Good day Urban Connection readers. Michael Orr’s real estate market report for May 2010 just arrived in our mail box and we wanted to share the info with you. The full report and Michael’s numbers and analysis of the Phoenix residential real estate market is below. Just click on a page to have it open in a larger view for easier reading.
THE URBAN CONNETION TEAM’S THOUGHTS:
The report covers all of Phoenix and excludes other cities in Maricopa County. Since many of our readers are downtown types, please understand this is a big Phoenix picture and does not necessarily reflect the downtown market. Also, Michael’s data is for single family homes only so does not include info on the downtown condo/loft sector.
Much of the news is what we expected to see. The tax credit pushed a lot of home sales last month so the pending sales figures jumped a bit. This helped the days on market numbers to fall as more homes sold quickly.
On the goods news front, we continue to see some strength in home prices with lower priced homes actually seeing gains… good news for a lot of homeowners.
Good news item #2 is the number of notices of trustee sale (the date a home is scheduled to go back to the investor) has fallen. We feel this is due to more lenders trying to work out loan modifications or short sales. We feel homeowners will find greater success as banks are better equipped to handle the volume of requests than in 2009 and early 2010.
To get a clue of the problem banks face look at this statistic. Bank of America/Countrywide had 65,000 short sale applications filed in April 2010 compared to just 12 filed in all of 2007.
As we’ve mentioned in other articles, we do not expect improvement in the condo/loft market in 2010. Lenders simply are not giving mortgages on condos except in rare cases like One Lexington. The single family home market should continue to see modest strength, however, until the jobs market gets better don’t expect too much.
If you have any question or would like more information about the report, toss us an email and we’ll get back to you ASAP.
THE PHOENIX REAL ESTATE MARKET REPORT FOR MAY 2010:
The data used to create this report is obtained from public records and extracted under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS).
Although certain corrections and checks have been applied to this data, Cromford Associates LLC, Fidelity National Title Insurance Company, Realty Executives and ARMLS expressly disclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability
or fitness for any particular purpose. This report is copyrighted in 2010 by Cromford Associates LLC and used with permission on UrbanConnectionRealty.com