Great prices- sure- be prepared to make multiple offers on multiple properties- week after week.  If you are obtaining financing- you will be bidding against cash buyers.

If you want to offer below list price, you might as well stay home and enjoy the air conditioning.

Inventory continues to decline- thus the rule of supply and demand takes shape.  With inventory declining, prices will start to increase.

So if you think you are going to come to Phoenix and buy a 1500 sqft home for $60K that is move in ready- think again.

Here is a snapshot of Phoenix Foreclosures

Condolences to all their family and friends.

With the hot weather come reports of children being pulled from pools.

Remember to lock your pool gates, fence your pools, hide the phone and WATCH you kids around the pool and learn CPR. 

Apparently, Brad Pitt’s new baseball movie is hitting Phoenix in the next day or two for a couple of days of filming, and not surprisingly, they are trying to keep the exact location a secret.

So Brad- if you are looking for a great winter home- have your people call my people (ok-I do not have people) but call me and we can find you a great luxury home in Phoenix that is a great deal!

Who will get the house? 

Arizona has $121 million to hand out to potential home owners, that qualify, to buy foreclosed homes in the Phoenix Real Estate Market.

azcentral.com reports:

"Two months into the program, no one in Arizona has closed on a home yet. Several have qualified, however, and hundreds more have applied"

One of the stipulations of this program is that HUD requires lenders who took homes back through foreclosure to give buyers a 15 percent discount on the price.  This could be a problem when you have investors, paying cash, are will to pay market value of the already deeply discounted price.

Inventory continues to decline, multiple bids on foreclosures is the norm, with many being sold over list price. 

Additionally, just this weekend, hundreds of people bought foreclosures at the REDC Auction- these homes will never be available to those that meet the qualifications of the Stabilzation Program.

The money is apart of the governments Recovery Program and must be spent by 2011.  They may want to re-think asking the bank for an additional 15% price reduction.

The chart below shows the current trend in inventory of foreclosures in the great Phoenix Area.

Tables and charts from The Cromford Report using data from public records and  data licensed from the Arizona Multiple Listing Service (ARMLS).

Really- buyer lives across the country looking to relocate, loves the house, submits full price offer, does not know the seller, not even by name.

Now the seller’s lender wants, Name, Address, Date of Birth, and Social Security Number, and most likely will ask for the first born in coming weeks from the buyer.   Seller’s lender-think again.

Hey lender-do you want to sell, if not foreclose and reap the benefits-what ever they are.

Time to move on!!  Hey lender, I understand you love maintaining your foreclosed properties and by they way-you suck at homeownership. Maybe you should have qualified your buyers in 2005 and 2006.  Did you give loans on stated income?  Did you wink at the buyer and give them a loan.  Maybe it is time to take responsibility of your past actions, instead of punishing the very qualified buyer that you now have

“In April, about 19 percent of all Valley homes were purchased by investors, according to real-estate analyst Mike Orr.

He works with the Arizona Regional Multiple Listing Service and the Information Market to analyze real-estate data daily for the Cromford Report.

During the boom, investor purchases accounted for 35 percent to 40 percent of metro Phoenix’s record home sales.

Now, first-timers are the Valley’s fastest growing group of home buyers. One housing-market watcher believes first-time buyers soon will account for half of the area’s home sales.”

As you may well know- first time home buyers are in a prime position: Record low prices, record low interest rates and a sweet government incentive-the $8000 tax credit.

Here is an up-to-date look at statistics for single family homes in Phoenix.

Tables and charts from The Cromford Report using data from public records and  data licensed from the Arizona Multiple Listing Service (ARMLS).

Every weekday morning, Lou Jarvis drives the sun-baked suburban streets looking for investment gold: a family that will lose its house in a foreclosure auction within a few hours….

It is no secret that the Phoenix Real Estate has been hit hard by the foreclosure crisis, making homes very affordable in the Phoenix area.

The chart below shows how the market has declined.  There are indications that the market is hovering at the bottom, as sales are increasing and inventory is dropping.