The Economy, Housing and Our Arizona Future

The Economy, Housing, and Our Arizona Future

We hear a lot of negative news. TV, Radio, the newspaper – and sensationalism sells. I don’t know about you, but I’m hungry for good news, and when I get some, I want to spread it like “twittered” gossip.

Besides positive indicators from many professionals at Long Realty, including Rosey Koberlein and Jerome King, Marshall J. Vest, the Director of the Economic and Business Research Center at University of Arizona recently shared truly uplifting news for not just Tucson, but all of Arizona.

Good news indicators include an improvement in personal income, wages, and unemployment is down. Bankruptcies and residential foreclosures are declining (36% lower than 1 year ago). Recovery is underway, but the pace is expected to remain slow.

Strong interest by investors has kept the demand high for residential properties, however. A large portion of Arizona sales are “distressed” which keeps pressure on lower pricing.

Momentum will be slow, but the AZ economy is “no longer bouncing along the bottom”, says Marshall J. Vest. The ball is rolling and the real estate market will pick up speed.

Modest news – yes.

But, GOOD news?? A resounding yes.