Demand for housing is on the rise in the Phoenix metro area, thanks in large part to a thriving foreclosure market in which many of the properties are “almost brand new,” according to James Foxx, chief business analyst with ForeclosureDeals.com[1]. Of the 10,000 home sales in Phoenix in March of this year, nearly 1,500 were foreclosures. Foxx reports that foreclosure properties are marked down by half or even more, making them extremely popular with buyers. As the housing market starts to men, the economy in the area also is rebounding, leading to increased confidence – and increased levels of action – in the market.
However, the low prices will not last forever, warned Foxx, who predicts that all the action in the area will “undoubtedly cause prices to rise”[2]. Lenders are already reporting “higher than normal turnout” at their foreclosure sales and auctions, which leads experts to believe that now is the right time to buy. Investors are also heading in the direction of Arizona, which holds a high number of Fannie Mae multi-family foreclosure units. “Multi-families make great income properties,” explains Foxx.
Are you in the market for foreclosures? If so, where are you looking?
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[1] http://www.dsnews.com/articles/phoenix-foreclosure-numbers-reveal-city-on-mend-2011-05-02
[2] http://www.bradenton.com/2011/04/29/3154417/arizona-foreclosure-sales-becoming.html
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