Phoenix Foreclosures have been steadily fading for 18 months and all the press is talking about it. See our Housing Tracker Stats for a long term perspective. This week Bloomberg is on the bandwagon with a story stating home prices have risen in the 4th quarter of 2012 in almost 88% of US cities and Phoenix is leading the charge.
We recently quoted an article from Realty Trac saying that the decline in Phoenix foreclosures made Phoenix the 8th worst place in metro areas with populations over 500,000 to buy foreclosures. Another story reported by the AZ Republic stated Phoenix foreclosures are no longer driving the market.
In a Bloomberg story by John Gittelsohn & Prashant Gopal:
"The median sales price rose from a year earlier in 133 of 152 metropolitan areas measured, the National Association of Realtors said in a report yesterday. In the third quarter, 120 areas had gains.
An improving job market and low interest rates are driving up prices by fueling demand for a tightening supply of listings. The national median price for an existing single-family home was $178,900 in the fourth quarter, up 10 percent from the same period last year. That was the biggest gain since 2005, according to the Realtors group.
More on Phoenix homes prices
No comments:
Post a Comment