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Canuck investors help Phoenix, Miami buck market trend

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guest | 27 Mar 2012, 09:03 PM Agree 0

Tuesday’s release of the S&P/Case-Schiller Home Price Indices showed prices were down 3.8% in January nationally from a year ago using a composite of 20 of the largest cities in the U.S.
Prices were also down 1.1% from December.
Just three U.S. cities showed a gain in price in January compared to December – Phoenix, Miami, and Washington DC. Miami and Phoenix have seen some of the largest declines over recent years, but the low price point and warm weather has been drawing an increasing number of Canadian investors.
As supply has started to weaken in the lower price brackets, prices have started to be pressured up again. Prices were up 0.8% in Phoenix in January compared to December, and up 0.6% in Miami over that period.
Other major cities continued to show weakened values, according to the report. Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa all made new lows in January, said David Blitzer, who is chairman of the index committee at S&P Indices.
He noted Atlanta had fallen 19.7%  over the last six months. Seven other cities were down by 1% or more.
The ten and twenty city composites are now 34% off their peak from 2006.
  • Sarah Reiter | 28 Mar 2012, 05:33 AM Agree 0
    Phoenix Valley’s residential single family leasing market's Rent Check Quotient (RCQ) derived by dividing the # of leases by the # of closed sales as reported in March by ARMLS STAT shows a 42% RCQ. Most homes will have multiple offers now within the first 48 hours of being listed. I work with investors from all over including Canada that are primarily interested in the Phoenix East Valley areas that yield the highest rents and provide renters with the easy access to all freeway systems to commute to and from work, good school districts and well established neighborhoods. For the month of Feb, 2012 there were 3,073 closed single family rental units up 18.4% from Feb. 2011 as a result of investor sales turned rentals.
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