Phoenix housing market hit by unprecedented plunge in demand

Well, it’s only taken half a decade, but the moribund real estate market is finally starting. Fortunately for such buyers, there’s also an unprecedented degree of demand for rental housing:.

The true test of Phoenix housing market strength will be this summer, when these favorable elements subside and the housing market will stand more on its own. The above housing and economic considerations have made Phoenix one of the hottest housing markets in the country and have gone a long way in boosting demand for new homes in the area.

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Over the last year and a half, Wall Street hedge funds and private equity firms have quietly amassed an unprecedented rental empire, snapping up Queen Anne Victorians in Atlanta, brick-faced bungalows.

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Phoenix Housing Market Hit By Unprecedented Plunge In Demand. Luxury homes over $500,000 went back to a 24% market share, the same as in May 2013. The lowest-priced homes under $150,000 fell from 15% to 11%. The mid range has increased its share of spending from 61% to 65%, despite a 9% decline in dollars spent.

Phoenix housing market hit by unprecedented plunge in demand. Goodbye cash buyers. July 14, 2014. Jacob Gaffney. ZeroHedge is taking aim at plunging home values in Phoenix. Is the blog kicking the.

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Full of government-subsidized housing, the South Bronx is finally seeing the first tentative steps toward creation of market-rate condominiums. As Bronx real estate prices rise. buildings is ahead. SECTION II – single family rentals are not a new phenomenon.

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6 days ago · Unlike the last recession, which was caused by an over-inflated housing market, experts anticipate this one likely will most likely follow a trade war, stock market correction or geopolitical crisis.

The biggest news in our Phoenix area housing market recap remains active MLS inventory. 26,000 listings has been the long-term average for the Metro Area. The interesting thing is: after the bottom of the market in 2011 – and after so much excess inventory was cleared – we have averaged about 20,000 listings per-month.

Phoenix real estate prices fell this last month, and they are expected to fall again next month. Does that mean this is the start of crash 2.0?