A recent report issued by the Making Home Affordable government-funded initiative concluded that a remarkable 34,000 Arizona home owners have received mortgage assistance from the program so far. The federal aid program allows home owners to receive permanent loan modifications that have significantly contributed the recent decline in property foreclosures throughout the state. Now, home owners can opt for short sales instead of outright foreclosure, thus strengthening the local real estate market, since they remain eligible for home financing options in the future.Phoenix Homeowners Receive Mortgage Aid

The programs are certainly delivering a benefit to home owners struggling to remain above water, but the benefits of a stronger real estate market have also significantly impacted the decrease in foreclosed properties. According to the U.S. Department of Housing and Urban Development and the Department of Treasury, about 1.3 million households are now above water on their mortgages, which is a welcome turn of events since the numbers looked markedly different just a few years ago.

The future of Phoenix real estate remains promising, and real estate experts agree that its current ranking as the strongest in the nation is in no danger of changing course. Potential buyers are attracted to the upswing in job creation currently taking place in major industries, and they are now competing to buy hot Phoenix properties with individuals who might have otherwise been unable to purchase homes as a result of foreclosure.

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