Flagstaff Top Producers Real Estate Update: Flagstaff Home Values Continue Slide

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Friday, May 28, 2010

Flagstaff Home Values Continue Slide

Home values in Arizona dropped more in the last year than any other state. New figures Tuesday from the Federal Housing Finance Agency show the price for an average Arizona home in the first quarter of this year is .13 percent less than the same time a year age.

What that means is that home values, on average, are now more than 20 percent below where they were at this time in 2005, while prices were going up but before the housing bubble burst.

And there is no real sign that the slide in values is slowing: The index dropped by 3.4 percent just between the last quarter of 2009 and the first quarter of this year.

In Flagstaff, the change in the last quarter was -3.48%, and the difference between the 1st quarter of 2009 and the 1st quarter of 2010 is -13.26%.

But those who have been hanging onto their houses longer term still have something to be happy about: The report shows that, even with the precipitous drop in prices, the average Arizona home is now worth almost double what it was at the beginning of 1991.

The Federal Housing Finance Agency figures are significant because the agency computes its index based on figures from Fannie Mae and Freddie Mac which have the larges database of conventional mortgages going back 34 years.

That allows the agency to track prices on the same home being sold and resold. By contrast, some other indexes are based solely on whatever happens to be sold during that period.

What these figures represent is that it is a great time to buy a home in Flagstaff! Mortgage rates are at a new low, and there is a diverse selection of homes to choose from.

Let the professionals at Flagstaff Top Producers Real Estate assist you in buying or selling your home, and our knowledgable agents can help you maximize your homes' equity potential.

Thank you for the privilege!


by Howard Fischer, Capitol Media Services.



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About Flagstaff Top Producers Real Estate's Flagstaff, AZ Real Estate Website: The www.flagstaffhouses.com web site provides the Flagstaff Area including Lockett Ranches, Flagstaff Ranch, Flagstaff Country Club, Linwood Heights, Amberwood, Pine Canyon, and Downtown Flagstaff, Arizona real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Flagstaff area. Flagstaff Top Producers Real Estate Val, Valery, Valerey, Jo, Joseph, Howie, Carol, or Benson has services to help you get the best value for your Flagstaff home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with a  Flagstaff REALTORs who know  the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Flagstaff, AZ, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Flagstaff Top Producers Real Estate can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Flagstaff Top Producers Real Estate speak  your language.
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