According to two recent reports, one from the Federal Housing Finance Administration, the other from The Standard & Poor’s/Case-Shiller home price index, recovery in housing markets across much of the US, and particularly in Arizona, may be further off than previously thought.
From The New York Times
Home Prices May Be Nearing a New Dip
The housing market is confronting an abundance of inventory, high unemployment, fearful consumers and devastated family balance sheets.
“There is no clear, easy way out for housing,” said John Silvia, chief economist at Wells Fargo. “Contrary to my hopes, housing prices and the housing market in general will weaken again.”
He forecast a new decline in prices of as much as 10 percent,
And The Arizona Star
Arizona left behind as US home prices start to strengthen
Home prices across the nation are beginning to recover. But not in Arizona.
New figures Tuesday from the Federal Housing Finance Administration found that the price of the average home sold in the United States rose more than 2 percent between the second and third quarters of this year. That's the first increase in more than two years.
But the figures for Arizona went the other direction, with the average home price dropping by more than 2 percent.
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I’ll bet that many home sellers, along with their agents, are counting the days until January and hoping, like praying for rain, that hordes of out of town home buyers, fat with cash, will descend on the foothills and make this nightmare go away. How likely is that.
