11/21/2009 10:27:00 PM
Home prices decrease in Prescott area
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First American CoreLogic on Thursday reported that home prices in Prescott, including distressed sales, fell nearly 22 percent in September.
CoreLogic reported home prices fell 21.65 percent in September 2009 compared to September 2008 and compares to August's year-over-year drop of 15.14 percent.
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Posted: Monday, November 23, 2009
Article comment by:
Jason
Dear Taxed - It appears that "Biggs" is a Realtor. Therefore a clear bias is present in their stats. Remember, the real estate industry always tries to put a positive "spin" on current conditions. They did this prior to the crash and they are doing it now during the crash. Prior to crash, they were pushing everyone to buy, buy, buy, as they were claiming home prices were going to keep climbing, and buying a home is a guaranteed money maker. Now, they are telling people to buy, buy, buy, as the market has supposedly bottomed out.
Posted: Sunday, November 22, 2009
Article comment by:
Lora
What they fail to mention is that there is a 3rd Wave of foreclosures coming in 2010. The first 2 waves were housing speculators going bust and subprime borrowers. This 3rd wave will be the deep prime loans affected by job loss, inflation, falling home prices, and further economic downturn. This will drive prices down even further and will cripple the RE market. It's going to get much worse for 2010.
Posted: Sunday, November 22, 2009
Article comment by:
taxed
Nancy and Brian Biggs, did you read the 2nd paragraph ? I think it says prices fell 21.65% compared to Sept 2008 prices. My value has dropped a little over 22%. I don't care how many homes sold in July, August or October, they sold way below what they should have. How do you figure the housing market is returning to normal, just using the numbers sold does not indicate the market is returning to normal, it just indicates homes are being sold at bargain prices.
Posted: Sunday, November 22, 2009
Article comment by:
No name provided
If you're a buyer with cash/credit step up to the plate. If you're a seller that needs a decent price maybe step out of the batter's box lol .
Posted: Sunday, November 22, 2009
Article comment by:
Nancy and Brian Biggs
The statement that home prices "fell nearly 22 percent in September" is somewhat misleading. Home prices did not fall 22% in September. Home prices fell 22% between September 2008 and September 2009. While this statistic might be depressing, there is also good news. The good news is that the number of homes sold in October 2009 was higher than the number of homes sold in either July or August 2009. In the Prescott area, July and August are historically the months when the most homes are sold. This year, 255 homes sold in July, 227 sold in August, and 265 sold in October. 265 is also higher than the 10-year average number of homes sold in October, which is 257. In addition, the total inventory of homes for sale is down significantly. In summary, an increasing number of sales and a lower inventory are good signs that the housing market returning to normal.
Posted: Sunday, November 22, 2009
Article comment by:
taxed
Can we forward this information to the Yavapai County Assessor's Office?
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