Recent Arizona real estate reports show that an astounding 43% of all homes sold in January were foreclosure sales. As the state of Arizona is in the midst of fighting the government over the legality of a controversial immigration bill, lawmakers are trying to find a way to deal with delinquent mortgages and homeless residents. January Arizona real estate statistics also show that more than 3,600 homes that were foreclosed on in the months proceeding were sold in the beginning of 2011.
New residents of Arizona have few new construction homes or even privately sold homes to choose from. Real estate experts have not been able to predict whether or not these real estate trends will continue in the future. As new home construction companies continue to struggle to sell units and unemployment grips the state, it is unlikely that the number of foreclosures will decrease. Banks and other lending institutions are forced to take repeated hits as foreclosed homes are normally sold for less than market price.
While the rest of the country is seeing less foreclosures, large metropolitan areas with minimal job growth will likely progress at a slower rate. Arizona legislatures have asked the federal government to initiate more mortgage assistance programs aimed at helping homeowners that have fallen on hard times. Arizona may also see an increased number of real estate investors as banks are looking to get rid of their backlog of foreclosed homes. In the future, the real estate sector may help the state of Arizona to recover financially.
