Mohave.net

From Pinal County:

Home sales up, but prices down
More foreclosures expected to flood Pinal market

LINK: Home sales up, but prices down

Recent reports show that in Casa Grande and western Pinal County, as in much of the state and nation, home sales are rising, but prices continue to fall. The number of foreclosed properties on the market now, and expected on the market soon, seems to be the driving force.

“We’ve been told [by Fannie Mae and Freddie Mac] that there are thousands and thousands of foreclosures in the pipeline,” said Darrah Dremler, an agent with Coldwell Banker Excel Realty who specializes in foreclosure sales. “Banks are starting to price things a lot lower to clean out their inventory before this big rush hits.”

From the Las Vegas Review Journal:

Home sales up, prices down
Inventory on the market reflects drop of 9.3 percent from May 2008

LINK: Home sales up, prices down

Counting 737 condo and townhouse units sold in May, Las Vegas had nearly 4,000 total sales, one of the best months on record, said Sue Naumann, president of the Realtors association.

“So there’s plenty of activity in our local housing market,” she said. “We’re down in inventory so we’re starting to move things out of the market and I’m sure a great deal of it is REOs (real estate-owned).”

Any further price deterioration will be caused by foreclosure properties, which account for about 80 percent of Las Vegas home sales, Naumann said.

“We had a bank moratorium that expired June 1, but I still don’t think they’re going to flood the market,” she said. “It would be devastating if they did.”