Here is what was at the top of the news headlines for the Property Management and Real Estate industries this past week.
At the 2015 Economic Forecast breakfast, sponsored by Salt River Project and presented by the Phoenix Business Journal, a panel of experts discussed Arizona’s economy and the direction it is going in. The state’s economy is still recovering from the Great Recession. Arizona was struck hard with the real estate bubble, suffering a 56 percent decline in home prices over the following years. However, it is steadily recovering and as the real estate market continues to rebound, the growth of Phoenix as an urban city will be a huge advantage for Arizona in the future.
There’s good news for the self-employed looking to buy a home in Arizona. More mortgage lenders are starting to assist the self-employed qualify for a mortgage to purchase a home. Since the real estate market crashed in 2008, it has been very difficult for those in this category to buy a house other than in cash.
Arizona’s seasonally adjusted jobless rate did not budge between August and September, staying at 6.3 percent as Arizona’s private employers added only 500 jobs.That, however, comes on a base that still is less than 55 percent of what it was at pre-recession levels. By contrast, overall Arizona employment is close to 98 percent of the 2.68 million it hit in October 2007 before the recession and the real estate bubble burst.