilize..."

So prices are down 25% from peak, down 2.6% in just the last month (annualize that and it would be over 30%) and somehow they are able to conclude that prices are beginning to stabilize??

Seriously, anyone who listens to that crap deserves to lose their money. You gotta be some kind a stupid...

You see, realtors? Do you see why we hate you now?

keith said...

What a shock, Reagor went to Arizona State, one of the worst schools in America (two words: Party School)

Catherine Reagor’s Education

*
Arizona State University

1986 — 1990


http://www.linkedin.com/pub/5/41A/A15

tangelo mozilo said...

Keith, you need to check your numbers again. With all the celebrities who own homes in the Phoenix area, a decline like this is a practical impossibility.

Anonymous said...

Greg DODO Bird is busy removing shards of sky from his beek.BEEGAWWKK!!!
Shakster

Anonymous said...

I know of some people in Anthem (north phoenix) who bought a 500k house and put 100k in it and planned on selling it for 750-800k. After they got done putting in all new stuff they had it reappraised and the appraisal came back at just a few grand more than what they paid for it, 505k or so (after putting 100k of their own money into it!). So much for get rich quick. Quite the opposite.

Anonymous said...

Sue your realtor for misrepresentation

Settle with getting the commission back

Anonymous said...

Keith, you OWN the realtors.

Contact redfin and tell them you'd be honored to runa banner ad of theirs on your webpage. That would give the 6%ers the finger, and honor all of those who've ever tried to honor the United States rather than desecrate it.

Lionel said...

"What a shock, Reagor went to Arizona State, one of the worst schools in America (two words: Party School)

Catherine Reagor’s Education

*
Arizona State University"

At least she went to "college." I recently reviewed personal finance files, and was stunned at how many people who were realtors (and made huge sums) never went past high school. People earning 4-500K/yr with no education. Floored me.

Frank@Scottsdale-Sucks.com said...

Great quote from Reagor - she's clearly a typical, arrogant, chip-on-her-shoulder Arizona chick.

Love the pic. Everyone I know who has visited Phoenix is struck by the worse-than-LA smog.

Anonymous said...

will we see those beautiful mass produced 3 bd 2 bth 2 car garage with pool units on private lots for 84,000 again as in 2002 again soon? as i shoulda bought one before this troublesome place im in went to 650,000

Anonymous said...

That cancerous black smog in the picture really brings the place together, doesn't it? Lots of value there, including getting lung cancer and your new born getting bronchitis. Wooohooo, let me pay $1 million for that shack that comes with all that smog and 5 hour commutes!

/sarcasm

Anonymous said...

Who plays golf under 100 degrees? Am I the only one who likes to either be on the beach or inside air conditioned rooms/cars with those average temperatures?

I must be crazy, then.

Anonymous said...

Aren't you guys worried about Frank? Should anyone check on him to see if he's still alive? Do you think all those Californian liberals he bashes so much kidnapped him? He's sure passing blank a lot of AZ threads...

Anonymous said...

AL-QWAFFER,

Party school does not mean a bad school. ASU was ranked in the "Top Schools" caegory by US News & World Report. Same with UC Davis which is the ultimate party school.

And no I didn't go to either.

happy homeowner in the stix said...

Knock it off, Keith. ASU has some decent programs. If you bothered to do any research, you'd know that.

Must be a Taco Tech, sorry, U of A grad to have that 'tude.

Frank@Scottsdale-Sucks.com said...

I guess Anon 10:10 is blind thanks to all that Arizona smog that's gone to his brain.

k.w. - southern ca. said...

2 to 3-times annual salary ... we still have a long, long ways to go in price drops before prices are anything close to being sane.

corvinus said...

As has been said here before:

Phoenix Sucks.

And it's going to suck even more than it already does, sucking in all the smog from LA.

There will be a psychological quake when the median price drops below $200,000. With a 1 in the hundreds place, the hole will start to seem cheap... just as it should be.