Housing Doom Housing Bubble Blog

Jay Butler of the Arizona Real Estate Center released his report yesterday on the state of the Phoenix housing market.  Median price appreciation [corrected] remain in negative territory, with the median at $257,000 this year, down 1.12 percent from last year’s $259,900.  From the graph it might appear that the trend may have moderated somewhat:

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At yesterday’s Fannie Mae Investor/Analyst Conference Call, Fannie Chief Economist David Bernson presented a short PDF slide deck The Outlook for the Economy, Housing and Mortgage Markets. Here’s his slide #4.

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In general, if you go to the Realty Times site looking for enlightenment and wisdom, you are liable to be disappointed- most of the time it is a source for "It’s merely a flesh wound!" quotes. (It’s a national site where local realtors can post their opinions.)  Every now and then though, you run into something worthwhile.  There is a Q and A on Realty Times by Peter Miller, which answered this question:

I bought a beach house for $736,000 and put in approximately $30,000 in improvements. The market here is going down, it seems to be actually stopping. With tremendous advertising we finally dropped the asking price from $1.35 million to $999,999. We were just offered $950,000. Am I being greedy to want $960,000?

We already purchased another home in the area just before the real estate drop for $1.7 million and of course I’m kicking myself now because I got ripped off.

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