Douglas situated in Arizona, USA is widely known for its mining activities. With a population of 20, 316 (Census Bureau Estimates 2008), it is developing rather fast and manifesting growth in major sectors including economic as well as residential. The real estate market in Douglas, Arizona is gradually looking up.

The price of homes is picking up. However, rate of home sales have shown upheavals since economic meltdown. This applies for the commercial as well as housing market equally.

Real Estate Market In Douglas

Douglas real estate market not unscathed by mortgage crisis
Douglas in Arizona was not spared by the subprime mortgage crisis that rocked all the major economies around the globe, the real estate market in particular. With the increase in the number of foreclosures and underwater homeowners, consumer confidence as well as purchasing power had ebbed to the lowest.
Despite the fact that the Obama Adminsitration introduced a series of mortgage bailout plans, nothing seemed to work. However, it appears as though the worst is over. And mortgage rates are gradually picking up after they were at historic lows.

Douglas housing market and mortgage

If you are planning to take out a mortgage, the main factor that you should take into account is your repayment capacity. This is because if you are taking out the mortgage, you take on financial responsibility for a couple of years. So, you have to be financially equipped. A failure to do so may lead to foreclosure. And it will not be wrong to say that increase in the number of foreclosures is a major cause of concern in United States.

Real Rstate deals Help

Whatever the real estate agents do to help you in getting your property (residential, commercial, and retail) sold or bought; you can do the same too. Since subprime mortgage crisis that was triggered due to irresponsible mortgage lending activities have made mortgage approvals stringent, you can seek assistance of a real estate agent or a broker.

Statistics indicating real estate scenario in Douglas

* Given below is statistical data that will show you the real estate market trends.
* The median selling price of vacant homes in the state in 2008 was USD$291, 551
* Gross median rent in Douglas in 2008 was USD$516
* Houses bought with mortgage loans in Douglas as of 2008 were 1, 449. Among these 150 were second mortgages and 104 were home equity loans.
* Number of houses that didn’t have any lien attached to them was 1, 021
* Mean cost of housing units (2008) USD$139, 065
* Mean price for detached houses (2008) USD$139, 517
* Mean cost of mobile homes (2008) USD$44, 253 etc

Given the fact that the real estate market is flooded with different options that can help homeowners to get out of the mess and delinquencies, it is always better to assess your situation before you settle for a real estate deal irrespective of whether it is a commercial or residential property you are setting your eyes on.