Following on the heals of yesterday’s post about the market, I want to point to this article in the Republic in which it is pointed out that:

1) the Case-Shiller index (which I often decry as being inaccurate for our market) often lags local data and overstates market declines, and

2) Chicago has surpassed Phoenix as a foreclosure market. So, as we’ve been saying, the number of foreclosures is going down quickly here.

But here is the money quote: “Careful calculations show the once-scary shadow inventory in Phoenix is no longer as large as many thought, and what remains can effectively be cleared out in about a year.”

What does this mean? It means that your ability to buy an uber-cheap home is slipping away. Call me for more information: 602-456-9388.