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Arizona

Located in the southwest of the United States on the border of Mexico, is Arizona, the Grand Canyon State, or the Copper State. Known for its desert climate and, the state is a growing area as more people move to the state, taking advantage of its low cost of living, its affordable housing market, and dry air, which is perfect for those who suffer from pollen allergies. Arizona is also known as the home of the Grand Canyon, and is one of the "Four Corner" states, which it shares with New Mexico, Utah, Nevada, and California. Approximately twenty five percent of the state is comprised of Native American reservations, and is the sixth largest state in the country, being the fifteenth most populous state in the nation.

General Market Conditions of Arizona Real Estate

The state of Arizona boasts on the most affordable real estate markets in the country, with an average value of $174,900. It's most active market is the city of Phoenix, which has seen a 36.5 percent increase in values, bring the price per square foot up to $110.44, which represents an almost 31 percent increase from 2012. Arizona currently has one of the biggest distressed property inventories, with a foreclosure rate of about 9 percent, which is higher than the average nationally of 1 percent. The median list price in the state of Arizona is $190, with a median sales price of $173,000.

Geography

The geography of Arizona is mostly desert, with some mountainous areas. Aside from mountains, there are a number of plateaus are found in more than half of the state, with its largest geographic feature being the Grand Canyon. Less commonly known is the state's Colorado Plateau, an area of pine-covered high country situated in the northern, central part of the state. The Arizona Mountains forests lies in the southwest portion of the state, where lakes and forests can be found, as well as an abundance of wildlife.

Climate

Arizona is diverse in elevation, making climate differ in various regions. Lower elevated regions are mostly desert, with very hot summers and mild winters. Conversely, in the higher elevated areas of the state, summers are hot, but not as extreme, and winters are still mild. The lower regions receive less rainfall, while the higher elevations get a bit more rain.

Demographics

According to the latest figures compiled by the United States Census Bureau, the demographics of the state of Arizona are: 73 percent white, 4.1 percent black, 4.6 percent Native American and Alaskan Native, 2.8 percent Asian, 0.2 percent Native Hawaiian and Pacific Islander. There are nearly 12 percent identified with another race and 3.4 percent are from two or more races.

Main Attractions

The main attractions in Arizona are: Heard Museum in Phoenix, the Barringer Crater, Montezuma Castle near Camp Verde, the Grand Canyon, the Hoover Dam, Saguaro National Park in Tucson, Havasu Falls in the Grand Canyon, Monument Valley, Sedona, and Camelback Mountain. Other attractions include the London Bridge in Lake Havasu, Lake Mead, and South Mountain Park.

Economy

Arizona has a total gross state product is approximately $260 billion, which is greater than the countries of Ireland, Finland, and New Zealand. The state has a capita income of about $41,000 and it's main economic drivers are copper, cotton, cattle, citrus, and tourism.