Phoenix real estate market rankings
About 15% of metro Phoenix homes are "underwater" according to recently released databy RealtyTrac. Markets with a population greater than 500,000 with the highest percentage of seriously underwater properties in Q2 2016 were Lakeland, Florida, (28.5 percent), Cleveland, Ohio (28.2 percent), Las Vegas, Nevada (27.9 percent), Akron, Ohio (27.3 percent), Orlando, Florida (26.1 percent), Tampa, Florida (24.8 percent), Chicago, Illinois (24.8 percent), Palm Bay, Florida (24.4 percent) and Toledo, Ohio (24.3 percent). This ranks metro Phoenix 31st among markets with populations greater than 500,000 people.
Nationally, the percentage of homes that are underwater has dropped over half from the second wuarter of 2012 to the second quarter of 2016 (28.6% vs. 13.3%).
Of the ten largest metro markets, the Phoenix metro area ranked second in homes sales for the first half of 2016, nearly edging out the Los Angles-Long Beach-Santa Ana, CA area for first place. And metro Phoenix saw a year-over-year decrease of in foreclosure activity of 23% for the year ending July 2016. All signs of an improving market.