November 12, 2019, WALTHAM, Mass. —
The November Home Value Forecast takes us to the two most populous cities in Arizona – Phoenix and Tuscon – where homes have been on a steady rebound since 2012.
From 2008 to 2012, Phoenix homes lost 55% of their value and nearly 60% of home sales were Real Estate Owned (REO) sales. Today, REO sales only account for 5% of the total volume and home prices are seeing all-time highs.
“The Arizona housing markets are finally surpassing 2008 levels,” said Tom O’Grady, CEO of Pro Teck Valuation Intelligence. “The healthy market is being driven by supply and demand fundamentals. This, combined with promising employment rates and affordable single-family homes, suggests this positive upswing will be a consistent trend for months to come.”
Click here to read the entire report, including data and graphs that further highlight market trends discussed in this release.
About Home Value Forecast
Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Intelligence. HVF provides insight into the current and future state of the U.S. housing market and delivers 14 market snapshot graphs from the top 30 CBSAs.
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