Sure foreclosures are still incredibly high in Phoenix but we are seeing a lot fewer foreclosures than before and that change – that delta – is relieving the downward pressure on home prices for metropolitan Phoenix as a whole.
And, in fact, the inventory of homes for sale in metro Phoenix is – dare I say it – getting close to normal.
The inventory is so low, in large part, because Phoenix home prices are so low that home sales are way up. Home sales in metro Phoenix in March were the highest since 2005… but that’s a subject for another video.
Source: I took at lot from Mike Orr’s talk at Technopalooza and The Cromford Report.