Comments on: Forbes Says “Recovery Soon” http://thephoenixagents.com/forbes-says-recovery-soon/ Chris Butterworth - sharing thoughts on real estate (and everything else.) Mon, 06 Feb 2012 05:42:25 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Jim Zirbes http://thephoenixagents.com/forbes-says-recovery-soon/comment-page-1/#comment-940 Jim Zirbes Fri, 06 Feb 2009 16:39:51 +0000 http://thephoenixagents.com/?p=3643#comment-940 Forbes also said (in their magazine’s January 12th, '09 issue), in addressing research they had Moody's Economy.com perform for them, that the greater Phx. area home price tailspin will be continuing in 2009. By how much more will home prices drop? That’s obviously anyone's guess. But the research Forbes cited predicted another substantial price drop for us here again this year. How much? Another 31% drop! They do predict a “price bottom” for us by late this year. Don't get me wrong--I AM bullish on grtr. Phx. area real estate; it always bounces back better (higher prices) than before--when it does finally come back. Plus-- on the optimistic side- I cannot find a period of time in the last 50 years in the USA where we had these low of prices (adjusted for inflation) AND at the same time we had (now have) such amazingly low interest rates, equating to AWESOME affordability. Lastly, sales (through ARMLS) closed did jump in January '09 to 4,726 (that is about as close to a "normal Jan. as we get) from only 2,867 in January 2008--so that it VERY promising indeed!!! I love your blog; you and Chris are fantastic! All the best--ALWAYS! JZ Forbes also said (in their magazine’s January 12th, ’09 issue), in addressing research they had Moody’s Economy.com perform for them, that the greater Phx. area home price tailspin will be continuing in 2009.

By how much more will home prices drop? That’s obviously anyone’s guess. But the research Forbes cited predicted another substantial price drop for us here again this year.

How much? Another 31% drop!

They do predict a “price bottom” for us by late this year.

Don’t get me wrong–I AM bullish on grtr. Phx. area real estate; it always bounces back better (higher prices) than before–when it does finally come back.

Plus– on the optimistic side- I cannot find a period of time in the last 50 years in the USA where we had these low of prices (adjusted for inflation) AND at the same time we had (now have) such amazingly low interest rates, equating to AWESOME affordability.

Lastly, sales (through ARMLS) closed did jump in January ’09 to 4,726 (that is about as close to a “normal Jan. as we get) from only 2,867 in January 2008–so that it VERY promising indeed!!!

I love your blog; you and Chris are fantastic!

All the best–ALWAYS!

JZ

]]>