The Phoenix metropolitan area was one of the worst hit areas in the country during the housing market crash a few years ago. Looking back we can see that we hit the bottom sometime around September 2011. Since then we've seen a significant increase in home prices (23% year over year from September 2012 - September 2013). With this increase in home prices we've seen a significant drop in foreclosures. According the Arizona Republic foreclosures in the Phoenix metropolitan area have fallen from a high of 5,100 in March of 2010 to only 697 in September.
This bodes very well for those who are not in the foreclosure process as well. In addition to the drop of foreclosures we've a significant drop in short sales as well as more and more home owners are being pulled up from underwater on their mortgages.
For more information about the Phoenix real estate market please call Jerry Murphy at 602-334-3757.
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