This is good news for the Arizona real estate market.
It’s been two years since the real estate market peaked in Arizona. The market has done a lot of digesting of the large price increases but it’s still not out of the woods. The market would be vulnerable to large price decreases if a recession were to hit.
The stellar consumer confidence numbers, however, suggest that the next recession is a long way off and the Arizona real estate market will have more time to digest - the soft landing.
{ 3 comments… read them below or add one }
einzige 08.02.07 at 3:18 am
I don’t much like the way the Maricopa County Notices of Trustee’s Sales are trending, lately, though.
John L. Wake - Realtor 08.02.07 at 7:45 am
Tom Ruff, an expert on such things, thinks the foreclosures will peak this summer.
I was thinking sometime between now and next summer.
Jim Lippard 08.02.07 at 8:21 am
Between mortgage loan interest reset schedules and Maricopa County’s outrageous 2008 property tax increases, I think next year is a more likely peak for foreclosures than next month, unfortunately.