Thanks for checking in with us. We are still here,  surviving the 115 degree weather in Phoenix and Scottsdale. Though, we have nothing to complain about as our best wishes are to those who suffered the worst of hurricane Irene.

Along with the sharp rebound in the stock market over the last 2 weeks, after that nerve-testing dramatic sell-off, we received some very welcome and positive news regarding real estate prices across the country and hear in our backyard of greater Phoenix, Scottsdale, Chandler, etc…..

Today, Standards and Poors released their Case-Shiller price index for the 20 major cities in the United States which measured a price increase of 3.6% for the second quarter of 2011. This is extremely positive news for the national housing market, consumer confidence and the overall economy.

Here in Phoenix we are seeing a sharp increase in sales activity and a major decrease in the real estate inventory.  Today, according to the real- estate publication the Cromford Report, listings in metro Phoenix are at 27,400 and falling – traditionally, a sure sign of rising demand and rising prices to follow.

We are seeing multiple-offer situations on the best houses. Prices are still near 50% of the peak in 2006, long-term mortage rates are near record lows under 4.5% and inventory is shrinking. These are all (near) sure signs that the housing recession is over. Now, I am not saying that prices are going to skyrocket in the short-term; however, I am stating that the worst is in the rear-view mirror.

If you have questions or want to discuss Phoenix homes for sale or learn more about bank owned homes in Scottsdale, please call me directly at 480.221.8080.

James Wexler , Associate  Broker, Realty Execs , 480-221-8080  : wexzilla@gmail.com