Cave Creek Az Real estate market

Town of Cave Creek, Arizona
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Cave Creek is a relatively small suburban community found in Maricopa County within the greater metropolitan area of Phoenix, Arizona. Cave Creek real estate has declined in value over the past three years, a grim indication of the economy’s serious situation. According to a February 12, 2010 article in KGUN 9 News, “A reminder about how bad the economy is arrives in the mail soon and it has to do with how much your property is worth in Maricopa County. Most homeowners around Phoenix will see a third straight annual drop in home values.” The article, also released by the Associated Press, noted that “The Maricopa County Assessor’s Office said residential property values fell an average of 15.2 percent in 2009. Some cities are doing better than others with home values in Tempe declining 13.4 percent in 2009, while Tolleson witnessed a 27.3 percent drop in home values.”

An analysis conducted by Arizona State University suggests that Cave Creek homes for sale and other properties are heavily influenced by the rate of foreclosures. According to a February 12, 2010 piece in the Arizona Republic, “Foreclosures remained a dominant force in the Phoenix area’s housing market in January, as foreclosures and resales of foreclosure homes accounted for two-thirds of existing-home transactions during the month.” On the bright side, the article continued to say that “the free fall of housing values from the boom years seems to be over, with the median sales price in January at $136,500, up $500 from January 2009.”

A February 24, 2010 article in the Arizona Republic had some mixed news for metropolitan Phoenix and Cave Creek homes for sale, finding that “The federal tax credit for homebuyers boosted new-home sales in metro Phoenix last year. But the expiration of the credit looms, and a new-home sales and building have slowed again. The piece, composed by Catherine Reagor, continued to say that “Home building also slowed in January. There were 678 permits issued last month, compared with 799 in December. But building is up significantly from a year ago, when only 301 new-home permits were issued.”

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