Our current sales level is not too much different from 2002; it's the makeup of the market which is different - significantly different!
I took a look at the banks' involvement in the market, pulling all closed sales of Single Family Residence (detached homes) in Maricopa County from January 1 - February 28 in 2002 and 2009.
Banks' Involvement includes lender owned and lender approval required.
All data pulled from MLS and is deemed accurate but not guaranteed.
Anyone notice a difference?
To answer everyone's questions about when the market will get back to normal..
When the foreclosures work their way through the system and the banks can get out of the real estate market!
Keep your eyes on the job-loss reports and the foreclosure-filing numbers - when those start to decline we'll see the beginning of the end.
Here are the numbers, for my left-brain friends out there:
Your waiting patiently Realtor,