The Associated Press reported today that the pain Arizonans have felt from the foreclosure crisis is being relieved. That is great news because Arizona real estate investors were some of the hardest hit in this national crisis. Two of the other states also hit the hardest, California and Florida, are also experiencing some relief.
This comes on the heels of other good news which we have recently seen in local markets. An Arizona State University study released last month indicated that in general the valley real estate market may have bottomed out back in May. It has also been shown that prices in outlaying communities are even on the rise. All you have to do is take a look at the Queen Creek real estate stats from the second quarter of this year to see that this really is happening.
Of course we are not out of the woods yet. The housing market meltdown did not happen all at once. The bubble never actually “burst” as some would suggest. Instead it was a slow and steady leak. Things did not suddenly turn bad overnight. And things are not going to turn good overnight either. It is going to take time to recover from what some economists have described as a “market check.” At least we seem to be going in the right direction now though.
