For the first time since December 2008, more existing single family homes were purcahsed with conventional loans than with cash. It happened in March 2013 and it ended 51 consecutive months of cash purchases ruling over financed purchases here in the metro Phoenix housing market.

The numbers below pretty much tells the story of where we were and where the market is moving forward…

Some quick market updates to share with you all…

• Active Notices of trustee sale for residential properties as of the end of March’13 were 9,194 units. Down from last month of 9,750.  Down from the all time high of December ’09 of 47,606.
• The residential REO properties are sitting at 4,597 vs. last month of 4,713. Down slightly by 116 units from last month! March of 2012 there were 7,408 REO properties, down 38%! Listed REO properties are approximately 933 units and pending are 1470. So the total REO in MLS right now is at 2403. That tells us that there is approximately 2194 properties that are foreclosed but not yet on the market.
• Residential Foreclosures were at there all time high in March 2010 at 5,451. Residential foreclosures were 901 last month. This was down by 79 units from February.
• Short Sales Represent approximatley 14% of the total sales and REO’s are down to 11%. Normal Sales is at the highest point in the last 5 years. They represent 75% of total sales!!
• Pretty much all REO including HUD homes are for owner occupied buyers. Investors’ offers will not be considered in the first 2 weeks the properties being put on the market.
• Minimum spec homes are available on the new homes market. Builders are increasing asking prices at every release of new lots.
• Despite it is already the seller’s market, mortgage interest rates are still low.

The latest FNC Residential Price Index, an index created for the mortgage industry, recorded a 28-month high for home prices in February, the most recent data available. The index increased 6.1 percent — the fastest rate it’s grown since July 2006.

The index shows the strongest price momentum is occurring in Phoenix, where prices have surged nearly 30 percent in the past year.

“The city’s rapid price climb is attributable to active investment purchase of distressed properties that has pushed up overall home prices,” according to FNC.

Many of the hardest-hit markets during the housing crash are showing some of the strongest comebacks. The following housing markets have posted double-digit price gains in percentages year-over-year, February 2013 versus February 2012, according to FNC.

1. Phoenix: 29.3 percent

2. Las Vegas: 14.5 percent

3. Detroit: 13.1 percent

4. San Francisco: 12.3 percent

5. Denver: 11.3 percent

6. Sacramento: 10.8 percent

7. San Diego: 10.6 percent

Here is the complete Residential Price Index.

According to a recent statement from the Maricopa County Assessor’s Office, the metro Phoenix housing market has been improving so much that, for the first time in six years, residential properties across Maricopa County will see an increase in assessed valuations for the 2014 tax year.   Specifically, the approximately 1.02 million single-family homes in the county will see a median value of $127,000 next tax year, a 15.88 percent jump from 2013. The nearly 180,000 condos county-wide will see a more modest 13.71 percent rise next year to a median value of $70,500.

The assessor’s office sent out more than 1.53 million notices to inform all property owners of the 2014 valuations. Property owners who wish to appeal the changes have until April 23 to do so; the appeal process can be done via regular mail or online at www.maricopa.gov/assessor. The new valuations will be reflected in the Sept. 2014 tax bills to each owner. However, property owners will know how much they’ll owe in taxes for 2014 by the end of August 2013.