Housing Prices Stabilizing in Phoenix Area

There have been several articles in the Arizona Republic lately regarding reports on the housing market.  It looks like we will hit the price bottom for houses sometime this spring and may have already hit it for foreclosures.  Here are a few quotes and some links to the articles.

“Overall, the 20-city index (S&P/Case-Shiller 20-city home price index) climbed 0.3 percent between December and January.  Phoenix was one of only five cities to post an increase in home prices.”  — from Modest Signs of Life, AZ Republic, February 24, 2010.

According to ASU professor Karl Guntermann … “The slowdown in the rate of decline has been accelerating for several months,”  he said.   “If the present trend continues, prices will level off later this spring.”  — from Housing Price Recovery Hits Milestone, AZ Republic, February 25, 2010

This article goes on to say that foreclosures may have already hit the point where prices are the same as last year and no longer declining.  This fits what we are seeing the housing market.   There are fewer foreclosures out there and prices are very similar to last year.  There are now more short sales on the market than there were a year ago.