what can I say, the glass is half full. Right ?? 
According to the S&P| Case-Shiller , private housing index shows home prices dropping by a record amount nationwide -
" Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened nationwide.
The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000.
The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history."
No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that's happened
In Arizona, we say record declines as the glut of short-sales, bank owned homes and foreclosures have crippled pricing comparisons.
The bright spots in several areas including Tampa, Boston, Detroit, Minneapolis, New York, Dallas and Atlanta that saw smaller than expected declines.
I am just the messenger so dont' shoot.
However, I think there is a bright spot. In every real estate transaction, there must be a buyer. In fact, buyers dictates markets. They decide what to pay for a home. (or not to pay) Sellers do not.
Sellers of course can accept or decline. If they decline, there is not transaction and thus no market. That is economics 101.
With such sharp price declines. There is more buying. Think Christmas Sales or Wal-Mart every day pricing.
My phone is starting to ring again with buyers who finally see the bargains they could not previously afford.
In Arizona, once we reduce the amount of foreclosed homes on the market, we should see some stability in pricing and thus resumed interst in buying as home buyers will be less fearful of 'catching a falling knife"!
Let me know how your areas are performing and if you are seeing the same thing.
Best of Luck and success!!
--------------------------------------------------------------------------------------------------------
The measure of our mission to Active Rain and our clients is your feedback
Log-in; Comment and share!
It helps all of us keep reaching for the highest standards of customer satisfaction.
____________________________________________________________________________
Copyright © 2008 By James Wexler, All Rights Reserved. *Good News (for Buyers) Home prices drop 15%*
Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs
James, our area has slightly declining prices and year over year sales down 19 to 20%. Inventory of new homes is declining and foreclosures are still on the rise. We have one of the strongest job markets in the country and our unemployment numbers are going down. Showings to buyers are steady.
I like the good news posts better than the bad news posts. However, I'm not sure this is great news for your sellers. It is a great time to buy though!
Thanks for the feedback. We are seeing good buyer traffic. However, the inventory overhang here is preventing any short term rebound.