Promising Market Signals in Arizona

I am spending my last month in Phoenix and today the front page of The Arizona Republic read "Promising Signs from Valley Housing Date." Arizona, alongside California, and Las Vegas have had the worst foreclosure rates in the nation, largely due to gross overbuilding and urban sprawl in a metropolis with plenty of land to build on, but not enough jobs or permanent residents to occupy them. The result, disequilibrium, desperate developers, and sub-prime crisis bank foreclosures. Now new four bedroom homes can be bought for less than $100K. Signals in March show home sales soared to levels not seen since 2005, foreclosures fell for the first time in a year and prices showed signs of leveling off. 70-90% increases from a year ago ago and record sales in several Valley Cities, including Phoenix. I really hope this momentum continues and real estate becomes a hot topic like it was in 2004-2007 as the Olympics and global media visit Vancouver.

To read the entire story, visit the following link: http://www.azcentral.com/arizonarepublic/news/articles/2009/04/04/20090404housing0404.html