The Word is OUT: Phoenix's housing bust goes boom

Yes, the word is out. Our market is showing signs of bottoming in its over sold state. Buyers are getting out bid on homes all over the valley. This is the time to get back in the market.
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Please enjoy this story on how the Phoenix housing market is going from BUST to BOOM! And don't miss out this time around!
Phoenix's housing bust goes boom
By Nicholas Riccardi
May 18, 2009
Reporting from Phoenix -- After four years of renting because they were priced out of the real estate market, Jamia Jenkins and Scott Renshaw concluded the time had arrived for them to buy.
They saw that home prices had dropped so fast here -- faster than in any other big city in the nation -- that mortgage payments would be less than the $900 they paid in rent. The city is littered with foreclosed houses, so the couple figured they could easily snatch up something in the low $100,000s.
Three months later, they're still looking.

They have submitted 13 offers and been overbid each time.

"It's just pathetic," said Jenkins, 53. "Investors are going out there and outbidding everyone."

Phoenix's housing bust has turned into a quasi-boom, a sign that its market may have hit bottom and a sneak preview of what a national housing recovery could look like.
More homes are selling than at any time since 2006. Prices are slowly stabilizing. Buyers are once again finding themselves in frantic bidding wars -- only this time over foreclosed houses selling at deep discounts rather than ranch homes listing for vast sums.

Read the rest of the story: http://www.latimes.com/news/nationworld/nation/la-na-phoenix18-2009may18,0,7979477.story