Phoenix housing market hit by unprecedented plunge in demand

Zero Hedge – by Tyler Durden. The Phoenix housing market has a special place in the heart of housing bubble watchers: together with Las Vegas and various California MSAs, this is the place where the last housing bubble was born and subsequently died a gruesome death which nearly brought down the entire financial system.

Phoenix housing market among those considered overvalued. The latest index, which details year-over-year prices from February 2017 to February 2018, finds only 36 percent of markets were considered at value in the top 100 metropolitan areas. Among the top 50 markets, 48 percent were overvalued, including Phoenix.

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Just a year since the U.S. housing market hit bottom after the biggest plunge in eight decades. The U.S. spring homebuying season has been marked by a frenzy of demand fueled by the Federal Reserve.

The good news is that there is also a smaller number of foreclosures, which means the market is stronger than it was just a few years ago. According to Realtor.com’s 2017 housing forecast, the number-one housing market in the U.S., based on price and sales gains, will be the phoenix metro area.

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Ten-X recommends buying in Sacramento, Phoenix, Las Vegas, Raleigh-Durham and Jacksonville. All of these markets have benefited from population growth, strong absorption and rent growth thanks to.

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Phoenix Housing Market Hit By Unprecedented Plunge In Demand. Luxury homes over $500,000 went back to a 24% market share, the same as in May 2013. The lowest-priced homes under $150,000 fell from 15% to 11%. The mid range has increased its share of spending from 61% to 65%, despite a 9% decline in dollars spent.

Why U.S. Housing Prices Will Fall Further.. that talked about the resurgence in the Phoenix housing market.. out that the Phoenix housing market was one of the hardest hit in 2008, with.

But home prices in the Phoenix housing market now appear to be rising more slowly. The economists at Zillow recently forecast that they would rise by a more modest 3.5% between now and the summer.

Some 4.4 million formerly owner-occupied units were shifted to the rental market between 2007 and 2011. Another 4.6 million were vacant in 2011 and may become part of the rental stock as demand..