Know A Downturn: Arizona!
Arizona's State Coincident Index (Echos GDP) 1979-2009
The coincident index combines four state-level indicators to summarize current economic conditions in a single statistic... The trend for each state's index is set to the trend of its gross domestic product (GDP), so long-term growth in the state's index matches long-term growth in its GDP. Federal Reserve Bank of Philadelphia
Arizona's Nonfarm Payrolls (Percent Change From A Year Ago)
Note:
Individual states' recessions do not necessarily line up with the national business cycle.
Arizona Daily Star
Foreclosures may signal the bottom point is near
The number of Pima County homeowners facing foreclosure surged in the first quarter, as banks issued foreclosure notices to more than 3,000 properties.
With 3,054 trustee sale notices issued in the first three months of the year, Pima County is on pace to easily surpass the 8,956 such notices issued in 2008.
Trustee sales notices are filed after property owners have been in default for at least three months. Although such notices don't necessarily result in foreclosure, they are a good indicator of distressed properties.
Although the surge in foreclosure notices is jarring, University of Arizona economist Marshall Vest said he thought it signals a potential bottom point.
"I think we are seeing the very worst of the numbers," he said. "It's not just the foreclosures, but many other measures of the economy as well...
The coincident index combines four state-level indicators to summarize current economic conditions in a single statistic... The trend for each state's index is set to the trend of its gross domestic product (GDP), so long-term growth in the state's index matches long-term growth in its GDP. Federal Reserve Bank of Philadelphia
Arizona's Nonfarm Payrolls (Percent Change From A Year Ago)
Note:
Individual states' recessions do not necessarily line up with the national business cycle.
Arizona Daily Star
Foreclosures may signal the bottom point is near
The number of Pima County homeowners facing foreclosure surged in the first quarter, as banks issued foreclosure notices to more than 3,000 properties.
With 3,054 trustee sale notices issued in the first three months of the year, Pima County is on pace to easily surpass the 8,956 such notices issued in 2008.
Trustee sales notices are filed after property owners have been in default for at least three months. Although such notices don't necessarily result in foreclosure, they are a good indicator of distressed properties.
Although the surge in foreclosure notices is jarring, University of Arizona economist Marshall Vest said he thought it signals a potential bottom point.
"I think we are seeing the very worst of the numbers," he said. "It's not just the foreclosures, but many other measures of the economy as well...