Is the Bubble Leaking?

I'm seeing a trend. Until I see more evidence... well...

I can't call it a definite movement but....

the local Phoenix market shows signs of a market uptick.

Here's a few observations:

• Homes in several east valley cities appreciated
• Homes in some neighborhoods are selling quicker
• Certain home builders sales are improving

These movements are singular. The east valley cities are:

• Tempe
• Mesa
• Scottsdale

In Mesa for instance the average home sold at a price $10k higher (Jan 2007 to Jan 2008).

Other cities saw depreciation. So- this indication could be spurious.

In Tempe, an area that I farm has homes closing quicker and at higher than last quarter prices.

Is this a trend? Or is it that we're heading into season?

My phone is ringing more. My clients seem to have more urgency.

Two days ago several home builders saw their stock prices increase... this on news that housing starts increased last quarter.

Although it's too soon to say that the housing bubble is bursting, I'm beginning to see signs that there may be a leak.

Let me know what's happening in your area.