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SOURCE: Desert Property Investor
Desert Property Investor today announced cautious optimism for the outlook of the Arizona housing market, heading into 2013
Phoenix, AZ (PRWEB) December 30, 2012
Following a news story that appeared in the AZ Daily Sun, Desert Property Investor concurred with reports characterizing Arizona's current housing market rebound as both "coiled spring" and "mixed bag." Desert Property Investor reached its conclusion after examining comments by economist Michael Orr of the ASU Carey School of Business, in the wake of reports showing a 20% rise in Arizona home prices in 2012 -- positive news for individuals buying investment property in the Phoenix area : "With prices so low previously," Orr said "it's reasonable to expect a sharp bounce back..."
Desert Property Investor further surmised that the rebound in Arizona home prices is being largely driven by investors purchasing vacation rentals Phoenix -- as second properties, while other parts of the state such as Yuma, Coconino and Pima counties do not currently participate in the prosperity. Desert Property Investor pointed to the role of refinancing in the disparity, with "low ball" appraisals the norm in still-distressed geographic territories. DPI was particularly swayed by a statistic in the AZ Daily Sun story, showing that Arizona property values--sales plus refinancing-- are about what they were in 2003, and Arizona homes overall are currently selling for about a third less than they were five years ago.
Desert Property concluded from reports appearing in the AZ Daily Sun Dot Com that while a current bright spot for Arizona continues to be Phoenix, the entire state -- vis a vis the housing market -- still has not fully shared in the recovery. With the "fiscal cliff" still looming, the 2013 outlook for Arizona's housing market should remain cautiously optimistic.
About Desert Property Investor:
Desert Property Investor examines the pitfalls, current services and ongoing legislation relative to residential real estate prices and opportunities in the California, Arizona and Nevada deserts.
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