Market Conditions

With all the new incentives to become a home owner, the housing market has been on the rise showing signs of stability. Recently, foreclosures have fallen back to the pre-housing bust levels. In February, 303 houses were foreclosed on, which was the lowest monthly level since Dec. 2006 with 211 foreclosures. By early 2007 the prices of homes began to fall and in December of 2009, the foreclosures were at an all time high of 5,000 a month in the Phoenix metro area.
Now, some are worried that this could potentially lead the housing bubble to pop, but according to a professional analyst from ASU it is unlikely to happen. Giant institutional investors have purchased a large number of homes that were turned into rentals in the Phoenix area around 2011. The worry is what would happen if they decided to unload these properties all at once? That could cause a flood in the market but with a very low vacancy rate on rentals, the investors have no reason to sell because they aren’t losing any money. Overall the housing market seems to be looking up, and with the increasing amount of jobs, especially in the tech field, will only cause the market to get better and better.

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