Categorized | Residential

Home of Housing Collapse Starting to Boom

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Phoenix, Arizona was once considered one of the primary areas to experience the greatest impact of the housing collapse in the United States. However, since being absolutely decimated by the housing crash, the city has started to regain its strength.

 

Home prices in Phoenix are on the rise, and many residents and economists are hopeful that the market has turned around for the better. Prices are up roughly four percent in comparison to last year. Foreclosures in the city are down by more than fifty percent in the last year, and home sales have jumped by eight percent.

 

While sellers couldn’t even give away their homes for some time, the market is now in such good shape that buyers have to act rather quickly to secure a newly listed property on the market. With supply having decreased by forty-two percent since the crash destroyed the city, the market has switched to truly favor sellers. The limited supply is a terrific example of how much has changed in Phoenix. After all, just a few years ago, the city was plagued by an oversupply of homes.

 

The housing market in Phoenix once saw more than ten percent of its homes go into foreclosure. However, there are now reports of houses in the city being sold in less than twenty-four hours of being listed. Many believe that such a trend indicates a complete one-eighty taken by the market.

 

The city was once a home for excellent housing bargains. That has all changed in recent months, as the market is now performing stronger than it has in years.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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