According to CNNMoney, the Fiserv group estimates that the U.S. may be caught up to peak home price levels by 2023, but for Arizona it will be much longer. Arizona, California and Nevada are specifically mentioned as the last states to recover. Arizona is estimated to have a 2.7 percent price growth rate over the next five years, putting its recovery to peak prices at about 2038. Read more...
According to data research firm Core Logic, homeowner's who owe more on their homes than they're worth may be sitting tight until equity levels rise in their homes. This in turn may be tightening the housing supply in a market which already seems to be suffering from limited inventory.
Homes are getting bigger. Does that mean the housing market is getting stronger? Newly released data from the U.S. Census Bureau shows homes are growing in size. In fact we may see a high water mark in 2012. According to this article, homes are typically built smaller in times of economic downturn and larger during times of prosperity.
The latest data from the Bureau of Labor Statistics shows Arizona enjoyed the 3rd highest spike in construction job growth in May, trailing only Texas and California.
A recent report by the U.S. Department of Commerce states a decline in housing starts due to the slowdown in the apartment and multi-family sector. However there was an increase in permits, which is an indicator of future starts, and also single family housing starts currently underway.
A recent report from a Phoenix area title company shows the Phoenix housing market continues to pick up steam. The report released by Grand Canyon Title Agency, Inc. also shows a sharp decline in the number of foreclosures.
The Arizona Housing Department awarded $20 million in tax credits to 18 projects last week and has worked out deals for the projects to be completed in almost half the time. These credits are expected to save each developer approximately $1 million on new Arizona projects and encourage additional housing development over the next decade. Read more...
Between March 2011 and March 2012, U.S. homes sold to foreign buyers rose 24 percent, with 51 percent of the purchases by foreigners occurring in Arizona, California, Florida and Texas. Read more...
According to Michael Orr, real estate expert at A.S.U.'s W.C. Carey School of Business, the Phoenix housing market is continuing to recover. He also says that traditional homes sales are on the increase.
Zillow says the housing market has hit bottom in more than half the metro areas on its tracking list, but believes there's still a way to go for areas that continue to decline.