Will wonders never cease? The Arizona Republic actually printed a piece citing positive factors at work in the Phoenix market that trend toward recovery! If we can get the media on our side in this battle, we could take this thing all the way to the White House.
The gist of the story is that Phoenix has passed 6 of 7 benchmarks set to gauge a recovering market. The test was created by a national real estate analyst, Tim Sullivan of The Sullivan Group. The criteria he employed were: inventory below a seven month supply, a rise in residential resales, a drop in new home permits, increase in mortgage applications, 30-year mortgage rates at 6% or less, an improvement in affordability and at least one major home builder falling off the radar. The only one we didn't pass was inventory supply. Depending on your source, we are somewhere between a 9-12 month supply, and dropping.
Based on this information, you'd think there is light at the end of the tunnel, right? Unfortunately,this is where the Republic goes off track and preaches the gloom and doom we've all become accustomed to. They state that recovery cannot occur "until the credit markets stabilize and the recession ends." This only continues to discourage people from the market.
The reality is that banks are lending to qualified buyers right now. Those buyers are making great deals on price and rate and not only contributing to the housing recovery, but the ultimate recovery of the credit markets and the economy as a whole.
Click here to read the entire article
Kurt Sabel
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment