Phoenix is faring worse than most cities according to the Standard & Poor's 20 City Housing Index.
NEW YORK (AP) _ A closely watched index shows Valley home prices tumbling by the sharpest annual rate ever in July.
The newly released Standard & Poor's/Case-Shiller 20-city housing index showed a record drop of 16.3 percent in July from the year-ago period - the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.
Home values in all 20 cities fell year-over-year, with Phoenix faring worse than most cities. Prices Valleywide plummeted more than 29 percent in July from one year ago.
The only metro area doing worse than Phoenix is Las Vegas, where prices are plunging at nearly 30 percent.
However, the pace of declines has slowed over the last three months, but there is still no sign of a bottom, one of the index creators said.
Showing posts with label foreclosures. Show all posts
Showing posts with label foreclosures. Show all posts
Tuesday, September 30, 2008
Saturday, September 27, 2008
Arizona getting $121 million to help foreclosure crisis
The Arizona Department of Housing will get over $38 million from the federal government to help local communities deal with foreclosures.
City governments from around the state will receive over $121 million from the Department of Housing and Urban Development (HUD) under the newly created Housing and Economic Recovery Act of 2008.
“Arizona communities need substantial help in fighting the effects of foreclosure, and this funding will do a great deal,” said Governor Janet Napolitano in a statement.
“I’m glad that the federal government has taken action on this problem, and that Arizona has received a healthy share of resources to deal with the pressing effects that foreclosures are having on our communities.”
The real question is, who will be in charge of this money and how it is spent? Who will be hired to fix up these broken down houses and relist them in the open Real Estate market? How will this really help the people of Arizona when it has already been said that foreclosures will continue to rise as a result of people losing their jobs and the effects of a horrible economy. We need more answers.
City governments from around the state will receive over $121 million from the Department of Housing and Urban Development (HUD) under the newly created Housing and Economic Recovery Act of 2008.
“Arizona communities need substantial help in fighting the effects of foreclosure, and this funding will do a great deal,” said Governor Janet Napolitano in a statement.
“I’m glad that the federal government has taken action on this problem, and that Arizona has received a healthy share of resources to deal with the pressing effects that foreclosures are having on our communities.”
The real question is, who will be in charge of this money and how it is spent? Who will be hired to fix up these broken down houses and relist them in the open Real Estate market? How will this really help the people of Arizona when it has already been said that foreclosures will continue to rise as a result of people losing their jobs and the effects of a horrible economy. We need more answers.
Friday, September 12, 2008
Foreclosures 44 percent of Phoenix Home Sales according to ASU
That's a two percent increase from July and more than double the 20 percent of sales recorded in August 2007.
Sales of foreclosed homes in the metro Phoenix area made up nearly half of all existing homes sold in the area last month, a new study shows.
Of the 7,505 resale home transactions recorded in Maricopa County in August, 44 percent were bought out of foreclosures, according to the Realty Studies department at Arizona State University. That's a two percent increase from July and more than double the 20 percent of sales recorded in August 2007.
There's no end in sight for the housing market slump, according to the director of Realty Studies at ASU's Polytechnic campus in east Mesa.
``Most potential buyers still confront a weak economy, slumping levels of confidence and tighter underwriting guidelines,'' Jay Butler said. ``Thus, the local housing market still contains considerable uncertainty over when any potential strengthening can be expected.''
The federal government takeover of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. (Fannie Mae and Freddie Mac) has driving mortgage prices down, bad economic news is keeping buyer sentiment low, Butler said.
The median price of a home bought out of foreclosure in August was $161,875, compared with a non-foreclosure price of $193,550. A year ago the median prices were $220,010 and $258,000 respectively.
Prices varied widely by location. In North Scottsdale, the median price in August for a foreclosed property was $545,000, while the traditional market was $525,000. In South Scottsdale the splits were $219,855 and $242,000, respectively. In Maryvale, traditional transactions were $98,000 and foreclosures were $123,580.
The steep drop in prices is beginning to bring out investors expecting to see prices rebound in the next few years, Butler said.
Interest is especially high in the lower-priced ranges because more capital is available for those homes, he said.
Sales of foreclosed homes in the metro Phoenix area made up nearly half of all existing homes sold in the area last month, a new study shows.
Of the 7,505 resale home transactions recorded in Maricopa County in August, 44 percent were bought out of foreclosures, according to the Realty Studies department at Arizona State University. That's a two percent increase from July and more than double the 20 percent of sales recorded in August 2007.
There's no end in sight for the housing market slump, according to the director of Realty Studies at ASU's Polytechnic campus in east Mesa.
``Most potential buyers still confront a weak economy, slumping levels of confidence and tighter underwriting guidelines,'' Jay Butler said. ``Thus, the local housing market still contains considerable uncertainty over when any potential strengthening can be expected.''
The federal government takeover of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. (Fannie Mae and Freddie Mac) has driving mortgage prices down, bad economic news is keeping buyer sentiment low, Butler said.
The median price of a home bought out of foreclosure in August was $161,875, compared with a non-foreclosure price of $193,550. A year ago the median prices were $220,010 and $258,000 respectively.
Prices varied widely by location. In North Scottsdale, the median price in August for a foreclosed property was $545,000, while the traditional market was $525,000. In South Scottsdale the splits were $219,855 and $242,000, respectively. In Maryvale, traditional transactions were $98,000 and foreclosures were $123,580.
The steep drop in prices is beginning to bring out investors expecting to see prices rebound in the next few years, Butler said.
Interest is especially high in the lower-priced ranges because more capital is available for those homes, he said.
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