Reminder why you don’t get your real estate reports from national news sources

I was driving in Mesa this weekend to a showing when a news report came on the radio at the top of the hour.

Prices may be up, but housing market could be in for another fall.

I almost spit my Dunkin’ Donuts Irish Cream coffee through my nose (so addicted to them right now).

I was thinking… this should be good.

The national news report went on to talk about how the last two months saw huge increases in new foreclosure starts which could lead to another drop in prices.

What is up with this report? Foreclosures in the Phoenix market are almost back to a normal level.

The report wasn’t necessarily wrong, just wrong for Phoenix.

Nationally there are a lot of states where foreclosures were being held up because of lawsuits. States where banks were holding off n foreclosures until the lawsuits were settled. And now they are.

Phoenix Arizona is not one of those locations.

Every indication in the last year is we are well past the bottom and past the foreclosure onslaught.

Tip O’neil used to say all politics is local. The same holds true for real estate. National housing market headlines are often completely irrelevant to the Phoenix housing market.

Comments

  1. says

    This is an excellent point Dean! Phoenix is definitely in a far different place than other areas of the country. We’ve just launched a new blog http://www.realtyexecsblog.com. We hope that we can communicate with agents from around the country and different companies to foster a well rounded discussion. Thanks for another great post on here!

  2. says

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