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The Phoenix Business Journal, reports that the Arizona Regional Multiple Listing
Service reported a drop in resale listings from the end of September to the end
of October-- from 46,390 down to 46,228. That number includes 4,600 new homes.
This is the first dip in the number of listings since March. Other good news---
sales topped out at 5,468, an increase of 40 from last September."
It seems a possibility that we may be looking back at this moment as this being the
floor of the market. A balanced home-sale market would be in the
33,000 listings range.
As of today we have 47,029 active listings. This range has been consistent for over a month.
MSNBC.com, reports that rates on 30-year mortgages dropped this week to
the lowest level in a month as financial markets viewed new evidence of a
slowing economy as a sign that inflation will decline. Rates for 30-year,
fixed-rate mortgages dropped to 6.31 percent this week, down from 6.40 percent
last week. The article also states that in an effort to dispel some of the gloom
surrounding housing at present, the National Association of Realtors announced
that it is beginning a series of newspaper ads proclaiming "it's a great time to
buy or sell a home." The ads, which were to start appearing in newspapers on
Friday, noted that mortgage rates have been falling recently and the near-record
level of unsold homes means that buyers have more homes to choose from. The ad
quotes former Fed Chairman Alan Greenspan as saying that "most of the negatives
in housing are probably behind us." Tom Stevens, the Realtors president, said,
"The market is much better than you might hear or read."
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