Home Foreclosures Down: the only way to tame price growth to a manageable, healthy pace is higher levels of new home construction.
“Heads I win, tails you lose” is a fraudulent coin toss. Wells Fargo did no better.”
According to an article in the US News, May 22, 2013, home sales are up and foreclosures fell almost 25 percent since one year ago. Also, it appears that delinquency rates have dropped below 6.5 percent for the first time since July 2008.
“Buyer traffic is 31 percent stronger than a year ago, but sales are running only about 10 percent higher.”
The National Association of Realtors reported Wednesday that distressed homes – foreclosures and short sales – accounted for 18 percent of sales in April, down from 21 percent in March and 28 percent in April 2012. “Buyer traffic is 31 percent stronger than a year ago, but sales are running only about 10 percent higher,” Lawrence Yun, NAR’s chief economist said. “It’s become quite clear that the only way to tame price growth to a manageable, healthy pace is higher levels of new home construction.”
MUSINGS BY DIANE: “WARNING: property sales prices in several areas around Phoenix are much higher than they should be. Property values normally appreciate at between 8 and 10% in a health real estate economy. Some values are jumping 20 to 30%. This leads me to be concerned about another real estate bubble on the horizon.”
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
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