The US Census Bureau released it's latest set of growth numbers (click here to read the full report) for all of the counties in the United States. Not to my surprise Maricopa County tops the list as the fastest growing county (numerically speaking) in the U.S. I've posted about it before and will most likely post about it again. The growth that Arizona, Maricopa County and specifically Phoenix is experiencing will do nothing but help our current real estate market conditions. Yes, we are still going to see a slow year in terms of appreciatiion, and yes we will still see a flood of foreclosures, short sales, and the like over the next 12-18 months, but with the rate at which our area is growing all of us homeowners shouldn't get hurt too badly during this market correction...I hope. And if you start to feel sorry for yourself because the value of the house that you bought in 2003 or before is now not worth on paper what it was just 18 months ago, yet still worth about 75% more than what it was when you bought it, just think about those folks in areas of the country that are experiencing an enormous downturn (Orleans Parish in Louisiana, Wayne County in Michigan, & Cook County in Illinois) in their real estate values without the benefit of being one of the fastest growing areas of the country.
- Steve N.