Phoenix Real Estate is HOT

Dated: 01/19/2013

Views: 1464

The Health of Real Estate Continues to Increase as We Enter 2013
In the world of real estate, the state of things in regards to residential shadow inventory is considered to be a good indicator of how the market at large is doing. Naturally, things have been more than a little bleak considering the state of the economy in recent years.
However, it seems as if things are definitely on the up and up as we say good-bye to 2012 and enter the new year of 2013. American shadow inventory units dropped all the way down to 2.3 million units (nationally) in October of 2012, according to CoreLogic. This statistic represents more than 85 percent of the estimated 2.7 million homes and properties recently classified as being in delinquency or in the process of foreclosure.
Although the overall rate of delinquency definitely declined, some areas stood out more than others. The areas that showed the ( highest rate of decline include Arizona (at 13.3 percent) and California (at almost 9.7 percent). Other areas that showed a stellar improvement in this arena include Florida, Wyoming, Colorado, and Michigan. These numbers and others like them represent an amazing decrease in shadow inventory, both in terms of the actual units involved and the actual dollar values attached to them.
Many markets previously considered incredibly strong when it comes to real estate are also seeing resurgence in viability at this time. These include Phoenix, Arizona. In fact, the Phoenix real estate market is quickly recapturing its place as the top real estate market around with the most promising forward-looking forecasts.
Values attached to affect Phoenix properties are expected to either remain constant or continue to rise in the months ahead. Phoenix is currently holding strong at an amazing 10.5 percent, securing it a firm place in the running list of the top five strongest real estate markets in the United States.
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Richard Ashby

Ric Ashby is the Designated Broker and founder of Ashby Realty Group, LLC. Prior to forming the Ashby Realty Group, Ric was the top sales person for the third largest Real Estate company in Arizona (....

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