Recent economic forecasts show little optimism in regards to a timely financial turnaround in Arizona.
Arizona lost over 47 thousand jobs in July and August numbers are expected to be even worse.
Construction and finance industries were both hit hard.
Many retail outlets are also reporting a substantial drop in sales.
“Although there are scattered signs the economy may be close to bottoming out, there is little optimism about the an actual upturn in Arizona or nationally during the second half of this year.” writes Lee McPheters, senior associate dean of the W.P. Carey School of Business at ASU.
“The first stirrings of recovery are not expected until the housing market stabilizes and begins its turnaround.”
At first appearance, the home market seems to be on the rebound with more home sales in the greater Phoenix area this year than last year.
The truth is that over 40-percent of those sales were of foreclosed properties, and there are still a high number of unsold homes and foreclosures which will continue to bring down sales prices.
This is bad news for sellers, but great for those looking for a home.
The current economic downturn seems to hit the western U.S. hardest.
In addition to Arizona, California, Nevada, and Idaho are all near the bottom of the list for job growth over the last year.
