5 questions for: Brad Bohn, Realty Executives - Pacific Business News (Honolulu):

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, Scottsdale Are you seeing any glimmerx of hope in thehousing market? “I thinko there are definitely some positive trends in the There are close to 30,000 single-family dwellings listed in metrop Phoenix, compared with aroun d 50,000 homes listed just over a year ago. The reducedr inventory is a direct result of increasefbuying activity. With 16,000 homes pending sale, I believew buyers are taking advantage of lowinteresr rates, first-time home-buyer tax credits and great Are any submarkets doinbg better, recovering somewhat or at least not showing as much weakness?
“The foreclosure market continues to show a lot of as banks are aggressively pricing these In the past few months, I’ve seen many instancesw where multiple offers are made on a foreclosecd home as soon as it hits the Are you seeing any help for the Phoenixd market from the federal government’s mortgage modification/refinancingb plans? “I’m not seeinv a huge impact in the Phoenix market.
The main issud is that the plan addresses loan where the new first mortgage would not exceeds 105 percent of the current marketg value of the Inthis market, many homeowners find themselvesx in properties where values have dropped far below the amount that was originallyt mortgaged, making them ineligible for the plan.” Which submarkets are struggling the most? “Higher-end homeas continue to be a somewhat more difficult sale, because buyers oftejn require large loans. Fewer and fewer financing options for thesew larger amounts are available these In addition, many high-end sales were previously made to out-of-statd buyers who were purchasing second homes.
The curren state of the economy has likelyg had an negative impact on these typessof purchases.” How long do you think it will take the Phoenixc housing market to recover? “We are already seeing recovery when it comes to inventory. For the price s to recover, it’s important that foreclosures are no longer floodingf the market and driving down When thiswill happen, I’m not sure.
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