MARKET & TRENDS
Spotlight: Phoenix Market
BASKING IN THE DESERT SUN ONCE AGAIN.
by Joel Cone
emnants of the arctic chill that laid waste to the Phoenix
ty’s W.P. Carey School of Business. Reporting 8,075 properties with foreclosure filings for all of 2018, ATTOM Data Solutions noted that the Phoenix metro area was down nearly 94 percent from the peak of its foreclosure crisis back in 2009. “Because we have non-judicial foreclosures here in Arizona, we re- covered pretty quickly. This recession occurred with an abundance of capital in the marketplace,” said Stapp. “Ev- eryone needs to live somewhere, so that housing was bought up quickly, which helped us recover very quickly.”
Because we have non-judicial foreclosures here in Arizona, we recovered pretty quickly. This recession occurred with an abundance of capital in the marketplace.
real estate market at the height of the national foreclosure crisis have all but melted away. As of year-end 2018, the presence of foreclosures and other distressed real estate have diminished significantly, leav- ing behind faint memories of the Great Recession and the impact it had on the Valley of the Sun. “We were a poster child for the housing market collapse,” noted Mark Stapp, Director of Real Estate Programs at Arizona State Universi-
106 | think realty magazine :: may / june 2019
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