The calendar page has turned and it is October already! Of course, this means great weather for in Arizona for many months to come!! The year has passed quickly with many ups and downs.
While the real estate roller coaster ride seems to continue to soar, there appears to be stabilization visible on the horizon. The balance of 2008 will certainly be affected by national politics and policies. This is a market that many potential players are on the sidelines waiting to re-enter. I, for one, am growing weary of the negative doom and gloom that the media continually bombards us with and am looking for the silver lining in this economic chaos that plagues our nation!
Below are some of the latest complied statistics for August of 2008:
The Arizona MLS:
♦ Active listings - 52,300.
36,700 are $350K or below
15,600 are above $350K
♦ Closed sales for August - 5700+
4,946 are $350K or below
758 are above $350K
August was the third month in a row that there was a year over year increase in the number of sales. In fact August had 31% more sales in ‘08 than in ‘07. Since January there has been a 115% increase in sales.
54% of the Active listings are Vacant - however 76% of the August Sold properties were Vacant.

Re: the repercussions of 2006: Many of the current real estate market conditions can be directly traced back to the number of people purchasing homes that they did not in realty qualify for. The generous lending market, the hyped up media and the rush to purchase all contributed to the over selling and inflation of property. Although those days are now behind us as the market continues to ‘correct’ the sad statistics show just home many unsuspecting homeowners have now lost their dream of home ownership!
Trustee Sales:
· 36,635 notice of Trustee Sales filed on 2006 originations.
· Of those, 19,791 have already been foreclosed upon; 12,244 currently active notices.
· Over 10% of all properties sold in 2006 have already been foreclosed upon.
Now is a great time to purchase a property in the greater Scottsdale/Phoenix metro area:
inventory remains relatively high, the prices
are lower than they have been in years and interest rates are low!
We offer professional representation to assist you in buying or residential real estate in
Scottsdale and the greater Phoenix metropolitan area.
When looking to buy and/or sell, or know of anyone that is, feel free to contact us
Gary and Claudia Scott, REALTOR®, GRI
Reach us toll free at - 866-464-2140 or e-mail at Garyandclaudia@cox.net