As the national marketplace continues on a path toward improvement, the Greater Phoenix area is showing strong signs that Arizona’s market fundamentals are improving more rapidly than most of the Country.  In addition to posting some of the highest annual increases in home values, the pace of foreclosure activity has slowed considerably, and job growth is on the rise.  These factors, combined with Arizona’s attractive climate and projected positive population trends, create a growth environment that should yield attractive long-term returns for those interested in acquisitions of existing assets, and even higher risk-adjusted returns for those interested in participating in the value creation associated with new ground-up development.