Arizona Real Estate Statistics Indicate Market Has Not Yet Hit Bottom
Most people understand that one of the most critical variables in regards to Arizona's struggling economy involves the flagging real estate market. For more than two years now, Arizona homeowners have come under increasing stress as the value of their homes has dropped, foreclosures have skyrocketed and people find their mortgage payments adjusting to the point where they are no longer affordable for many reasons. As is the case with any market downturn, people have been waiting for the bottom to be reached so that the market can begin to rebound. Unfortunately, based on statistics published by the Arizona Regional Multiple Listing Service, or MLS, Arizona residents may have to wait a bit longer for the market to begin to come back.
The MLS publishes what's known as a Pending Price Index, which basically forecasts the prices of homes as they will be sold over the next four months. The latest index indicates that more trouble is ahead. For example:
- The current median home price sits at approximately $120,000, but that number is expected to drop as low as $105,000 in February.
- Home sales in October of 2010 dropped at a level of 19 percent when compared to October of 2009.
- Almost two-thirds of all Arizona home sales concerned properties that were in distress in October.
- There were more than 41,000 pending foreclosures in Arizona in October.
Arizona Bankruptcy Lawyers
When this news is coupled with the struggling jobs market, many people find themselves with seemingly no way out from under mounting financial stress. While this type of stress may seem permanent, the fact of the matter is that there is a way out for nearly every financial situation. Some of these solutions may involve filing for bankruptcy protection, while others may not. Plotting a course to financial recovery and the recapturing of peace of mind all starts with an intensive analysis of a person's overall financial picture.
If you find yourself suffering in this manner, it's time to take that all-important first step towards your own recovery. Seek the help of Arizona bankruptcy lawyers who have helped countless people get back on their feet and move forward with restored happiness.
The Phillips Law Group recommends the experienced bankruptcy attorneys atMontano Arentz & Associates, PLLC for all of your bankruptcy needs. Call today to schedule a free initial consultation!