METRO PHOENIX HOME INVENTORY LEVELS DROP AGAIN

Inventory of single family homes for sale in the Metro Phoenix area dropped by over 700 last night. Our inventory levels are at the lowest point in over a year. Today there are 42,800 single family homes listed for sale in the Arizona Multiple Listing Service. That is the lowest level I have recorded since April 16, 2007. Along with sales at a 2 year high and Pending home sales at a 2 year high, this is just another sign we are approaching a bottom. Where is the bottom? We will only know when we see it in the rear view mirror. However, we can use this statistics in order to know the market is turning. A market of this size does not turn quickly and will not turn over night.

I read this new article sounding off about a recovery, I hope you enjoy it.

Just my opinion,

Jeff Cameron

Over the horizon, a housing recovery: Harvard report finds immigration, other demographic trends will fuel housing demand over the next decade.
By Beth Braverman, CNNMoney.com contributing writer

NEW YORK (CNNMoney.com) -- The current housing market is bleak: home prices and sales are plummeting, foreclosure proceedings are skyrocketing and mortgage rates are on the rise. When will things be better?
A new study from the Joint Center for Housing Studies of Harvard University, "The State of the Nation's Housing 2008," finds the country poised to see an increase in housing demand over the next decade.
"The good news is that we still have a growing population," said Nicolas Retsinas, director of the Joint Center for Housing Studies and one of the study's authors. "As long as you have more households, more people are going to need places to live."
Social trends - people getting married later and divorced more often - are making single-person households the fastest growing household type, the study finds. In addition, a long-term net increase in potential home buyers will be driven by demographic factors: the aging of "echo boomers" into adulthood, an increased life expectancy for baby boomers and projected annual immigration of 1.2 million. http://realestate.aol.com/article/_a/over-the-horizon-a-housing-recovery/20080626120409990001?ncid=AOLCOMMre00DYNLprim0001&icid=200100397x1204780037x1200229763