Gay Realty Watch: Phoenix

Scottsdale, AZToday, we’ll continue our look into local real estate markets with large gay and lesbian communities. Today, Phoenix – hot hot hot. Here’s a sampling of what’s going on in the Phoenix real estate market at the moment:

Number of homes for sale in Phoenix area up 5 percent in August (Financial News USA): Real estate research firm ZipRealty released numbers Friday that reflect poorly on the Phoenix residential real estate market. The inventory of homes on the local market increased by almost 5 percent, from 33,748 in July to 35,313 in August. Also, nearly 55 percent of the homes on the market have had their list prices reduced at least once.

Photos: The most expensive homes in metro Phoenix (AZ Family): Arizona is well known for its real estate industry.  The past decade has seen a boom and a bust, and despite the record-setting foreclosures that have dominated headlines for the past two years, some say housing in Arizona is on the rebound. With the ebb and flow of a volatile real estate market, one thing remains constant: pockets of Maricopa County contain some of the  most exclusive homes in the country.  Multi-million dollar homes in Paradise Valley, Fountain Hills, North Scottsdale, and other parts of the Valley are the pride and joy of well-heeled locals and America’s rich and famous.

Foreclosures comprise nearly 50 percent of Phoenix existing-home activity (Nat’l Mortgage Professional): wo negative trends are currently clouding the Phoenix, Ariz. area housing market, according to a new report from the W. P. Carey School of Business at Arizona State University. August marked the third consecutive month that the median existing-home price dropped in the Valley. Also, foreclosures made up their highest percentage of existing-home activity since back in January.

Phoenix-area home-price forecast mixed: (AZ Republic): Home prices in the Phoenix area could hold steady and even tick up slightly during September, according to the latest research from the Arizona Regional Multiple Listing Service. The group’s pending-price index shows the region’s median home-sale price this month will be $120,000, compared with $119,000 in August. Then, prices could tick up to $126,000 in October, only to fall back to $120,000 in November and drop to $110,000 in December.

Arizona recession is finally over, economists say (AZ Central): The longest recession since the Great Depression is officially over – across the United States and, by many economists’ accounts, in Arizona.  With unemployment at a 27-year high and poverty on the rise in the state, an announcement from Cambridge, Mass., that the recession officially ended 15 months ago was greeted by many with eye-rolling skepticism.  But Arizona economists agree: Despite job shortages, declining home values and a distressingly high foreclosure rate, the recession is history.

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