Rather than posting the whole composition here, I thought I would simply link to it. But, here’s a gist…
“To members of Congress, President Bush, President-Elect Obama, fellow Americans, and current and future residents of the Phoenix area.
The state of the Phoenix residential real estate market is “weary but hopeful.”
Numerous challenges including an onslaught of short sales and foreclosed properties, deteriorating home values, and the onset of a global recession have rocked the Phoenix real estate market to its core. Indeed, recessionary concerns are large on people’s minds and add much uncertainty to the market. These challenges have yet to fully play out in the marketplace so that their full impact is felt and measured.
Government efforts are underway to resolve the current credit crisis though their target and implementation vary by the week. Some efforts are specific and being done by departments whose sole purpose has always been associated with the housing market while larger departments work on grander problems with much less clear and intentional aim. For these, it is too difficult to ascertain their net benefit to the Phoenix residential real estate market.
But there are bright spots in the local marketplace. Prices have adjusted substantially downward since the downturn began, buyer activity for 2008 showed strength, and the market shows some inclination that market forces are working to slowly evolve this housing market to a better state. In addition, the Phoenix real estate market is becoming more affordable once again, as affordability was the first casualty of the price appreciation the area experienced several years ago. Many buyers sense that there are deals in the marketplace whether a purchase is to be their primary residence, a second residence, or an investment property. And the Phoenix area’s population continues to grow as more out-of-state residents and companies decide to call the Valley of the Sun home.
In summary, the Phoenix housing market has been “beaten down but is not to be beaten” and holds hope for improvement in the coming year.”
Read the whole State of the Phoenix Real Estate Market Address at LortiHomesArizona.com.
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