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Arizona Real Estate Market - Research Paper Example

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3). However, it is one of the housing markets that was worst affected by the housing crash that began in the first quarter of 2007, where their…
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Download file to see previous pages The U.S. is still struggling to recover from this crisis to date. Despite the crash, Arizona is reported to have had one of the best recoveries from the crash throughout the U.S. This paper analyzes the causes of Arizona’s real estate market crash. It will also describe why Arizona is having one of the best recoveries of the real estate market in the U.S.
The crash of Arizona’s real estate market was caused by a number of factors according to a study. Firstly, economists argue that the crash was caused by poor lending practices that the adopted by lenders just before the crash. In this regard, banks are reported to have lent a lot of money to mortgagers without taking into account their ability to repay the loans. As a result, when the economy of the country started declining, many mortgage owners began experiencing difficulties repaying the loans and the mortgage interests resulting in default. Consequently, since there were no enough homebuyers in the market, prices of homes in Arizona dropped to an all time low leading to the crash (Vannutini Par. 3).
The crash was also caused by speculative buying rather than sheltering. A research conducted by the National association of Realtors found out that about 23 percent of homebuyers only do so for investment purposes while about 13 percent of those surveyed identified their buying for vacation, which in itself signifies speculation. A research indicated that a majority of homebuyers from Arizona real estate market bought their houses at low interest adjustable rates with the intention of keeping their costs as low as possible then sold them at higher prices for profit. With speculation, buyers kept off the market when prices are high and making purchases when prices are low. The more the speculation continued the more the market prices declined leading to crash of the market (DeGrace Par.5).
Low interest rate is also cited as the leading cause of the Arizona real ...Download file to see next pagesRead More
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