Via Elliott Pollack.

The most interesting piece of data showed the homeownership rate in the Greater Phoenix area was reported as 62.1% for 2013. This is down from 72.4% in the peak year of 2006. While a significant percentage of those who went from owning to renting might not come back to the home buying market at any time soon, the number still suggests a large pent up demand. While Dodd-Frank, the change in the FHA loan limit and the 7 year ineligibility rule after a foreclosure for Freddy and Fanny are certainly real negatives, they eventually will be overcome by many buyers…

• Single family listings in Greater Phoenix are up 40.3% over a year ago as of February. Sales are down 19.0% for the same period. Thus, it should be no surprise that median prices of homes sold has been about flat over the past 7 months.

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