5 questions for: Brad Bohn, Realty Executives - Phoenix Business Journal:

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, Scottsdale Are you seeingv any glimmers of hope in thehousingb market? “I think there are definitely some positive trendw in the market. There are close to 30,00p0 single-family dwellings listed in metro Phoenix, compared with around 50,000 homes listed just over a year ago. The reduceds inventory is a direct resul t of increasedbuying activity. With 16,0000 homes pending sale, I believe buyers are taking advantage of lowinterest first-time home-buyer tax credits and greatr values.” Are any submarkets doing better, recovering somewhat or at leasgt not showing as much weakness?
“The foreclosure market continues to show a lot of as banks are aggressively pricing these In the past few months, I’ve seen many instancews where multiple offers are made on a forecloser home as soon as it hits the Are you seeing any help for the Phoeniz market from the federal government’s mortgage modification/refinancinfg plans? “I’m not seeing a huge impact in the Phoenicx market.
The main issue is that the plan addressex loans where the new first mortgage would not exceed 105 percent of the current market value of the Inthis market, many homeowners find themselves in propertiews where values have dropped far belows the amount that was originally mortgaged, making them ineligiblw for the plan.” Which submarkets are strugglinbg the most? “Higher-end homese continue to be a somewhat more difficult because buyers often require large Fewer and fewer financing options for theses larger amounts are available these days. In many high-end sales were previously madeto out-of-state buyersd who were purchasing second homes.
The current states of the economy has likely had an negative impact on these typesof purchases.” How long do you thinkk it will take the Phoenixx housing market to recover? “We are alread y seeing recovery when it comesa to inventory. For the prices to it’s important that foreclosures are no longer flooding the market and drivingdown prices. When this will I’m not sure.
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