Phoenix Business Journal
What’s the biggest difference between the current state of commercial and residential real estate? The residential real estate market (single-family) has gone a long way toward eating through the excess supply. Distressed properties are down from more than 60,000 in 2010 to about 18,000. The number of units in foreclosure is down about 70 percent.
Although all of these numbers are still higher than they should be, tremendous progress has been made. There is very little in the way of spec new inventory, and builders are scrambling for land. The net result is that, in the absence of the fiscal cliff, the outlook for single-family housing will get brighter over the next several years. It will be 2015, however, before we get back to our trend line of 25,000 to 30,000 new units.
What are the biggest obstacles the commercial market is facing?
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