Housing Doom Housing Bubble Blog

Doomers should check out recent articles by Paul Jackson,[1] aka WireGuy of HousingWire blog, and Peg Brickley [2] of The Wall Street Journal. Here’s the quick take from Brickley, but both pieces are well worth the read (and blogger Paul seems to be leading the pack).

‘Thousands of homeowners face an "imminent risk" of losing their homes because of clashes between American Home Mortgage Investment Corp. and its former financial backers, according to Freddie Mac, a government-chartered housing financier.’

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I like looking on the bright side of things as much as anyone– but this is pushing it.

If you look closely enough, you can find hints of hope in the [Phoenix] Southeast Valley’s market for new homes. A little green is showing in the parched desert.

Chandler, Mesa and the city of Maricopa had more single-family permits taken out for the first half of this year than they did during the same period in 2006. Prices for new homes have dropped into the $130,000s in Maricopa, which will likely entice more buyers. And although Gilbert’s permit numbers are down, it remains one of the busiest places in the Valley for housing construction.

Apparently Maricopa’s permits are up too:

Maricopa’s permits are down from the 6,613 issued in 2005. But they expect to end the year ahead of the 2,471 issued in 2006, said Danielle Casey, an assistant to the city manager in Maricopa.

Any "little green" showing is coming up in the shade of housing’s headstone.  The lawn’s not coming up this winter. The housing market in the Phoenix Southeast Valley if not dead, is clinging to life support. 

Let’s look at some resale numbers from Jay Butler at ASU Realty Studies: [Chandler, Gilbert and Mesa data is from July.  Butler’s most recent Pinal County report gives Maricopa sales from the first quarter of 2006 and 2007, however.]

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