This month brings good news and negative for the Scottsdale and Phoenix real estate market. In January, forced sales represented 42% of all goods sold, up 30% in Q4 2010. The main question is whether this is a temporary response to the holidays or continuation of a market dominated by people excluded. By the end of 2010 ended with an unusual set of circumstances, including the foreclosure moratorium, litigation challenging the foreclosure process, and underwriting standards stricter.
Foreclosure activity as a percentage of total resale market in January 2011, varied throughout the Phoenix metropolitan area, 52% in El Mirage, Surprise 42%, 46% in Maryvale, 38% of Chandler and 29 % in Scottsdale. Another aspect of the market was the sale of seized earlier, which represented approximately 40% of traditional transactions in January (4705 sales). Because of concerns about the foreclosure process, activity related to foreclosure represented 66% of the activity recorded during the month, but 63% in 2010. The median price in January 2010 to January 2011 fell by 8% over the previous year.

 

Here are some more positive news, sales increased last year in Phoenix at 7%, 12% in Scottsdale, Chandler 16%, 7% in Surprise, Mesa 14%, 26% and 8% in Gilbert in County Maricopa as a whole.

Nathaniel Karp, chief economist at BBVA Compass and one of the few economists in the banking sector as the track conditions here, said that Arizona’s economy is improving at a rapid pace. “The economic recovery in Arizona is one of the fastest in the country,” said Karp, told Compass clients in Phoenix, Arizona this week. “And we are seeing a faster recovery compared to a few months ago.”

As stated in the Arizona Republic, Karp acknowledged challenges remain in Arizona and the nation. Arizona state budget is in very poor condition, including unfunded pension liabilities, “he said. But he also highlighted the benefits of relatively strong manufacturing and exports, particularly in software and technology and local area. More news from God include an increase in hours worked for Employment and Arizona falling prices for moderate values ??of the house.

Arizona Karp predicts growth should reach 3.4 percent this year, his project is better than three percent of U.S. expansion in the national economy, Karp sees continued moderate inflation and moderate elevation interest rates, despite large increases in oil prices and several other products. He sees the commercial real estate to reach the bottom until the summer, but has the confidence of business leaders that many had increased after Congress extended the tax legislation on income, and said greater clarity in regulation.

Some more positive news for the economy of the valley, Intel announced plans for a new installation of $ 5 billion in Chandler. The project will bring thousands of construction and warehouse where they innovate this summer, officials said. It will also create more higher wages, higher skilled jobs needed in a state still reeling from the loss of jobs resulting from the recession. When installing Intel opens in 2013, about one thousand employees are required to run an operation that Intel executives suggest the center is the most advanced and high volume manufacturing of semiconductors in the world.

The project follows an investment of several billion dollars, the company announced in October to renew its current two manufacturing plants or factories in Chandler. The new facility will be named Fab 42. The project will provide several benefits in the short term and long term. Phoenix Economic Council estimates that Fab 42 will create 14,000 temporary jobs, including those carried hired for jobs created by construction activity. The project will also improve the state economy and job base.