Phoenix Home Foreclosure info
Having been absent from this blog for a while, I decided to re-activate it. This is the first post, I hope to make many more in the future.
In today's Arizona Republic, Catherine Reagor's column reported that while foreclosures and mortgage delinquencies have increased in the Phoenix market this past year, but Arizona still ranks low overall in the nation on this metric. In fact, Arizona in the bottom 10 in the U.S.
Reagor gives the large appreciation in the 2004-2005 period a great deal of credit in keeping the Arizona foreclosure rate as low as it is. She states the equity has allowed some homeowners to either sell even or with extra equity, or refinance out of costly loans into better long term solutions.
I hope continued growth will also help. Maricopa county still has 300+ peoople moving here a day! These folks are not going to live under a rock in the desert. They will require homes. While the resale and new market has a great deal of inventory, apartment rentals are at 98% occupancy and rents are higher. While we see new apartment buildings going up, they are still 10 months to a year from occupancy. Additionally, the units being built will not house all of the new residents coming here.
Jim Little, your Sun City Realtor
In today's Arizona Republic, Catherine Reagor's column reported that while foreclosures and mortgage delinquencies have increased in the Phoenix market this past year, but Arizona still ranks low overall in the nation on this metric. In fact, Arizona in the bottom 10 in the U.S.
Reagor gives the large appreciation in the 2004-2005 period a great deal of credit in keeping the Arizona foreclosure rate as low as it is. She states the equity has allowed some homeowners to either sell even or with extra equity, or refinance out of costly loans into better long term solutions.
I hope continued growth will also help. Maricopa county still has 300+ peoople moving here a day! These folks are not going to live under a rock in the desert. They will require homes. While the resale and new market has a great deal of inventory, apartment rentals are at 98% occupancy and rents are higher. While we see new apartment buildings going up, they are still 10 months to a year from occupancy. Additionally, the units being built will not house all of the new residents coming here.
Jim Little, your Sun City Realtor
Labels: arizona, az, homes for sale, phoenix, sun city, sun city west
posted by jim the jotter at 9:37 AM
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