The Climate in Arizona is Perfect for Foreclosure Home Investments
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Arizona’s economy is looking up while the housing sector is finding it hard to recover. This summer, the economy has gone up with increased tourism dollars. Arizona foreclosures have not slowed because the unemployment rate is around 9%, causing many families to find themselves on the edge.
Over 23,000 new layoffs in the month of July have put pressure on the Arizona government to create new jobs for its population. Arizona wages are almost 5% lower than in the rest of the United States, making the state uncomfortable for wage earners.
In Phoenix this month, foreclosed home prices have risen 4.31%. Phoenix is one of the few cities in the state that has seen an increase in the average price for foreclosed homes. In the nation, most home prices have continued to fall with some states seeing an average price drop of 20% or more.
Phoenix foreclosures are priced all over the board and range from $60,000 to well over half a million dollars for a single family home. The increased pricing on foreclosed homes is thought to be due to an influx of buyers looking for a home in the Phoenix area. Phoenix, Arizona offers a wider selection of career opportunities for home buyers than most other cities in the state, making it the ideal city in which to seek a new beginning.
The price of Tucson foreclosures has decreased by over 20% between July and August. The city of Mesa had a 33.12% decrease in foreclosed home prices, making Mesa one of the best places to purchase a foreclosed home.
Prices in Glendale and Scottsdale are now in the range of 32-33% of the original housing prices. Foreclosed home prices are predicted to continue this downward trend for at least several months. Single-family homes in the Glendale and Scottsdale area have prices that average between $110,000 and $270,000.
In the last month, Arizona news stated that their state had the lowest gas prices in the entire nation. The average price per gallon for regular gas ranged from $3.43 to $3.45 per gallon. This is below the national average of $3.58 per gallon. The lowered gas prices have encouraged vacationers to travel within the state and spend money locally. This is a boost for those looking to purchase Arizona foreclosures. Also, in the news this month, is Arizona’s lawsuit against the Obama Administration over the Federal Voting Act. Arizona’s lawsuit claimed that provisions of the Federal Voting Act were unconstitutional, especially those provisions requiring a state to receive federal approval prior to changing election laws.
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