“Investors are going out there and outbidding everyone”
May 21, 2009 by admin
Filed under Positive Real Estate
“The free market is at work,” said Shannon Hubbard, a real estate agent and blogger here. “Prices got driven down so much that people said, ‘I’m going to come out and play.’ ”
More homes are selling than at any time since 2006. Prices are slowly stabilizing. Buyers are once again finding themselves in frantic bidding wars — only this time over foreclosed houses selling at deep discounts rather than ranch homes listing for vast sums.
“Once this thing turns, it may turn slowly,” Gunterman said in an interview. “But at some point I think it’s going to pick up because prices are so low.”
Mike Orr, a Phoenix real estate analyst, thinks the market already has hit bottom. Among the signs: As recently as January, a year’s worth of homes sat on the market; in March, that dropped to seven months’ worth of inventory.
http://www.latimes.com/news/nationworld/nation/la-na-phoenix18-2009may18,0,7979477.story
