House values on the raise here
 

Well looks like housing values are on the raise again around Phoenix..

Have been keeping an eye on the values of my house on various internet and reality websites the last year. We all know that things have dipped fairly badly in most areas in the country.

My house went from $205k when I bought it in 2001 to around $590k 15-20 months ago, then the market fell on its face. Market now has been returning and the last 2 months the estimated value has been positive again (+$5200 increase the first month and +$6700 second month) and we are back in the $420k area and raising again.

Hope that it continues this way and that the foreclosures slow down.

Same here in Las Vegas valley ...

.. and I really hope that foreclosures keep strong, more chances to find good bargains!!!

The market in Austin is booming!!! My house went from $350k last year to $455k this year. We have not seen any price drops here at all and they are predicting strong growth for the next few years. Bubble??? What bubble!!

Kerry,

Our boom was fueled by the SoCal group selling their overpriced houses and coming here and paying cash for the same house and still being able to pocket several hundred thousand. As well there were a lot of people buying houses for investment and hoping that they could rent them out or sell them. That market has now died and unless they are doing very well are dumping the houses.

Those of us who did not go wild on buying houses or getting the ARM morgages are still sitting pretty, especially now that prices are going up and houses are selling again.

Prices never really fell much here (maybe 5%) and are already near the all time high again.
No, I'm not using some ridiculous website like zillow, i'm talking about real sales.
I lost all faith in zillow quite a while back. Not even close to accurate IMO.

"It's different here"

Foreclousres were up 62% last month to 148,000 Nationwide. Far be it from me ever telling U what I think, just keep on buying those Foreclousures.

In my little part of the world there are 6 houses that are vacant out of 172 in my development. There are always 7 or 8 for sale. A recent sale was 4095 sq ft for $620,000.00 or a $150 sq ft. Thats a one story on 1/2 acre lot with pool. Hmmm is this perhaps a trend in LV???

Associated Press article today (May 16) includes amap of home sales for the first quarter of this year. Nevada down over 20%, Arizona and California/Mew Mexico/Utah 10% to 20%, Colorado up 0% to 10% to name a few. "Sales in Arizona fell 14.3%, to about 140,000, according to the NAR." The NAR report came out on the same day that Realty/Trac Inc., an industry research firm, said mortgage lenders foreclosed on 62 percent more U.S. homes in April than a year ago. They said: "We expect foreclosure activity to at least stay above last year's levels for the remainder of 2007, fueled by a combustible mix of risky loans taken out in the past few years-many in the sub-prime market-and slowing home price appreciation." Median home prices are 1.8% lower than a year ago when the median price was $216,100 (NAR quarterly survey of housing market conditions)

"This area is different"

two words: Alt-A resets

I don't really care about rising real estate values within a regional area because everyone's value goes up. Unless you are moving to a smaller house, less desireable neighborhood, or to another part of the country, how does it help you?

Here's how it hurts you.

I bought my current house in 2003 and the property taxes have went from $1,860 a year to over $3,300 a year with no capitol improvements to the property.

So unless you are planning on downsizing, you are probably getting screwed by the boom.

Planning on moving to a smaller town or out in the country with some land, so it will work wonders for me.

Last year found a place on a airport between Phoenix and Vegas with a 1800 sq foot house, 75x100 hangar for the plane and toys for $130k.

I owe $150k on the house now so would walk away with at least $250k profit and could then pay for the new place in cash and still have $100k left over to put in the bank for retirement.

Thats a plan I like...

slump? what slump?

never happend up here. heard 5-14% increases recently depending on what county you live in.

True. Here in Washington, prices haven't dropped. There are more houses on the market, and they are sitting a while before selling, but that basically means things are back to normal.

are you sure it's not a "dead cat" bounce ? it's kinda scary when home values become as volatile as stocks!

Ben Engebreth's HousingTracker is great for numbers:
http://www.housingtracker.net/

Rising inventories should not be underestimated.

Anecdotal stories are one thing, data is another.

Don't see any bounce in PHX here
http://www.housingbubblebust.com/CaseShiller/West.html

For home price charts see http://www.housingbubblebust.com/index.html
and click either the OFHEO, Case Schiller, or median links for the metro or region of your choice.

OFHEO and Case Schiller are the most accurate, valid data. OFEHO is qtrly, Case Schiller mnthly. Similar methodology - tracks repeat selling price of each individual home. Median is lower-quality data, since reflects mix of houses sold each month as well as price.

local prices slowed the climb
then went right back on up

helps that we are a lower priced area but just became a city
and prices are about 1/2 older richer citys like coral gables
about 10 miles north of us for the EXACT SAME HOUSE
we expect to see a 10+% rise in prices this year

Here in Wellington New Zealand less houses are selling (or being put on the market to be sold) but the prices are up 14% from last year. The rest of the country is much the same, up between 10% and 15%.

Seattle seems to be holding up well. Stuff all around me selling in the high 5s to 6 figures and the area I am in seems to be clearing inventory steadily although not as quick as a year ago.

On the rare occassion that any house under $700k within a 2 mile radius shows up it is sold very fast. Majority are $900k to $2.5 mil; $4.5 mil house on the market about a 100 yards away, but it is a freak of a house. That one will sit for a while.

If it slows down, fine, if it goes up great. Regardless of what my house is appraised for, I still have to live somewhere. Just glad I bought it when I did for what I paid.