Dataquick came out with their December data for Phoenix home sales. Phoenix residential real estate sales continued their upward trend. The number of houses and condos sold has increased on an annual basis for 18 months in a row now (excludes new homes).
New home sales, however, were absolutely terrible in December.
The number of newly built homes sold in December dropped nearly 25 percent compared with November, and fell 17.5 percent from a year earlier. Builders… sold the least number of homes for a December since 1997.
The dismal new home sales in December is contributing to worries about a possible double dip recession.
{ 4 comments… read them below or add one }
Alan Grandbois 02.12.10 at 9:07 am
Thanks again John! Your good news is always welcome. An 18 month upward pattern is enough for me to swing back to a positive attitude about real estate investment.
ken44 02.12.10 at 9:56 am
http://www.cnbc.com//id/35184396
Interestng with a glut of foreclosures plaguing the nation’s neighborhoods, the FHA is temporarily removing restrictions on investors who buy and sell homes within 90 days. Although it’s just for one year.
Dave 02.15.10 at 12:21 pm
I recently counted 8 government agencies (see list below) that have some involvement in housing. I suspect there are more. It is reasonable to believe that each has its own set of regulations and some of these regulations conflict with or are superceded by other regs. Given the way most government regulations are written, is it any wonder that a simple straightforeward purchase now takes 23 pages just to submit an offer. If it is accepted it will probably take about 40 more to close the deal! GOV Agencies:Fanny, Freddie, FHLA, VA, FDIC, HUD, Federal Reserve, Federal Trade Commission
russ 02.15.10 at 11:53 pm
we need the gov OUT of the housing sector….its just that simple….there’s just a rat’s nest of agencies and useless regulations that just gum up the works. Support Peter Schiff for CT republician senator to start putting an end to this gov madness….