The Greater Phoenix single-family residential market is in recovery and is no longer in recession. That’s the latest news from real estate analyst Fletcher Wilcox of Grand Canyon Title Agency, in his latest report on the Greater Phoenix market.
“If plummeting property values caused by foreclosures, cheap lender owned sales, job losses and tight lending standards defined the real estate recession, then the recession is over the for single-family property segment in Greater Phoenix,” wrote Wilcox.
Foreclosure starts, auctioned properties, lender owned sales and short sales have dropped dramatically in Phoenix. In fact, when comparing these categories in June 2009 to June 2013, foreclosure starts are down 84%, auctioned properties dropped 85%, lender owned sales fell 92% and short sales were down 19%. Year over year, short sales were down 60% in June.
Compared to 2006, Greater Phoenix is still 133,000 jobs short, although the number of jobs year to to date are on the rise, not descending.
Lending standards remain tight, although they have loosened somewhat. Some lenders are now offering conventional loans with a 3% down payment and mortgage.
According to Wilcox, no longer are lender owned homes being dumped on to the market, pulling down all property values, Yes, many are still hurting from the recession, but a recovery is happening. No longer are property values descending, but ascending.
(Information from Housing Wire Update, August 5, 2101)