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After Bank Failures, the Real Estate Landscape in Arizona is Transforming


While the market was bracing for higher mortgage rates as the Feds try to cool a hot economy, the failures of Silicon Valley Bank and Signature Bank changed that, and mortgage rates are now on the decline all of a sudden. That could translate into a good thing for the real estate market in the Phoenix area. FOX 10's Linda Williams reports. #housing #bank #phoenix #arizona Subscribe to FOX 10 Phoenix! Watch FOX 10 Phoenix live: FOX 10 Phoenix delivers breaking news, live events, politics, entertainment, business news and local stories from Phoenix, Arizona and across the nation. Watch more FOX 10 Phoenix on YouTube: Arizona Headlines: National headlines: World Headlines: Download FOX 10 Phoenix News and Weather App: Follow FOX 10 Phoenix on Facebook: Follow FOX 10 Phoenix on Twitter: Follow FOX 10 Phoenix on Instagram: Subscribe to FOX 10 Phoenix's newsletters: ...(read more)


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Arizona's real estate landscape is rapidly changing following bank failures in the state. The Great Recession saw many banks fail, resulting in foreclosures, short sales, and decreased property values. However, in recent years, Arizona's real estate market has experienced a resurgence, with new trends emerging in response to the changing landscape. One trend is the increasing number of cash buyers in the market. According to a report by ATTOM Data Solutions, 35% of homes sold in Arizona in 2019 were purchased with all-cash. This is likely due to the large number of investors and retirees who are flocking to the state, eager to take advantage of declining property values and low interest rates. These cash buyers are also likely driving up prices, making it harder for first-time homebuyers to break into the market. Another trend is the rise of virtual home buying. With the COVID-19 pandemic, more buyers are opting for virtual tours and online bidding processes. Many realtors are also offering virtual consultations and walkthroughs, allowing buyers to view properties from the comfort of their own homes. This trend is likely to continue even after the pandemic subsides, as it allows buyers to search for properties in a more efficient and convenient manner. Another change in the Arizona real estate market is the increased demand for affordable housing. In previous years, there was a glut of luxury homes on the market, but now, more developers are shifting their focus to building affordable housing. This is in response to the growing population of young professionals and families who are seeking affordable housing options in the state. Lastly, the Arizona real estate market is seeing an increase in urban infill projects. Developers are turning their attention to underutilized and abandoned urban areas, turning them into new residential and commercial spaces. This trend is helping to revitalize urban areas and create more housing options in the city. In conclusion, the Arizona real estate landscape is changing rapidly, driven by changing market forces and a recovering economy. While the state still faces challenges, such as rising property prices and affordable housing shortages, these trends offer hope for a brighter future. As the state continues to attract new investors and residents, it has the potential to become a hotbed of real estate innovation and growth. https://inflationprotection.org/after-bank-failures-the-real-estate-landscape-in-arizona-is-transforming/?feed_id=86801&_unique_id=643596b4078f8 #Inflation #Retirement #GoldIRA #Wealth #Investing #arizonahousingmarket #bankcollapse #bankcollapseandtheeconomy #economicfalloutfrombankcollapse #fdic #housing #interestrate #mortgagerate #phoenixhousingmarket #realestate #signaturebankofnewyork #siliconvalleybank #BankFailures #arizonahousingmarket #bankcollapse #bankcollapseandtheeconomy #economicfalloutfrombankcollapse #fdic #housing #interestrate #mortgagerate #phoenixhousingmarket #realestate #signaturebankofnewyork #siliconvalleybank
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