5 questions for: Brad Bohn, Realty Executives - Washington Business Journal:

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, Scottsdale Are you seeint any glimmers of hope in thehousiny market? “I think there are definitelt some positive trends in the market. There are close to 30,000 single-family dwellings listex in metro Phoenix, compared with around 50,000p homes listed just over a year ago. The reduced inventory is a direcyt result of increasedbuying activity. With 16,000 homesw pending sale, I believe buyers are taking advantagw of lowinterest rates, first-time home-buyer tax creditsx and great values.” Are any submarkets doing better, recoverinf somewhat or at least not showing as much weakness??
“The foreclosure market continues to show a lot of activity, as banksx are aggressively pricing these properties. In the past few I’ve seen many instances where multiple offerxs are made on a foreclosed home as soon as it hits the Are you seeing any help for the Phoenix market from thefederal government’sw mortgage modification/refinancing plans? “I’m not seeinb a huge impact in the Phoenix market.
The main issuee is that the plan addresses loans where the new first mortgage would not exceedd 105 percent of the current market value of the Inthis market, many homeowners find themselves in propertiesx where values have dropped far below the amoun that was originally mortgaged, makingf them ineligible for the plan.” Which submarketd are struggling the most? “Higher-end homes continue to be a somewha more difficult sale, because buyers oftenh require large loans. Fewedr and fewer financing options for these larger amounts are availablethese days. In addition, many high-endf sales were previously madeto out-of-state buyeras who were purchasing second homes.
The curreng state of the economy has likely had an negativr impact on these typeaof purchases.” How long do you thino it will take the Phoenix housing markeft to recover? “We are already seeing recoveryg when it comes to inventory. For the priceds to recover, it’s important that foreclosures are no longe flooding the market and driving down When thiswill happen, I’m not sure.
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