listen to the choir director preaching to his choir...
While the first article SAYS what the "expert" thinks, the facts simply do not support that.
As the second article points out to U.S., when we look at FMae&FMac numbers - who not incidentally are the only sources for RE loans in AZ, home prices here are still falling - a lot!
And, while this is not just a Western States problem, we are the worst of the worst.
You need to look at OR and WA to see that things are getting much worse, now, there.
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- JGBHimself
- May-28 @ 5:42 PM
This "projection" makes absolutely no sense. Of course, condos are still falling, FMae&FMac have only just started to make new condo loans, and only if the whole condo is "approved" under the new requirements. Of course, "jumbo" RE loans are still non-existent, bcuz there are almost no banks/lenders making them, yet.
IF, however, what Karl is trying to tell U.S. is that homes under US$ 200k did show a slight up-tick in prices during the last month to qualify for the Fed Buyer Tax Credit; IF, and this is a big IF, that price increase was up from the all time depth of -38% in April 09...; well, we might just believe that one.
However, what other reports tell U.S. is that more AZ home sellers made larger listing price cuts than in any other state during this same period. What we also learned yesterday is that purchase mortgage apps have dropped to a 13 year low!!! If THAT does not scare the BJaysus out of U.S., what will.
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IF, however, what Karl is trying to tell U.S. is that homes under US$ 200k did show a slight up-tick in prices during the last month to qualify for the Fed Buyer Tax Credit; IF, and this is a big IF, that price increase was up from the all time depth of -38% in April 09...; well, we might just believe that one.
However, what other reports tell U.S. is that more AZ home sellers made larger listing price cuts than in any other state during this same period. What we also learned yesterday is that purchase mortgage apps have dropped to a 13 year low!!! If THAT does not scare the BJaysus out of U.S., what will.
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Expert: High-end Valley homes stabilizing
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AZ is No. 1 in falling home values
• Arizona, 13 percent
• Nevada, 12.1 percent
• Idaho, nearly 11.5 percent
• Utah and Michigan, 8.9 percent
• Oregon, 8.6 percent
Change in AZ home values
Area / Change Last quarter* / 1 yr**
United States+ / (1.90%) / (3.07%)
Arizona+ / (3.43%) / (13.04%)
Flagstaff++ / (3.48%) / (13.26%)
Lake Havasu/Kingman++ / (4.79%) / (17.86%)
Phoenix metro+ / (1.25%) / (8.37%
Phoenix metro++ / (1.95%) / (17.60%)
Prescott++ / (5.19%) / (17.86%)
Tucson++ / (2.55%) / (12.88%)
Yuma++ / NA / (13.19%)
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Change in FHFA State House Price Indexes
| Region | Rank | 1 Quarter | 1 Year | 5 Years | Since 1991Q1 |
|---|---|---|---|---|---|
| USA | -1.90 | -3.07 | -2.85 | 92.85 | |
| DC | 1 | 4.31 | 14.20 | 22.46 | 246.64 |
| ND | 2 | 3.47 | 7.48 | 24.82 | 126.21 |
| CA | 3 | -0.16 | 2.85 | -31.40 | 68.77 |
| CO | 4 | 0.48 | 1.51 | 5.05 | 173.77 |
| VT | 5 | 2.60 | 1.44 | 13.00 | 117.06 |
| OK | 6 | -0.89 | 0.70 | 15.71 | 95.36 |
| IA | 7 | -0.20 | 0.68 | 6.88 | 98.08 |
| TX | 8 | -0.12 | 0.53 | 16.18 | 91.22 |
| NE | 9 | -2.12 | 0.31 | 1.24 | 92.27 |
| PA | 10 | -0.53 | -0.12 | 11.28 | 94.72 |
| OH | 11 | -0.90 | -0.15 | -6.91 | 59.95 |
| SD | 12 | -0.58 | -0.40 | 13.91 | 126.15 |
| KY | 13 | -1.29 | -0.49 | 6.27 | 89.03 |
| LA | 14 | -0.44 | -0.54 | 18.69 | 130.13 |
| IN | 15 | -1.16 | -0.71 | -0.51 | 59.81 |
| NM | 16 | -0.22 | -0.87 | 16.76 | 125.33 |
| NY | 17 | -0.23 | -0.96 | 4.56 | 111.80 |
| MA | 18 | -1.05 | -1.54 | -10.50 | 122.17 |
| KS | 19 | -2.03 | -1.56 | 6.14 | 93.68 |
| MS | 20 | -1.38 | -1.67 | 7.42 | 78.22 |
| AL | 21 | -2.44 | -1.94 | 11.63 | 90.99 |
| VA | 22 | -2.84 | -2.03 | 2.11 | 113.96 |
| WY | 23 | -0.84 | -2.03 | 21.37 | 185.35 |
| WV | 24 | -0.95 | -2.44 | 8.94 | 83.88 |
| AR | 25 | -3.41 | -2.46 | 4.21 | 83.08 |
| MT | 26 | -0.54 | -2.51 | 19.42 | 203.43 |
| NJ | 27 | -0.18 | -2.72 | -2.02 | 127.18 |
| ME | 28 | -1.41 | -2.81 | 0.33 | 111.28 |
| MO | 29 | -1.64 | -3.27 | 1.08 | 89.84 |
| SC | 30 | -3.03 | -3.31 | 8.84 | 87.85 |
| IL | 31 | -0.55 | -3.39 | -3.21 | 87.29 |
| AK | 32 | 0.94 | -3.54 | 13.93 | 119.66 |
| TN | 33 | -2.56 | -3.80 | 6.31 | 86.42 |
| CT | 34 | -1.48 | -4.31 | -4.36 | 75.31 |
| MN | 35 | -3.45 | -4.90 | -12.00 | 114.29 |
| NC | 36 | -2.40 | -5.08 | 9.82 | 88.88 |
| WA | 37 | -0.33 | -5.30 | 13.06 | 141.33 |
| WI | 38 | -2.55 | -5.74 | -1.27 | 111.54 |
| GA | 39 | -3.36 | -6.40 | -7.08 | 67.74 |
| NH | 40 | -4.71 | -6.68 | -13.43 | 98.92 |
| MD | 41 | -2.18 | -6.73 | -5.27 | 112.56 |
| RI | 42 | -2.83 | -6.85 | -17.68 | 90.90 |
| FL | 43 | -1.93 | -6.86 | -25.55 | 86.78 |
| DE | 44 | -1.92 | -6.89 | 2.13 | 92.08 |
| HI | 45 | -1.15 | -8.48 | 1.67 | 80.96 |
| OR | 46 | -2.72 | -8.64 | 7.35 | 176.72 |
| UT | 47 | -3.28 | -8.91 | 13.29 | 159.08 |
| MI | 48 | -3.52 | -8.93 | -27.16 | 47.11 |
| ID | 49 | -4.64 | -11.45 | 6.13 | 114.62 |
| NV | 50 | -3.09 | -12.10 | -44.73 | 32.93 |
| AZ | 51 | -3.43 | -13.04 | -20.54 | 92.62 |
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