1 yr. home price change
: +16.6% Median home price
: $248,229 Unemployment rate
: 8.3% (18th highest)
The Arizona real estate market was damaged as badly as any other when the home market collapsed, perhaps with the exception of Nevada. And the pain is not near the end yet, despite ranking first in home price improvement from July 2011 to July 2012. Arizona home prices fell 49.9% from the first quarter 2007 to the first quarter 2012. The state continues to have the second-highest foreclosure rate in the country, according to RealtyTrac, with one in every 346 housing units with a foreclosure filing in July. That troubling trend may be why Arizona’s housing market recovery is expected to be extremely weak, over the shorter and longer term. Home prices are expected to rise only 1.4% from the first quarter of 2013 to the first quarter of 2014, which puts Arizona 48th among all states. Over the period from the first quarter of this year to the first quarter of 2017, the improvement is expected to be 2.5% per annum — 39th among all states.
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