Arizona has been one of the fastest growing states for some time now.  But less than 20% is privately owned.  The rest belongs to the Native American reservations, the federal government or the State of Arizona.  Residential property on the reservations is only available to native americans.  The rest must be used for agriculture or commercial.  Arizona has more national parks, monuments, etc. than any other state.  This leaves a limited amount of land for private use and investment.  This is an excellant time to invest in Arizona.  The builders have not been buying, because they cannot sell their homes, so their lots are for sale too.  There is a lot to choose from at very good prices.  Instead of putting your money back in the stock market, invest in Arizona.