Some warn that a potential flood of new bank-owned properties could drive down prices further.
"Good salespeople are optimistic, generally, and since I'm a good salesperson I'm optimistic we've hit bottom," said real estate agent Rob Call. "But when I look at these numbers there's a lot of uncertainty. . . . I think we're going to scrape bottom for the next two to three years before we see any significant appreciation."
Nonetheless, real estate veterans say they are encouraged that prices, rather than speculation, are pulling buyers into the market.
That's what got Brandon Bumford and his fiancee, Kristin Phipps, looking for their first home. The rent on their two-bedroom apartment, $1,050, is more than the mortgage they would pay on a median-priced house in Phoenix.
"Why waste money putting it in someone else's pocket when you can put it into your home?" said Bumford, 23, who works in document control for Charles Schwab.
But for weeks, every house they looked at was sold before they could put in a bid. "Like all of our friends, we thought there are a million houses for sale, there must be one we can get," said Phipps, 20.
Last week, they found a place that hadn't been spoken for -- a four-bedroom home in the exurb of Buckeye. Built in 2004, the house was originally purchased for $133,000, refinanced at $180,000 and then unsuccessfully put on the market in 2007 for $292,000.
The couple's offer was accepted and they expect to close at the end of the month -- for $110,000.
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nicholas.riccardi@latimes.com
