Phoenix, AZ (PRWEB) November 27, 2012
Identifying data contained in the Phoenix Business Journal online, Desert Property Investor noted that Phoenix median home prices were up 27 percent from the previous year, with prices expected to rise yet again before January 2013. This trend should speak to real estate investors who are also encouraged by the fact that between July and September, the overall supply of homes was up in the area, while the number of foreclosures was down 30 percent from the year before. Such statistics, combined with a decline in the sale of distressed properties, are positive indicators for potential home buyers of Arizona vacation rental homes, and a boon to Phoenix property management companies.
All signs point to a housing recovery in the Phoenix area, with the months of July through September 2012 showing a sharp rise in median home values, an increase in overall inventory, combined with a significant drop in foreclosures and sales of distressed properties.
Distressed properties are homes that have gone into foreclosure, or are subject to "short sale" (at a loss) to avoid the foreclosure process.
Although the month of September showed a "leveling off" of home prices in the Phoenix area, Desert Property Investor, encouraged by overall trends (such as a 30 percent drop in foreclosure rates) announced that Phoenix's housing market is in a process of recovery which is good news for those interested in Phoenix vacation house rentals.
About Desert Property Investor:
Desert Property Investor evaluates opportunities, pitfalls, services, and legislation related to the investment in residential property in the California, Arizona and Nevada deserts.