Posted by Gene on March 09, 2006 at 15:43:56:
I have gotten a few personal emails asking me to expand, so here is more…
I only follow N. AZ. (I have owned rentals in Flagstaff for years) but I often come across articles about the rest of AZ as well. Most things I have been reading say that inventory is thru the roof. The speculators are bailing and prices are starting to drop. May economists think that phx and Tuscon could take a 40% to 60% hit. Realtors of course are saying right now is a great time to buy (don’t they always asy that??? ;>)
I hold rentals for cashflow but I never ignore market trends. Trends is where I have made the most $$. Buy low and sell high!!!
Read articles from the local papers (usually have archives…search real estate). Also check out Arizona association or realtors. Most state associations have figures available. Look at month to month figures, as opposed to Year to year. Most makets changed this last fall.
Also check out http://thehousingbubbleblog.com/ is very bearish on housing but has good archives on AZ markets as well.