Cooling Housing Market Means Sizzling Bargains...

Cooling housing market means sizzling bargains, from the Arizona Republic, reports that home builders are now offering all types of deals on spec houses in subdivisions across the Valley. These kinds of deals were unheard of last summer, when people camped out to get into a lottery to buy in a new subdivision. Now the frenzy is gone and home builders are trying to entice buyers with freebies and price cuts in "let's make a deal" sales pitches. It is another clear sign that the Valley's housing market is slowing from last year's record pace. It is not just the new home building sector that has cooled off. The number of existing homes for sale has shot up from a year ago, and prices are flat or down slightly in most areas. "Most of the investors are gone, and traffic is down in home builders' sales trailers," said Jay Butler, director of the Arizona Real Estate Center at ASU. "Just look at all the ads. Builders are trying to move homes fast," he added. There are about 2,800 more empty new homes Valley-wide than a year ago, according to Metrostudy, a real estate consulting firm. Local housing analyst RL Brown adds, "There's no question the overall marketplace has changed. The consumer is saying 'Excuse me. The prices are too high.'"

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