Apartments Under-Construction Will Increase Phoenix Apartments 10%!
arizonarealestatenotebook.substack.com
Apartments Under-Construction Will Increase Phoenix Apartments 10%!
What the Heck is a “Building and Loan”?
My economic analysis of “It’s a Wonderful LIfe.”
A LOT of People are Moving to Arizona
2) Texas (+231k) & Florida (+319k) accounted for over 60% of Migration to the South.
But states like Tennessee and South Carolina also set records for people moving in in 2022. 📈
The losses in the West were mainly related to California. 📉
Where are Interest Rates Headed?
Yeah, the spread is unusually large. We can expect around a 1% fall in mortgage rates as the spread returns to normal over months.
But I expect the Fed to raise their rate by about 1% too before they stop raising rates.
fred.stlouisfed.org/graph/?g=t6dN https://t.co/9x0k5rSvmg
Apartments Under-Construction Will Increase Phoenix Apartments 10%!
According to my analysis of this publication.
One Reason We Don’t Build More Homes in Phoenix
We subsidize land speculation.
Your house is assessed according to its fair market value. Shouldn’t investors have their land assessed the same way?
One reason we don't build more homes.
In Arizona, property taxes on farm and ranch land is based on the land's agricultural value NOT its fair market value!
You own some grazing land on the edge of town. Why develop it when holding costs are so low?
azleg.gov/viewdocument/?…
Great summary of Pinal County economic outlook.
"50% chance of recession throughout the year that will last into 2024"
Their estimate of house price declines seems too small.
Click on the graphs to go to the full-size, interactive version.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.