As we have been reporting, the inventory of homes in a lot of the Phoenix metro area is about half what it was last year. The inventory of foreclosure homes for sale is about a quarter of what it was a year ago. This has caused competition among buyers and home prices are starting to increase. Below is a link to an article in the Arizona Republic about the current real estate market. If you have been waiting to buy a home until the market hit bottom, now is the time to buy because prices have started moving upward. Interest rates are still at historically low levels.