ROG NEWS YOU CAN USE

The latest figures released Tuesday by Zillow Inc. show Phoenix home values soared by 22.5 percent year-over-year during the last three months of 2012.

That’s significantly better than the nationwide average of 5.9 percent growth for the same period, and by far the biggest increase of any major metropolitan area examined by Zillow. San Jose, Calif. trailed far behind in second place at 15.4 percent, followed by San Francisco’s 14 percent and Las Vegas’s 13.9 percent.

Zillow economists expect the upswing in Valley home prices to continue through this year, albeit at a much slower 8.5 percent pace. The city of Phoenix should see a slightly bigger increase of almost 10 percent, while areas such as Scottsdale and Paradise Valley will see the biggest hikes of 13 to 14 percent.

(Phoenix Business Journal 1/22/13)

Dennis Soeffner (480) 263-2945

dennissoeffner@gmail.com

PHOENIX HOME VALUES SOAR AT END OF 2012 LEAD NATION

February 2013

WHEN CAN I BUY AGAIN? If you need loan information, call me at (602) 385-4804 Direct, or Email carla.hancock@novahomeloans.com CARLA HANCOCK, SENIOR LOAN OFFICER

NMLS #208376 BK #0902429NOVA NMLS #3087

CARLA HANCOCK

STATS 2012 YEAR IN REVIEW

Overall, the progress has been slow, steady and upward. Total sales in 2012 of 90,680 fell 10,756 units, or 10.6%, below 2011’s total. The 2012 figure is disappointing, following 2011’s second highest ranking of the last 12 years. Still 2012 ranks sixth highest during that period. High sales figures in 2011 were driven by unprecedented affordability. In 2012, Buyer demand continued to siphon off the more affordable properties. By March, the overall 2012 sales trend headed downward due to dwindling inventory. Some consider 2003 and 2004 the last normal Valley markets. The 2012 sale figure rests slightly above the midpoint between 2003 and 2004, or 80,052 and 98,922, respectively.

(ARMLS Jan 2013)

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FEBRUARY EVENTS

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JAY LENO, Feb 17, 8PM, Talking Stick Resort, 9800 E Indian Bend Rd., $65-$225, 480-850-7734, ticketmaster.com

ARIZONA REAL ESTATE FORECASTS

An inventory shortage is driving home prices up in some Arizona cities as the region faces a dwindling supply of cheaply priced foreclosures. But as more foreclosures hit the market later this year the rate of housing inflation is forecast to slow.

Phoenix area home sales are sliding as a result of the inventory shortage triggered by lower prices on housing. The supply of sub $100,000 homes is dwindling, despite multiple offers on homes under that listed on the market. The shortage of affordable housing in Phoenix is critical as owner occupant buyers get outbid by investors for many bargain priced properties. The Arizona economy still faces an uphill battle, including a lack of jobs and problems surrounding the state’s immigration policies, which has sent some real estate investors to sell their properties.

However, new home sales are picking up in Phoenix and may even be nudging towards stabilizing as builders pull an increasing share of new home building permits. The bottom of the housing market is likely to appear sooner rather than later in Phoenix, which is now forecast to see average home values inflate an average of 4.7% in 2012, despite a large volume of foreclosures expected to hit the market in the latter part of the year.

Higher home prices make it more difficult for the Scottsdale housing market, despite an influx of wealthy investors shopping for deals. After a slump that has lasted almost six years, Scottsdale should experience improving sales throughout most of the year, with appreciation projected to average 3.5% by years end, and Phoenix appreciation projected to average 4.7%.

(Housing Predictor 1/28/13)

7975 N. Hayden Rd, Ste A-101, Scottsdale, AZ 85258www.RealtyONEaz.com