| Phoenix Foreclosure Homes |
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| Written by Nathan Oulman |
| Saturday, 31 July 2010 13:52 |
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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.
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. In the past 100 years, the overwhelming population growth in the U.S. states on the Mexican border, have caused cities among these border states to become our country's biggest cities. In fact, in 2006 Phoenix became our nation's fifth biggest city, as it's population topped 1.5 million. In the one year period between 2005 and 2006, an additional 43,000 people came to this continually growing city. Being a desert state, it is not surprising that the population is densest around the largest cities, and the metropolitan area around Phoenix accounts for more than 3 quarters of the Arizona residential market. Phoenix is located in Maricopa County, which saw an increase of 70% in foreclosure filings this last August. There are distinct areas across the Valley that have suffered the most foreclosures, and the common factor is that each area is known for its affordable homes. Home owners who have adjustable rate mortgages have been the hardest hit, in the areas of West Phoenix, Maryvale, and Mesa, East Valley. 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. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Want to find out more about mesa homes for sale, then visit Nathan Oulman's site on how to choose the best mesa homes for sale for your needs. |