The Phoenix real estate market has bottomed out.  Its the experience of people in the field, not necessarily agents but, publishers, cooperating services and investors, who are good indicators of activity, often more so then the time delayed numbers.  Its the overall mood and feeling of the buyers, sellers and investors that is more telling and in many cases buyers and investors are more active, interested and taking action.

Personal Real Estate Investor publisher "...is going on the record as calling the first quarter of 2008 the bottom of the U.S residential real estate market."  and CYRIL MOULLE-BERTEAUX has an article titled, The Housing Crisis if Over.  

The numbers indicate a similar conclusion and April resale numbers look very good indeed.  I'll have those up next week.  A bottom is good.  It means stability if nothing else and stability breeds confidence.  Home prices are more affordable and buyers see that though, we may be at the bottom for quite a while as we go through the inventory.

The real estate market is local but it's even segregated withing the metro area, so prices in one neighborhood can be going up while other parts are stagnating or still declining.

How is your Phoenix neighborhood doing? Get a market snapshot at www.PhoenixTrends.com