Phoenix housing project shows good signsPosted: Updated:
Things are looking better for the housing market in the Phoenix area.
The report shows that there have been almost 50 percent fewer single family home foreclosures compared to January 2011.
According to Mike Orr, director of the Center for Real Estate Theory and Practice at the W.P. Carey School of Business, there is no longer an excessive number of homes that would sell below the $300,000 range. Orr says it's because investors have made purchases and eliminated excess inventory.
Orr also indicated that the supply of homes listed for sale went down 42 percent, meaning that there have been fewer homes under bank auctions.
Orr explained that international buyers from Canada, New Zealand and Australia are investing and purchasing vacation homes because of the exchange rates.
For the month of January the market saw 500 more new and existing home sales than January of last year. They expect to see more activity for the month of February since it is the peak of the buying season.
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