Some good news for the Phoenix housing market. A new report from Standard and Poor's shows home prices here the valley have skyrocketed in the past year.
They're up 23 percent -- and that's the biggest gain in the country.
Investors are a big part of that, accounting for 28-percent of the sales in March. And this new data comes on the same day that another report shows that foreclosure rates in Phoenix are among the lowest in the country.
With home values skyrocketing, are these signs of another housing bubble? We spoke to one of the stars of Property Wars. The hit reality show is focused on the Phoenix real estate market.
Doug Hopkins doesn't just star on the cable show Property Wars -- he owns Red Brick Realty in the east valley and he's been in real estate since 1994.
He likes the way the market looks right now. He says factors like weather, the ages of homes, and the supply of foreclosed houses has attracted investors and improved our housing market.
In his second season on the Discovery Channel's Property Wars, you can find Doug Hopkins taking huge risks and making big money.
And this valley native, with 20 years of experience in the valley, says the market is great.
"The housing market is hot hot hot. Basically everything we put on the market is selling, especially if it's priced right, its selling in less than 3 days."
It sounds like we're heading for another housing bubble -- but Hopkins believes the situation is much different than it was last decade
There is more encouraging news out in real estate markets across the country. 7 On Your Side takes a look at what it could mean for California homeowners.
It's a good time to sell your house. Home prices in 20 major markets are at their highest in seven years. You can bet the San Francisco Bay Area is on the list.
The S & P/Case-Shiller home price index calculated growth rates for a 12 month period ending last February. They looked at 20 major markets and found home prices went up 9.3 percent.
The housing recovery's been driven by near record low mortgage rates, lower unemployment and more buyers than sellers
HAVANA (AP) — In some ways, Yosuan Crespo's real estate office resembles any you might find in New York, London or Tokyo. There are slick posters of hot properties hanging from the ceiling, a steady stream of hopeful buyers and sellers and a constant clack of computer keys.
But Crespo's headquarters in central Havana's trendy Vedado neighborhood is actually somebody else's breezy front porch. The computer's only connection to the Internet is a creaky dial-up link, and Crespo is careful to say he's not operating as a broker, since the job is still technically illegal.
A baffling, sometimes bizarre real estate market has emerged in the year and a half since President Raul Castro legalized private home sales on this Communist-run island for the first time in five decades.
While trade in homes is now legal, the people who bring buyers together with sellers are not. The government has yet to make good on promises to legitimize brokers, most of whom still operate in the shadows.
It's a story that has been typical of Castro's economic reforms, which often have left little space for the sort of middlemen and other services that help markets work.
And next, the big news tonight out of the housing market. Home prices surging up 9. 3%, the biggest jump in seven years.
So is it time to buy? Abc's chief business and economics correspondent rebecca jarvis spent the day talking to the experts. Right now it is a very competitive market.
Reporter: Two weeks into the hunt for their first home in san diego, and the robinsons can already see it won't be easy. In just the few homes that we have looked at, they have sold in a few days. Reporter: Today's study confirms home prices are up, especially in hot markets like phoenix, las vegas, los angeles, san francisco, atlanta, and dallas.
The problem, a nationwide housing shortage. There there are lots of buyers, 25% more this year than last. But the number of homes for sale is actually down.
Most homes are selling within three to five days. Reporter: Some are taking drastic measures, bidding wars are common. It's a hot property.
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We're at the start of a furious three-day sprint of data.
All around the world we're getting jobs reports, manufacturing reports, and central bank activity.
So how's it going so far? Pretty bad.
Last night for example we got an ugly Korean export report. Korean exports are considered a key barometer of global trade, so that's bad news. Chinese PMI also came in below expectations, adding to the Asian economic woes. Also, Australian manufacturing hit its lowest levels since the recession.
Finally in the US, the data has been bad to meh. The ADP jobs report was a big whiff. Construction spending registered a big fall. The only good news is that ISM modestly beat expectations, but even this is kind of not fair, since expectations have come dramatically down in the last few days
Taxpayers in states along the East and West Coasts are grabbing the lion’s share of tax savings from the mortgage interest deduction, the third largest tax expenditure that saved taxpayers filers deducted about $72 billion in 2011.
The benefits of the mortgage interest deduction skews heavily toward certain states, particularly along parts of the East and West Coasts. The percentage of tax filers deducting mortgage interest ranges from nearly 37 percent in Maryland to 15 percent in West Virginia and North Dakota. The average mortgage interest deduction for all tax filers (not just those taking the deduction) varied from a high of $4,580 per tax filer in Maryland to a low of $1,192 per filer in North Dakota, according to a new report released yesterday by The Pew Charitable Trusts. The national average was $2,713.
The variation across metropolitan areas within states is even greater, with tax filers in larger areas generally claiming the deduction at much higher rates and greater average amounts than filers in medium- and small-size areas. In Texas, for example, the state’s highest claim rate-in the Austin area-is 4 times larger than the lowest rate, in the Odessa area.
With the housing recovery and higher home values, the mortgage interest deduction is expected to grow and become more of a target for tax reformers in Washington. Before the onset of the housing crisis in 2007 the total mortgage interest deducted by tax filers peaked at $543 billion in deductions and roughly $85 billion in forgone revenue. Between 2007 and 2010, the total amount deducted fell 28 percent, and the number of claims declined by 12 percent.
Data through February 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed average home prices increased 8.6 percent and 9.3 percent for the 10- and 20-City Composites in the 12 months ending in February 2013. The 10- and 20-City Composites rose 0.4 percent and 0.3 percent from January to February.
All 20 cities covered by the indices posted year-over-year increases for at least two consecutive months. In 16 of the 20 cities annual growth rates rose from the last month; Detroit, Miami, Minneapolis and Phoenix saw slight annual deceleration ranging from -0.1 to -0.4 percentage points. Phoenix continued to stand out with an impressive year-over-year return of +23.0% while Atlanta and Dallas had the highest annual growth rates in the history of these indices since 1992 and 2001, respectively.
In February 2013, the 10- and 20-City Composites posted annual increases of 8.6 percent and 9.3 percent, respectively.
“Home prices continue to show solid increases across all 20 cities,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “The 10- and 20-City Composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row - the last time that happened was in early 2005.
“Phoenix, San Francisco, Las Vegas and Atlanta were the four cities with the highest year-over-year price increases. Atlanta recovered from a wave of foreclosures in 2012 while the other three were among the hardest hit in the housing collapse. At the other end of the rankings, three older cities - New York, Bostonand Chicago - saw the smallest year-over-year price improvements.