Arizona Leading the Country in Housing Recovery

Arizona was one of the hardest hit by the housing bubble bursting between 2006 and 2008. In 2008 there were tens of thousands of foreclosed homes causing an excess of supply which drove prices down dramatically.

The reasons for the volatility of Arizona’s home pricing can be found in our real estate laws. In Arizona we use Deeds of Trust instead of mortgages. This means that more than 99% of foreclosures are non-judicial, completed by a trustee without having to go to court. Arizona trustees are very efficient and therefore we have some of the shortest times in the nation between a Notice of Trustee Sale and a completed foreclosure.

Since 2009, lenders have sought to avoid the foreclosure process by allowing borrowers to short sell their property for less than the outstanding debt. Our short sale success rate is again amongst the highest in the country mostly due to the fact these transactions are being handled by Realtors vs. many other states required to use Lawyers.

The large drop in delinquency and elimination of troubled loans has meant that our market here has been able to recover it’s stability more quickly.

The housing supply is now well below normal and demand is strong due to low interest rates and low pricing. Luxury homes are showing modest price gains and recovery strength. The market bottom is behind us!

Contact a trusted Arizona Real Estate Professional today for all of your home buying and selling needs. Contact Randi Christel.

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