202327 Resource 176502 173239 165387 1209105209615 1216963550649 Controlled Phoenix 2008 real estate forecast update.

What has changed in the outlook

<font size="2"><span style="font-family: verdana,arial,helvetica,sans-serif;"> The first quarter of 2008 is over and sales of homes were down from 2007. The good news that sales are up from February and it looks like they will be up in April.&nbsp; <br /><br />This is a good sign and may indicate that we are at the bottom of the current real estate cycle, but the bottom may last for a while especially with the current inflation pressures and the slowing global economy and the weak dollar.&nbsp; <br /><br style="font-family: verdana,arial,helvetica,sans-serif;" /></span><span style="font-family: verdana,arial,helvetica,sans-serif;">In March the median home price in the city of Phoenix was below $190,000 and the median home price for Maricopa county was $220,000 these are definitely more manageable numbers and make homes more affordable.&nbsp; There is still a lack of financing options making it difficult to for people to buy the homes but many are buying.<br /><br style="font-family: verdana,arial,helvetica,sans-serif;" /></span><span style="font-family: verdana,arial,helvetica,sans-serif;">It's not as bad as it seems but the future is still uncertain; we may have some additional declines before we have appreciation.&nbsp; However, real estate is local and even certain neighborhoods in Greater Phoenix perform better then others.&nbsp; There are neighborhoods where prices have gone up over 2007.&nbsp;</span></font> 10 application/xml false 2008 real estate forecast for Phoenix Phoenix 2008 market trends Phoenix home sales news Phoenix real estate Mozilla/5.0 (Macintosh; U; Intel Mac OS X 10.5; en-US; rv:1.9) Gecko/2008061004 Firefox/3.0 127.0.0.1 127.0.0.1 aciesielski 98.165.109.170 191621 false true false false true 176502 blog blogsite/ArturCiesielski/moderated