El Mirage Ariz. -- Multiple bids are coming in on some Phoenix area homes and realtors say it may be an early sign the housing market is improving in the Valley.

The homes are mainly bank owned repossessions that are selling for substantially less than what they originally cost and well below market value for the neighborhoods they're in.

One home recently had 14 bids before finally selling for $10,000 over the bank's asking price.

Realtors say a combination of low housing prices, low mortgage rates and government incentives are driving the new surge in homebuying.