Since this website is focused on the housing market in Phoenix, we'll stay focused on what fed rate cuts means to us here in Phoenix. In short...it doesn't have any immediate impact on the market - houses aren't going to start flying off the shelves...so if you have your home up for sale, don't expect a slew of offers just yet :-).

Rate cuts are anticipated by lenders and therefore interest rates are normally adjusted prior to this...what does matter are the comments made by the fed that may or may not indicate further cuts - which may have an impact on rates (lower or higher). 

We will be posting our October report in the coming week. It will be interesting how we did compared to September 07 - which was not good.

September recorded aproximately 3200 sales for Phoenix Metro - we haven't seen this low of a sales velocity since January 2000. Keep in mind, the inventory of homes for sale in Phoenix is nearly 60,000 - this does not include new build inventory or the looming foreclosure market which will place a drag on prices in the coming months.