News Article From: 12-07-2012
Arizona could hit full economic recovery in 3 years
We're finally on the path to full economic recovery, and Arizona may get there in about three years. That's the main message from experts who spoke Dec. 5 at the 49th Annual Economic Forecast Luncheon co-sponsored by ASU's W. P. Carey School of Business and JPMorgan Chase. New residential foreclosure notices are down almost 70% from the peak in 2008, said Elliott D. Pollack. Phoenix-area home prices are up more than 35% over last year. New-home sales are also doing well, with 67% of the local subdivisions active today projected to be sold out in less than a year. Builders are going to have to work to meet the demand, with less land and labor available. Pollack sees a strong rental presence, with about 22% of local single-family homes being used as rentals right now. That's up from less than 12% just a decade ago. Landlords appear to be buying up many single-family homes, and more people are moving to the area.
Read article - ASU News
Short Sales Surge Before Potential Tax Hike
Real estate professionals are rushing to get short sales completed before the end of the year. That's when a tax break expires that could leave borrowers responsible for paying any unpaid mortgage debt. Short sales from borrowers behind on their payments jumped 22% over last year for the three months ending Sept. 30, RealtyTrac reports. Short sales also jumped 17% among borrowers who were still current on their payments. On Dec. 31, the Mortgage Debt Forgiveness Act is set to expire, and the number of short sales before that date is expected to jump much higher.
Read article - Realtor Magazine