Looking at actual home price appreciation, not median home prices, we see in the last few months of 2009 (through November);
- Appreciation returning to Glendale,
- Continued depreciation in Scottsdale / Paradise Valley, and
- An end, more or less, to the home price depreciation in the other cities shown.
Click on Graph
Carl Guntermann at ASU uses a modified Case-Shiller statistical technique to look at home price appreciation within metropolitan Phoenix. Case-Shiller only looks a home price appreciation in metropolitan Phoenix as a whole. I (John Wake) created the graph above based on ASU data.
{ 7 comments… read them below or add one }
ken44 02.26.10 at 1:09 pm
Given the number of forecloses and short-sales still to come if over-all prices stay flat during 2010 homeowners in the Phoenix Metro will be very lucky.
John Wake 02.26.10 at 1:28 pm
I think prices are so low in many metro Phoenix area zip codes that the market would clear even with higher numbers of homes for sale.
I’m being vague on purpose because I don’t know exactly which zip codes and how many additional homes those zip codes could absorb without prices falling significantly.
Mark 02.26.10 at 7:18 pm
I just found out 4 houses are foreclosing on our street (my neighbor is in real estate) - but there is no sign or indication of any sort anywhere. Not even a sale sign. So I googled our street name and added “foreclosure” - and guess what? Yes!!! there are 4 houses in various stages of foreclosures… but… I needed to register and pay $29/mo to get the addresses. So maybe it’s the guy next door.
I wonder, how many more are on the verge of collapsing….?
Ken44 02.27.10 at 12:30 am
Mark,
What city do you live in?
russ 02.27.10 at 1:20 am
All the major shopping centers in Fountain Hills, including the new one with Target, and one I know of in Scottsdale (corner FLW and Thompson Peak) have available signs out on the road, and in two of the centers there are no vacancies, the signs are different than signs for vacant units….what is going down in commercial? My guess is they can’t refi as they are under water on the mortgage…this is going to drag residential down with it is my guess…..
Mark 02.27.10 at 6:32 pm
Ken,
I live in Mesa. Guadalupe & Country Club area.
pete 04.20.10 at 11:54 pm
Huh… didn’t realize Glendale was doing so well. Guess I am too focused on Scottsdale.