Has the market started climbing again?

In some very desirable areas the market has started climbing and in some areas many sellers are making 12-30% increases on their sales of their home. St Petersburg, Fl, is one of those areas. The downtown market has very little inventory. Rentals are rarely available and the rents have doubled from several years ago.  This is a great time to try to find an investment property and rent it out!
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August 22 2012 - Downtown
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The Phoenix market has been climbing for over a year now due to the shortage of inventory. In most areas here, the market climbed an average of 26% over last year. We are still getting multiple offers on homes, and most homes are selling for above appraisal. New build sales are up as well, so although it is great for our market, it is tough for buyers to compete for a home.
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August 23 2012

Short term stats IMO depending on a state can say anything.  The economy is still very bad and people are stil out of work and the Bank owned properties are still climbing.  Also the up comming election will have a big effect on this as well.  In NYC prices are flat.

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August 24 2012
Profile picture for SteadyState
According to one of the authors of the Case-Shiller index - Dr. Shiller. Two markets maybe entering  another housing bubble (San Francisco and Phoenix). In many markets prices are close to touching the 2007 highs.
Buyers of Real Estate please use caution and do your own independent analysis of your market. Many buyers got burnt from 2000 to 2007 - so be careful.
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August 25 2012
Profile picture for hpvanc
The Manic/Depressive real estate market may be entering a new manic phase.  Real estate agents are doing all they can to push the perception that prices are rapidly increasing and "buyers" agents are encouraging their clients to pay above appraisal.  Fortunately (or unfortunately depending on your point of view) unless there is significant inflation and wage growth, the natural laws of capitalism will re-exert themselves and send it back to a depressive state.  An efficient healthy market would be so much better for the economy.

How many cycles will it take before the public wakes up?
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August 25 2012
Profile picture for hpvanc
Here is an article on the quote Steady State references.
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August 25 2012
All signs currently point to a housing market recovery, FINALLY!  I know in my own market (Seattle, WA), lack of inventory has had a marked impact on sale price.  Homes in hot neighborhoods are frequently receiving multiple offers which is often driving sale price above list price for the first time in a long time. While the degree of recovery is clearly very locally influenced, in general, major metropolitan areas and surrounding suburbs are shifting back into the black little by little.
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August 26 2012
 
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Has the market started climbing again?
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