This is still a great time to invest in 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 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. 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. Recording 70% of the ever-growing number of foreclosure filings in August, Phoenix, Arizona is the county seat of Maricopa County.
Certain areas have suffered from more foreclosures than others, however all of the areas affected are known for affordable home prices in the Phoenix area Valley community. Some areas, where home owners purchased with ARM or Adjustable Rate Mortgages were especially vulnerable to foreclosures, such as East Valley, Mesa, West Phoenix and Maryvale. It is expected that further clusters of home foreclosures will be experienced within the next six months or so, causing prices in those areas to plummet even further.
So, is purchasing a home now a wise choice? 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. Individuals who currently reside in the suburbs, will be reluctant to move from this area if they are in the process of having their homes foreclosed, as will individuals presently living in the city.
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. This fall is likely to be the best time to negotiate a great deal on a foreclosure property in Phoenix.
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