New stats indicate Arizona’s housing market may have hit bottom
It may be just a statistical blip. But there are indications that the state's housing market may finally have hit bottom. On the surface, the new figures Tuesday from the Federal Housing Finance Agency are not good, showing the value of the average home in the state slid another 1.5 percent in the last quarter. That brings the year-over-year decrease to 12 percent. That means a home valued at $200,000 just a year ago is now worth $24,000 less. Only Nevada fared worse on an annual basis, with a 12.3 percent decline. The same trend is playing out even longer term: The typical Arizona home is now valued at just half of what it was five years earlier. But there are some bright spots in the numbers. Continue reading →
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