Arizona Real Estate Notebook

Phoenix Early Recovery?

That “less” part is a nice change. Could this be more evidence that Phoenix has already gone through most of the pain and the Phoenix real estate market will be one of the first in the United States to rebound… someday… eventually… maybe… hopefully?

From the Phoenix Business Journal.

Phoenix-area home prices and sales dropped in October, but the metro performed better than most markets…

Phoenix Shadow Inventory

In a similar vein from CoreLogic.

Although Phoenix and Las Vegas have high months’ supply of total housing inventory, they are not among the markets with the highest distressed months’ supply because of the increased number of distressed sales that have been occurring in those markets…

$8,000 Tax Credit Effect in Phoenix

And here’s a nice quote from Bob Bemis, the head of the Phoenix area MLS on the first-time home buyer tax credit program (Phoenix Business Journal).

“All it did was move buyers who would have bought later in the year to buy earlier. There was no net effect on the market, and in my opinion it wasn’t worth it”

I love that guy.