by Tim L. Greenfield, Associate Broker, ABR
Coldwell-Banker Residential Brokerage
www.greatscottsdaleliving.com

8-4-09   Grubb & Ellis BRE Commercial reported last week that the valley (metro) market is “near the bottom”.  The Case-Schiller Price Index also released last week showed that the metro market prices declined for the 36th Month in a row through May 2009. June re-sales are up year over year. The RL Brown Phoenix report was more upbeat about the new house construction market. A number of the New Home Builders have repositioned their product with lower price points.

Resale homes continue to grow month over month and year over year. Granted, about half of the re-sale houses are distressed, foreclosure (REO) bank owned or short sales.

Buyers across most market segments and price ranges in the metro area are still enjoying the “Buyer’s Market” for now.

Former Federal Reserve Chairman Alan Greenspan was quoted as saying he is “pretty sure we’ve already seen the bottom” of this recession. He also said he thinks they economy is slowly coming back, and that “collapse is now off the table”.

Last Friday the Federal Government released a report that hinted that the worst recession in the U.S. since WWII appears to be on the verge of ending. The economy only fell at a 1% annualized pace in the second quarter, which was better than anticipated.

It is time for Buyers to get off of the fence if they are waiting for prices to go much lower. It sounds like the window is closing, slowly possibly, but the pendulum is starting to swing back the other way.

If you looking for a buy in this market, especilly bank owned houses, call us.

Questions about the market? Call us at 480-231-5309 or hit our website  www.greatscottsdaleliving.com

Tim L. Greenfield
licensed in Arizona
equal housing opportunity

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