Probably not a bad time at all to buy Phoenix Foreclosure homes! The communities in the Valley still have many jobs to offer, so people are drawn there to live and raise their families. At the same time, there is an overabundance of homes that are in foreclosure, creating the perfect opportunity for many people.
In the last centuries, many of the states that border Mexico have experienced a huge population shift, with cities like Phoenix emerging as one of the largest cities in the nation. Phoenix is now the fifth largest city with a population of 1.5 million in 2006. The cities continues to grow. Between 2005 and 2006, the population grew by 43,000 people. The focus of the population around the city of Phoenix, and Arizona’s other large cities, is understandable, as this is a state that is home to a large amount of desert area. And, therefore, more than 75% of Arizona’s residential housing market is centered in these areas as well. Phoenix is located in Maricopa County, which saw an increase of 70% in foreclosure filings this last August.
Areas across the Valley are known for having affordable homes, and these areas are now facing heavy foreclosures. West Phoenix, Maryvale, Mesa and East Valley all offered homes featuring adjustable rate mortgages; and these areas have been hit particularly hard with foreclosures. Some local experts believe that other clusters of foreclosures will be noticeable over the next 6 months pushing prices down in those areas as well.
Is it a good time to buy? Often buyers are reluctant to venture into a cold market, awaiting the signs that prices are rebounding before making their move. However, the low unemployment in Phoenix means that there is still a very strong demand for rental homes. The forecasted job growth moving into the future means that the demand will continue for some time. People who are losing their homes don’t want to move from the city itself, or the suburbs they are currently living in.
There are many reasonably priced foreclosures that act as rental property, and prospective buyers who decide to postpone buying for the winter, will find that they will lose income as a result of this decision. The negotiating power of the buyer is probably at its peak in Phoenix this fall.
Learn more about mesa foreclosures. Stop by Logan Oulman’s site where you can find out all about mesa foreclosures and what it can do for you.
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