Zillow and Phoenix Business Journal had a good article last
month (4/25/12) on how Phoenix home values will have the largest national gains
in 2012. Zillow released a report indicating that the home appreciation in
Phoenix between March 2012 and March 2013 was 6.5%. The largest growth reported
among the 30 metro areas reported.
They also stated that Phoenix foreclosure resales were
about 30% of the market, which is 17% less than this time last year, and half
of what it was during the peak of 2009.
Zillow also reported just this week that Phoenix has the
second highest rate of underwater homeowners at 55%. Las Vegas was the highest
at 71% and the third was Atlanta followed by Orlando.
Another interesting note about the Phoenix market is that
this week, the available Single Family home supply was below 10,000 Active homes
for sale. There were also over 17,000 Pending/AWC homes in the ARMLS system.
This is a far cry from about this time last year where there were close to
50,000 homes available.
Many Buyers are not aware that the market has changed and
the last few years of it being a Buyers’ market, is now gone.
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