Mike Orr was quoted in the Arizona Republic as saying that he believes the housing market in the Phoenix area hit bottom in September of 2011. Mike Orr is the Director of the Center for Real Estate Theory and Practice for Arizona Statue University.
We are seeing multiple offer situations for many properties priced below $150,000. The inventory of homes for sale is roughly half of what it was a year ago. We think this will start putting upward pressure on home prices. It will take time but a slow recovery would be much healthier than a fast one. Interest rates are also at historical lows which combined with the current low prices will make homes affordable for many people.
Here are some links to recent articles about the housing market.