Phoenix; one of top 10 turn around markets!
After five years of a brutal post-bubble price correction, Phoenix is rising from the dead.
have jobs," said Tanya Marchiol of Team Investments, a local real
estate investing firm. "Not a lot of big markets like us that went
through the bubble have so many jobs."
The unemployment rate in
the metro area fell to 7.7% in November, a 1.1 percentage point
improvement from 2010 and better than the national rate of 8.2%.
sales have been picking up, thanks to rock-bottom foreclosure bargains.
During the fourth quarter, homes sold 27% faster than they did during
the same period in 2010, according to Realtor.com.
four-bedroom, two-bath house in good condition is currently listed for
under $80,000, a significant discount from the $200,000 or so it would
have fetched during the 2006 peak, said Marchiol.
sales volume and home prices solidifying, Phoenix buyers are not likely
to become overnight real estate millionaires. Over the next five years,
forecasting firm Fiserv expects local prices to rise at a steady but
paltry 2.4% annual average rate.
Article from CNN Money January 31st 2012