When the Phoenix metro area consisted of little more than rainless desert with dried-up aquifers from long-gone native peoples, a limited number of visionaries saw this land's potential back in the late 1800s. Currently home to more than 3.7 million residents, the Valley of the Sun has a rapidly expanding population. People are making their homes here by the thousands every month to experience the non-stop sunny weather, even unbearable heat in the summer. All the same, many elect to stay in the Phoenix area to escape harsh winters and savor the benefits the urban center offers. Although sports fans and outdoor enthusiasts find the area wonderful, another group is endeavoring to recall why they thought they were living in paradise on earth. These are the homeowners who are losing their homes to foreclosure.
Despite Challenges, the Phoenix Real Estate Market will Recover
The Greater Phoenix metro area real estate community has been reeling from a suffering housing market. All the same, if you pay attention to the statistics, thousands of homes are still being sold every month. What this means is that the market is not quite as dire as the media would have us believe. There are opportunities out there.
That does not mean that a number of families are not having difficulties in making their mortgage payments on properties that are over leveraged. Many families are losing their homes due to adjustable rate mortgages where they had little down payment. At the same time many in the lend industry are losing their jobs on account of the unstable market trends. Many people enjoyed the riches created in years past, and so the grumbling we hear from those who made a fortune may seem hollow at times. All the same, those very same people who profited greatly from the boom of the recent few years are also giving up on real estate.
This Time of Transformation Has Made Phoenix a Buyer's Market
Of course, troubles still abound in the Valley's real estate market. National lenders continue to close up shop. The mortgage industry is slowing down and letting people go. Normal families are having difficulties making their mortgage payments, especially when they owe a more than what their homes are presently worth. Foreclosures are going up. A third of the foreclosures were investors who jumped gleefully into the market just a short time ago. We have to tell ourselves to take a deep breath and ponder what all the lost employment, foreclosed homes and bolting investors could mean for those of us still here. We have to be on the lookout for the opportunities as they appear. When a market escalates with such ballooning enthusiasm, there is bound to be a point where some of the air leaks out. This is just one of those typical periods. In the near future, the market will start to move up again. Maybe not as fast or as furious, but surely the market will again move forward, though hopefully at a more steadily pace.
We can already see some of that positive movement in the traditionally strong areas of the Valley. Very shortly, an annual growth rate of five to eight percent will again come to those of us who are patient as new people continue to come to populate our county. After all, the market is not completely dead. How many other regions of the country tally up so many sales? I am glad to remain in the Phoenix market.
Read our blog, Arizona Community Guide, to learn about the different neighborhoods in the metro Phoenix area or check out Phoenix Real Estate Properties to find some great deals.
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