Buying a home in Arizona may be a good investment for you because of the large amounts of foreclosures. While this may bring property values down in the short term, investing in a well-built, new, cheap home until the housing crisis is over could prove to be lucrative. If you’re looking in Arizona you may want to consider Arizona rent to own homes. These types of deals allow you to haggle with the seller and agree upon a price for the house, a price for rent and how much you will put down towards purchasing the house each week or month. You can move into the house, trying it out before you buy it, and at the end of the lease you can choose to pay off the rest of the house or not to buy it. This option allows you to avoid taking out loans and pay for your new home gradually. If property values decline greatly, you may even be able to further haggle with the seller to lower your price, matching market value.
The first ancient people arrived in what is now Arizona between 16,000 and 10,000 BC. Some Native American cultures prevalent in this southwestern region were the Apache, the Hopi and the Navajo. Spanish colonists began inhabiting the Arizona area in the 1600s, along side Jesuits and Franciscans who came to convert the Native Americans. The Spanish set up Apache peace camps to try to stop the common Apache attacks on colonists. In 1821 Mexico emancipated itself from Spain, making Arizona Mexican. The Treaty of Guadelupe Hidalgo gave Arizona to the United States in 1848, Arizona becoming a state in 1912, the same year it gave women the right to vote, eight years earlier than the rest of the country.
Those living in Arizona enjoy a desert type landscape and climate. Typically, fall and winter months are cool while summers are consumed by dry heat. Mountains and plateaus cover over half of the state, and both residents and tourists come to see the famous Grand Canyon, one of the seven natural wonders of the world. Other sites to see are the The Barringer Meteorite Crater, The Mogollon Rim, the Navajo Nation reservation, Fort Apache Historic Park, the Pheonix and Wildlife World Zoos and the Tohono Chul Park.
In June 2011 CNBC called Arizona the third worst state for forclosures, following California and Nevada. One in every 273 households was filing for foreclosure, most foreclosures being in the central southern regions. Not too surprisingly, the unemployment rate remains higher than the national average, resting at 8.7% in November 2011 when the national average was 8.6%. However, that’s a great decline from October 2011′s 9%, meaning that perhaps Arizona’s economy is regaining momentum. Arizona has the 21st largest economy in the United States, its gross state product larger than the economy of Ireland or Finland. The Arizona state government is the state’s largest employer, followed by Wal-Mart. Major industries are banking and retail.