The Wall Street Journal says the US housing crisis is over. They actually say we hit the bottom in April.
Of course, all real estate is local. Your neighborhood may be doing worse or better than the national average. Outlying areas like Queen Creek, Surprise and Buckeye are still experiencing severe downward pricing pressure as the foreclosure wave continues. Established neighborhoods close to central Phoenix and central Scottsdale aren’t faring so badly.
You can check out local real estate statistics by ZIP code at Jay Thompson’s Phoenix Real Estate Home.
Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.
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I agree with Steve, the crisis is for from over. What market is WSJ talking about because there isn’t real estate local, even to a point of individual neighborhoods. If you consider the basics of supply and demand then the market is far from stabilized, especially in the fringes, though some centrally located neighborhood are up.
Ok, so the crisis is over…but what was the crisis? Housing prices declining…was that the crisis? If so, unfortunately Maricopa County isn’t out of the woods yet. Still calling declining housing prices a crisis is ridiculous. It’s a market cycle (and an unpleasant one), but the housing market was never in crisis.
For me to agree to that label, it would have to be the case that no deals were getting done. Such that nothing was selling, and people that wanted to buy homes simply could not buy them. Actually, that kinda sounds a little like 2006 when qualified buyers couldn’t buy homes because there was no inventory and prices were skyrocketing…