Boom, Bust, and Beyond: A Look at Housing Market Data in Arizona
PHOENIX – The American Action Forum released today a study examining the current state of the housing market in Arizona and an analysis of the policies that have influenced recovery there. The paper, “Boom, Bust, and Beyond: A Look at Housing Market Data in Arizona” was released in conjunction with today’s event, the U.S. Housing Recovery: Lessons from Arizona, featuring Senator John McCain and top housing and economic experts across the political spectrum.
As the paper points out, “The case of Arizona is unique among regions hard hit by the housing crisis as house prices statewide have already seen some measure of stabilization and improvement, rising 6.6 percent since January. From the peak of the market in April 2006 to the trough in September 2011, prices statewide fell 52.6 percent. While the market is still far from where it was, Arizona, particularly metro Phoenix, has demonstrated the benefits of clearing the inventory of distressed properties, i.e. foreclosed homes, quickly and growing jobs and wages.”
Read the complete paper here.