Housing Market At Center Of Mortgage Crisis Is Blooming Again

March 19, 2012

in Markets

Housing Market At Center Of Mortgage Crisis Is Blooming Again

Want a sign of economic hope? Look to a place where the housing collapse began: Phoenix, Arizona. “We’re talking about (home) prices being 3 to 4% higher than last year, which most people don’t believe because they’re used to bad news,” said Mike Orr, director of Arizona State University’s Center of Real Estate Theory and Practice. Orr’s new report on the Phoenix market shows a direct reverse of the situation that sparked a massive housing bubble. Monthly foreclosure starts have fallen 49% since a year ago. Home sales are up 8%. The result? What had been a market with far more housing supply than demand has now become a place where buyers have to act fast and beat out heavy competition. “It’s no longer difficult to sell your house here,” Orr told CNN Radio. “If you price it at market, it well sell quickly. [Read this article]

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