1. Foreclosures continue to fall:
Notice the graph for homes in the foreclosure process? Down from nearly 25,000 a year ago to 17,000 now. In fact, this number has been decreasing by 1500 a month for the past several months, and this month is following form, based on my preliminary count through today on the county website. At that pace, we are 12 months away from hitting zero foreclosures… [that won’t really happen, but it gives an idea of how close to finished we are with foreclosures here.
Notice the new filings? down from the 4000 range a year ago, to 2500 now.
2. Inventory is down 20% year over year, and listing prices are rising. think about this for a second: last year, we saw prices jump nearly 30% in Phoenix, and yet inventory is still down? Low supply leads to upward pressure on equilibrium price.
3. Listed prices are rising.
4. case-shiller index is rising.
Case-shiller estimates 16% up in the past year. However, as this is being caused nearly entirely by the lower to mid tiers of the market, those tiers are actually up much more than the general index…
This is the real data for Phoenix/maricopa.
read more truth about this market at my blog site.