· There are about 4 million homes nationally that are 90 days or more delinquent so while the REO's are dropping and short sales climbing, we can be certain we still have quite a supply of distressed properties in our future.
· Investors have about 40 percent of the sales.
· Perspective, a house purchased in 1980 is up 207% as of today. Gold in the same period is up 118%. Stimulus cost about $650,000 per job created, so that was a bust.
· Fannie and Freddie may exit the jumbo market in October
· Mike Orr 'Cromford Report' feels that prices will start moving up in Q2 of next year. He had a good line, we tend to think price is driven by supply and demand alone but emotion has to be factored in and there is job fear and other fear holding prices down.
· 34% of the total Greater Phoenix housing market is rental property.
· Land sales of developable parcels are very strong for the past 8 months to a year. Most of the well-priced parcels are about gone. About 30,000 acres in greater Phoenix in the past six months in this regard.
· Beazer homes coming in and buying fallow tracts and turning them in to rentals for 3o to 5 years. They can buy them cheaper than they can acquire land and build them. Plan to sell them down the road.
· 350 billion in commercial loans coming due in the next year nationally. Commercial markets starting to show some gains. We're benefiting from some tax burdens on business in California. Amazon and Pay Pal have just moved some big operations to AZ, others coming. Prices stabilizing, rent vacancy factors dropping a bit.
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