It's a home-buyer's market, but Buyers Scarce

It's home-buyer's market, but buyers scarce (link)
from the Arizona Republic, reports that while the current housing marker is a buyers market, buyers are hard to find. "The real reason why people aren't buying is they can't sell," said Jay Butler, director of Realty Studies at ASU. "Even though interest rates are down it's increasingly difficult to get financing, especially if you're stretching income a little bit to buy," he added. With the big run up in prices over the last several years, younger buyers may have a hard time with payments. For move-up buyers, there's key thing to remember, said Susan Paveza, a realtor with RE/MAX Alliance in Gilbert. "You might be selling for less, but you also might be buying for less," she said. Media coverage is having an impact on the market, she added. "The negative press is so terrible. I think the smart ones are buying now, while you media people have all the sellers thinking everything's so terrible," she said. According to the Arizona Regional MLS, there are 43,704 homes for sale in Maricopa County, said Kristine Devine, a certified residential specialist with Keller Williams Integrity First in Mesa.

From DQNews (DataQuick): California August 2007 Sales Report: A total of 33,429 new and resale houses and condos were sold statewide last month. That's down 5.0 percent from 35,185 for July, and down 34.5 percent from 51,054 for August 2006. Last month's sales made for the slowest August since 1992 when 29,764 homes were sold. August sales from 1988 to 2007 range from the 29,764 in 1992 to 73,285 in 2005. The average is 50,524. On a year-over-year basis, sales have declined the last 23 months. full story

More Housing Links: Housing Bubble and Real Estate Market Tracker from SA for 9/17