Arizona HousingDespite some of the economic hard times, Arizona housing is still active. People still migrate to Arizona from other states as they have always done despite a 2007 report that came out which indicated a decline of 34 percent. Nevertheless, the AZ housing market is still active. I know that this may be difficult to believe with all the talk of just how bad the nation’s economy is. When I read this, I had a real hard time believing this. However, I was very glad to see something positive that related to the AZ housing market. The Census report indicates Arizona ranked second among the fastest growing states in the nation last year. According to the United States Census Bureau figures reported by the Western Blue Chip Economic forecast, there were more than 90,000 residents who moved from other states to the state of Arizona in 2007. You may wonder just how this positive news can even be somewhat true with all the news surrounding foreclosures and the infamous housing slump. I wondered myself and did some research. I learned that some of the major factors that dictate the Arizona housing market include such things as the availability of cheap land and certainly the tax breaks that work in favor of Arizona businesses. In addition, here in Arizona, many would agree that there are loose building codes. A combination of these items along with the plummeting of home sales prices has made it very attractive to prospective home buyers who are actively looking at the Arizona housing market. If you are already a homeowner and are looking for a home to buy in Arizona, this is good news, unless of course, you owe more than what your house is now worth. This is, unfortunately the case for many Arizona homeowners as well as other homeowners across the United States who understand too well just what I am talking about. I have heard from some people that they know of homeowners who are just dumping their current house because of this and buying another house prior to the previous home going into the “F” word, known as foreclosure. Not a real advisable solution, especially if you care about your credit. But for many of these individuals, there really is no other solution for them. This strategy certainly does not help the AZ housing market or any other market within the nation. I know there are many homeowners who were placed in sub-prime loans who were misled by unethical mortgage professionals, which is really sad. I think it gave the mortgage profession a real sore eye and a bad reputation, despite the fact that there are many ethical mortgage professionals who practice only sound ethics. The good news is that there are always solutions to housing issues.
If you would like to see a helpful resource with Arizona housing, including a helpline if you or someone you know is facing foreclosure, see the Arizona Department of Housing.
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