This is still a great time to invest in Phoenix Foreclosure homes. The combination of employment opportunities drawing individuals to the area, home prices dropping in a large number of Valley communities, and an abundance of foreclosed homes flooding the market, have caused rental property to become much more popular.
Over the last several decades, there has been a population shift among the largest cities in the nation, especially those that border Mexico. Phoenix is now the fifth largest city with a population of 1.5 million in 2006. It is a fast growing city today, growing by another 43,000 people between 2005 and 2006. The state is a desert state, and most people choose to settle near the largest city. The area around Phoenix actually accounts for more than 75% of All of Arizona’s residential homes. Phoenix is county seat of Maricopa County, which recorded 70% of the significant increasing foreclosure filings in Arizona in August.
The similarity that is found, when examining the Valley areas that have recorded the largest number of foreclosures, is the reputation these areas have for reasonably priced homes. In Maryvale, West Phoenix, and Mesa, East Valley, home owners with adjustable rates mortgages have been especially vulnerable. This clustering of foreclosures will force prices down over the coming months as the pattern becomes more and more noticeable.
So is this the right time to invest? It is common for potential home buyers to wait for reassurances that home prices are headed back in the right direction, before they will make a move to jump into a market that has been cold. The appeal of rental property in Phoenix is high, thanks to the encouraging private sector job growth, and low unemployment. People who are losing their homes don’t want to move from the city itself, or the suburbs they are currently living in.
So if you are wondering if you really want to invest, you should keep in mind that you don’t have to buy the foreclosure to live in yourself; you can buy it as a rental property and a source of additional income. It is expected that the for the buyer, your ultimate potential for negotiation will definitely peak this fall in Phoenix.
Learn more about mesa homes for sale. Stop by Nathan Oulman’s site where you can find out all about mesa real estate and what it can do for you.
categories: real estate,home improvement,finance,family,other,investment
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