Phoenix Area Home Sales Drop By 24% in October
When an economy tanks, it eventually leads to a massive reaction by consumers that will affect almost any statistics. Clearly, one of the largest investments someone can make is the purchase of a home. Based on a complete lack of consumer confidence, a flagging employment market and other negative factors, the statistics for Phoenix area home sales dropped precipitously in October, and experts expect this trend to continue until the general public begins to feel some form of reassurance that the economy is turning around.
According to available statistics, the number of homes sold in Maricopa County dropped by a factor of 24 percent in October when compared to October of 2009. Specifically, 4,695 Maricopa County homes changed hands during the last month, compared to a total of 6,140 in October of 2009. In addition, approximately 3,400 foreclosures were recorded in the county during October. All of this leads to the obvious conclusion that the real estate market is still suffering and that potential buyers are wary of getting involved with this type of obligation.
There could be other factors that are contributing to this trend, including the expiration of the federal tax benefit for buying a home for the first time as well as all of the news that's swirling about the rapid rate of foreclosures and potential mistakes or corners that are being cut in regards to this process. In addition, the unemployment rate in Maricopa County remains high, lending remains extremely tight and home values are hovering among their lowest median rates in several years.
Arizona Bankruptcy Lawyers
Of course, perhaps the most foundational aspect of this lack of home-buying activity is that people in the area are struggling. Many people find themselves in what seem like untenable financial situations, and if this includes you, it's time to take the first step towards a personal financial recovery. This starts by contacting experienced Arizona bankruptcy lawyerslike those at Montano Arentz & Associates, PLLC.Call today to schedule a free initial consultation!