Arizona’s Failing Housing Market


Arizona ranks #3 for most homes in foreclosureArizona Ranked #3 for Foreclosures

Most Arizona homeowners who haven’t foreclosed already are upside-down in their mortgages. That is, they owe more on the home than it’s worth. Arizona took a huge hit in the recession and it will take a long time to recover.

  • 2012 foreclosure rate: 2.69%
  • November, 2012 unemployment: 7.8% (17th highest)
  • Home price change (2007Q2-2012Q2): -45.1% (2nd largest decline)
  • Processing period: 90+ days

Over the 12 months ending in the second quarter of 2012, home prices in Arizona rose by 12.7% — by far the largest increase in the U.S. during that time. Additionally, foreclosure activity in the state fell by 32.9% — one of the largest decreases in the nation. Despite these improvements, home prices in mid-2012 remained 45.1% lower than they were five years before, the second-largest drop in the nation during that time, while the state’s foreclosure rate remained among the nation’s highest.

Source

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4 thoughts on “Arizona’s Failing Housing Market

  1. marysparacinobortel says:

    We lay awake at night trying to figure out how to get out of our upside down house (without going to jail!) We’ve always paid our mortgage, have never been late; why do we pay the price for a problem that we didn’t create! ?? LOL… go figure!
    Are we the only ones who want out? I don’t think so! The one’s who ‘think’ they like it here, wait until they get the sting of their very first (but never last) scorpion! Or wait until they get valley fever, stuck on the side of I-10 during a HAAAABOOOOOB!! Oh well, if you can’t live where you love, then love where you live! Huh? Did I just say that? Well, the bottom line is life is too short to be unhappy, so make the best of it, now matter where you are! I think of the people in Syria living in caves right now… and feel a little better! Take care my fellow blogger!

    • Nathan Hale says:

      first moved here 2004 , employer flew me out, put me up, fed me, felt obligated; at least a year I said. In 2005 a black woman I worked with said ‘better watch out cause they trap you here’ NFW I thought. Bought a 1924 Bungholow downtown in 2006 for a whopping 245K and Im trapped here for life. Now the state’s commin after me for sticking up for some good-for-nothin lazy fat disabled folks. Livin the dream,. AZ style.

  2. Cammy says:

    wow I’m from New York, and always thought of Arizona as the ideal place to be without the winter freeze, but after reading your blog, I’m beginning to wonder if leaving winter NY would it be a wise disccion. I wonder.!

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