Comments on: Phoenix Housing Recovery? Not Really

By: Richcinaz

Richcinaz — Wed, 18 Nov 2009 23:52:46 +0000

This may be ancidotal information but I have more than a few friends and business associates that are just hanging on right now. My impression is they are trying to make it thru the end of the year and are hoping or praying things get beter in a hurry. The government may pump money and mis-information out to everyone but it isn’t helping these people. I think 2010 is going to be really bad as in it’s time to pay the piper. Jay Butler is moving closer to the truth for a change but it must be alot worse than what he is telling because the man is a shill.

By: jwmccormack

jwmccormack — Wed, 18 Nov 2009 23:20:26 +0000

The housing market has definitely not bottomed out yet. Speculation and government subsidized purchases (tax credits, expanded FHA, increased loan purchases by Fannie, Freddie, Ginnie, etc.) are driving the market right now. Soon the speculators will be gone and the government subsidies will be gone and we will be left with the facts: there are too many homes, too few real buyers and home prices are still too high relative to personal incomes. I cover this in my blog at www.HaltingForeclosures.com.

By: cpgone

cpgone — Sat, 14 Nov 2009 13:08:35 +0000

Its a dead t*rd bounce off the bottom ,soon to re-visit it.
Price houses in a real currency,like gold and silver, not that paper promise (you carry around)
which is backed by nothing,created and supplied by criminals.
Watch the video. “Creature from Jekyll Island”

By: GYSC

GYSC — Sat, 14 Nov 2009 03:30:20 +0000

Biggest crime of all of this:
if a $8k credit gets you to overextend yourself, then the whole thing is just subprime supercharged. It will end the same but worse.

By: John M.

John M. — Sat, 14 Nov 2009 02:01:37 +0000

twist -

Well Steve isn’t any Danielle DiMartino, but certainly he reports at a rather higher level than Amy (guess who gets splashed all over the major media on a regular basis!).

By: twist

twist — Sat, 14 Nov 2009 01:47:01 +0000

John- #6

Yun is just hysterical. He says unemployment will run around 10% next year, but that won’t scare the employed- they will all run go buy a house?

I wonder if he has to practice saying this stuff with a straight face in a mirror before press conferences? I couldn’t do it, myself.

By: twist

twist — Sat, 14 Nov 2009 01:45:33 +0000

John- #4

I looked at the data and have no clue what this clown is talking about. Sales have dropped for the past four months- and so has the median price. Foreclosures are up and so is unemployment. And he wonders why readers are mad at him?

By: stuffingmonkey

stuffingmonkey — Sat, 14 Nov 2009 00:19:36 +0000

I actually give Jay credit for not being as much of a shill as he used to be. Some people *still* haven’t learned.

By: John M.

John M. — Fri, 13 Nov 2009 23:55:00 +0000

Quote of the Day (accident-prone RE cheerleader Amy Hoak interviewing Chief Economist Lawrence Yun at NAR's annual convention):

"And they'll take action -- if they have a job."

By: GYSC

GYSC — Fri, 13 Nov 2009 22:38:59 +0000

My issue with all these “getting better” data sets are that they deserve a big asterik next to them. Soemthing like:

Home Sales Up*

*denotes US governemnt buying 95% of all mortages for the last 3 months which has never happened before.

By: John M.

John M. — Fri, 13 Nov 2009 19:33:24 +0000

twist - Care to take on the North Texas numbers? In any case, perhaps you should offer to buy this guy a coffee the next time you're in that neck of the woods. He's one of the better MSM RE reporters, as I recall. "When housing news is good or bad, complaints follow", by Steve Brown, Dallas Morning News, November 13, 2009.

But now that the worst appears over in the local residential market, I was totally unprepared to hear from people who are angry that the home sector is doing better.

That's right. Some North Texans are getting absolutely livid over articles that say that home prices are firming and sales have picked up.

By: Tobby

Tobby — Fri, 13 Nov 2009 19:29:00 +0000

The problem with median prices as a descriptor is that it does not consider the quality of the house. For example, the current median price is about where it was at the end of 2008. But are the median houses the same? Are they the same size, quality, location?

A better descriptor is to take the sales price and divide it by the assessed value for a ratio. The assessed value is a proxy for relative value (not market value). Then compare the median ratios over time and you will get a better picture of same house price movements.

By: Linenoise

Linenoise — Fri, 13 Nov 2009 17:51:52 +0000

twist -

Of course it’s the bottom.. just look at the median home price graph. The line hit the bottom of the chart and bounced back up!

By: foreclosure_expert

foreclosure_expert — Fri, 13 Nov 2009 17:16:47 +0000

Here is a more detailed snapshot of the make-up of foreclosures in Phoenix to include REO vs short sale and DOM:
http://www.foreclosureexpert.info/2009/11/phoenix-foreclosures-snapshot-to-begin-november-2009.html