The level of foreclosures in the state of Arizona, particularly residential foreclosures like duplex houses for sale and single family dwellings, is expected to influence the result of the November 2010 race for governor. According to political analysts, whoever wins the election will have to deal with the primary problem of the state – the need for programs fostering economic recovery.
Foreclosed homes in Tucson, AZ and in other major areas of the state have dragged the values of properties down, and with the state's economy being driven primarily by the real estate market, the outlook for a recovery seems dim at this point. Economists are predicting that it will require as much as six years before the region can mount a sustained recovery and solve its budget deficit concerns.
The continuous increase in the number of Arizona foreclosure homes has been largely blamed for the budget deficit faced by the state, with the area's revenue remaining flat or lagging behind projected numbers. Currently, Arizona is facing an estimated $2.25 billion gap between state income and planned expenses, with the problem expected to spill over the 2011 budget period.
Narrowing this budget gap, on top of controlling the number of foreclosed single family, duplex houses for sale and other types of foreclosures flooding the housing market, will be the biggest challenge that the incoming governor will have to face. Analysts have stated that the budget issue will remain a major problem that will likely last for the whole office term of whoever becomes governor of Arizona next.
Some economists have stated that one necessary step that the next governor will have to take is to rebuild consumer confidence, with the issue of how to buy a foreclosed home needed at the forefront of any consumer campaign. They stated that getting people to spend, particularly in relation to the residential property market, will go a long way towards helping the state recover financially and economically.
Economists did admit that it might take until 2014 before the state's housing market can start recovering. The bleak pronouncement is largely due to the fact that majority of homeowners in the state have underwater mortgages. In addition, the number of foreclosed single family dwellings and duplex houses for sale flooding the market has shown no sign of abating.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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