Everyone in town on Thanksgiving Day enjoyed a beautiful day. Clear skies, no wind and warm weather reminded everyone why we love living in Bullhead City Arizona! Despite the housing and economic difficulties our river city is experiencing, this is the best place to call home.
The local real estate market in Bullhead City, Fort Mohave and Mohave Valley continues to bounce along a wash board road toward recovery. Although November single family homes sale numbers were lower than hoped for, the number of foreclosure sales were drastically down. Number of home sales for November 2011 dipped to 61 down from 70 reported November 2010. Foreclosure sales dropped drastically to a mere 31% of the market verses 61% just 12 months ago. Those of you that have been receiving my market updates for years know that I watch the numbers and I was stunned to see this huge reduction in foreclosure sales. So what is up? Yes, the available homes for sale on the market have been dropping and of course the foreclosure listings appear to be dropping as well. Are we in the depths of the “Shadow Inventory” we hear about in the news. Are the bankers holding back the reins of the foreclosures so tightly that it has caused a 23 % reduction in foreclosure sales from last month? If this is true then I also believe that the lack of inventory is directly related the fewer overall home sales during November.
If the banks are the boogie man in this epic novel of the great recession, how about adding a pot of gold? Everyone on both sides of the river is practicing reserved excitement. How about the 14 mile, 4,000 acre sun powered generating plant and solar photovoltaic panel making factory. Add 10 billion dollars and 4,000 jobs and yes, our fingers are crossed for the December 20th meeting. Wow, what a shot in the arm for our local area. I will keep you posted on the outcome. Click here to read the most recent article about the American subsidiary of the world-wide ENN group, headquartered in Langfang, China. The story is just about as extreme and unbelievable as the economy and yes, it is in the works.
We have completed our move to our new location at 3706 Highway 95 on the east side of the highway across from Woody’s Chevron Gas Station near the Target/Kohl’s shopping center.
Merry Christmas to you and your families! And remember, Team Fahey even sells homes during the holidays too. So give us a call, as we are ready to help you with your move.