Don’t Jump! They got it wrong.
Ahhhh the Phoenix housing market. It went up, up, up and down, down, down, and up again. Some people are feeling like they might be the kid who pukes on the roller coaster. Recently, it was reported by a group out of California, known as RealtyTrac, that the phoenix market just took a major hit. Their report essentially said that the foreclosure rate just sky rocketed 100%, making Phoenix the third largest foreclosure market behind two California cities, one being LA. Bring on the sweaty palms, and dizzy spell. Here we go again. Does this ride have a barf bag? The news comes out, and every news outlet grabs ahold of it. It’s widely reported and widely believed.
Not so fast…Michael Orr, the director of the Center for Real Estate Theory and Practice at the ASU WP Carey School of business, says that’s just plain false. In fact, according to him, that Math isn’t adding up at all
“California-based RealtyTrac reported a 104 percent increase in foreclosure filings in January of 2015, compared to December of 2014. The company also reported foreclosures were up 45 percent from January 2014, and at a 20-month high.
“Math is math,” Mike Orr of Arizona State University’s WP Carey School of Business.
“There was certainly nothing special about January. January [foreclosures were] lower than December,” he said.
Orr has been compiling foreclosure statistics for years, and suspects RealtyTrac had a backlog of data, which went into their database for January, and caused the spike.”
Read the entire article Here
And so, this brings up a very important point. The news reported is not always accurate. Don’t freak out based on the stories you hear reported. If you have questions about the Real Estate market and trends, please feel free to call me anytime! I can always be reached at 480-577-4317 or Caily@CailySellsAZ.com for questions. I believe it is always better to talk with someone on the ground who is doing the work. For now, feel free to put your barf bag away, come in off the ledge and rest assured that the Phoenix Market is doing well. We aren’t breaking records at the moment, but prices are up and sales are doing just fine.