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Posted by: Maricopa Lawyers on Jul 11, 2013

The economic state of the US can appear to be on a roller coaster at times, but contrary to states still suffering through severe financial woes; reports indicate that Arizonians are feeling more confident about their money. The state has seen improvements in jobs and a lessening of bankruptcies which has brought a sense of security to many people.

 

Local house prices have started to climb again, as more people are becoming able to make payments on mortgages and loans on time. Bankruptcies were down about 22% since May of 2012, and have been in decline for about 28 months.  The rest of the country has also seen a gradual decline in bankruptcies at about 16% since June 2012.

Although the future is looking bright, Arizona residents are still in a bit of a financial bind, as over half the population still finds it difficult to make ends meet, which is higher than the national average. The Financial Industry Regulatory Authority speculates that only about 35% of citizens in the state have emergency funds put aside.

The number of distressed properties has come down in recent years to a normal amount, and foreclosures have been massively reduced since the peak of the recession.  Economists are predicting that there will be less and less foreclosures as time goes on, due to tighter underwriting standards.

The consumer confidence also appears to be picking up due to the rising home sale prices and stocks. This newfound financial security could help lift people out of debt and back into making payments on time. Phoenix residents saw a dip in debt by 4.3% during the first quarter of 2013, according to reports. The economic outlook is looking surprisingly hopeful, but only time will tell if this is only a trend, or if Arizona and the rest of the nation is finally get back on track.