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Arizona Housing Market In Good Shape Ahead Of President Obama's Speech
President Barack Obama will speak about home ownership Tuesday afternoon at Desert Vista High School in the Valley. His speech will highlight the topic as a, "cornerstone of how we strengthen the middle class," according to a White House press release.
Statewide all signs point to a recovery according to Kristen Stephenson, a senior economic analyst with the Greater Phoenix Economic Council.
"Our housing market has picked up very substantially over the last year,"Stephenson said. "Home prices are up about 20 percent over that time, that's actually outpacing housing growth in the U.S. market right now."
Stephenson said that foreclosures are down, and an increased job market means more people are looking to buy and own a home. A much better outlook from when President Obama talked about housing during an Arizona visit in 2009, when more than 40,000 homes in Phoenix were foreclosed.