RE and economic charts: By the numbers: The Valley housing market, city by city + Glut of Valley rental homes results in lower prices, lease concession

Saturday, October 2, 2010

By the numbers: The Valley housing market, city by city + Glut of Valley rental homes results in lower prices, lease concession

[mEDITate-OR:

not see more of the shifts that are taking place..., in AZ...

Said AZBJ:

The snapshots here from the Valley’s 10 largest cities show disturbing similarities in their 2000 and 2009 numbers. It’s almost like the years in between never happened, because in many cases, any appreciation in home values was erased.

While there are many changes, the descriptions of them may not be accurate. For example, while one article below says that AZ is in the mid-range for "affordability", what they do not mention is how out of round prices were in the sand states like AZ.

However, what CoreLogic shows U.S. is that in AZ we are now back in a double dip.

And, with all the investor owned foreclosures being rented, the home RE rental market is in deep trouble.

What is not mentioned is the huge number of condos that are also on the market, as rentals.

In another article, just below on the blog, we see that there is a NEW flood of low priced foreclosed homes that will drive not only sales prices down but also home rentals. Which will drive down multi-unit condo & apartment rental prices.

Ugly, and about to get a lot uglier.

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