ARMLS - Release 1st Quarter 2008 - Economic Outlook Report
Note that this information is outdated.
The Arizona Multiple Listing Service has release there 1st quarter 2008 housing market report. Sales activity has picked up in the most affordable areas as foreclosure activity dominates the fringe markets. The East Valley continues to see sluggish sales. Most areas of the valley have seen significant year over year price decreases. Maricopa and Queen Creek located in Pinal County are both seeing dramatic increases in sales activity. Maricopa is at record levels with Queen Creek looking to break record sales this month as well. Much of the activity can be attributed to the foreclosure market. Foreclosure sales are dominating these areas. Inventory is steadily decreasing in these areas suggesting the worst of the foreclosure crisis is over. New lending guidlines have also helped the best priced areas. With the prevailing incomes in the area they are affordable and many can qualify for the purchase price.
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