Industry Update: From Worst to BestPosted 09/21/2016
The Valley of the Sun is shining once again and it has nothing to do with the weather. According to a new ranking from BankRate.com, a leading consumer financial service company, Phoenix’s housing market went from one of the worst to one of the best in just under ten years.
The 2016 report listed Phoenix just behind Portland, Oregon, at number two overall – up from its lowest point back in 2007, when Phoenix was commonly referred to as “ground zero” for the nation’s housing collapse.
So, what has changed? A lot, in fact. Bankrate compared U.S. states using several concrete indicators, including property tax costs, appreciation and foreclosure rates.
The site not only found Phoenix’s home values had a higher-than-average increase, but the state’s property taxes were among the lowest. Additionally, Phoenix’s foreclosure rate hovered toward the bottom of the list, dropping to its lowest since pre-recession levels in 2006, before Phoenix became the poster-child for “boomtowns gone bust.”
Other indicators that helped Phoenix rise up the ranks include affordability, energy prices and cost of insurance.
Of course, we don’t need a national ranking system to know Phoenix is a great place to live. We’ve had our roots planted here for more than 25 years and continue to build beautiful single-family homes throughout the premier regions of metro Phoenix and greater Tucson. With 16 Maracay Homes communities and more than 9,000 homes built, it’s safe to say that Phoenix tops our list of best places for homeowners.
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