Fletcher Wilcox of Grand Canyon Title came out with his monthly report on the Phoenix real estate market and he found a new clue explaining why Phoenix home sales have fallen so much in metro Phoenix.

All cash sales in February 2104 were down 41% compared to February 2013 but sales bought with loans were essentially flat, down only 2%.

Fletcher blames the fall in all cash sales on,

  1. Real estate investors leaving the Phoenix playing field, and

  2. The fall in the exchange rate for the Canadian dollar which makes Phoenix homes about 10% more expensive for Canadians this year on top of a 21% median home price increase in metro Phoenix.
I’m now routing for the Canadian dollar!

Go Loonie!

Bring back our Canadian friends!