Arizona Foreclosures
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.
A dramatic population shift over the last century means that many of the largest cities in the nation are emerging in states bordering Mexico. The fifth largest city in the country, with a population of 1.5 million as of 2006, is Phoenix. It is a fast growing city today, growing by another 43,000 people between 2005 and 2006. 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. Maricopa County, Arizona, which is where Phoenix is located, recorded nearly 70% of the foreclosure filings in the state in August.
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. In Maryvale, West Phoenix, and Mesa, East Valley, home owners with adjustable rates mortgages have been especially vulnerable. In the upcoming 6 months, housing professionals expect that home prices in other areas will begin to go down also, as foreclosures start to crop up in these areas.
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. Here in Phoenix, unemployment remains low and Phoenix ranks highly in percentage growth terms of jobs in the private sector, so demand for affordable rental housing is strong. Those losing their homes to foreclosure are unlikely to want to move from the city or its suburbs.
Just remember that while it is important to check out the market and be sure before making an investment, delaying a purchase for too long might cost you in other ways such as loss of rental income or loss of an affordable foreclosure home. This fall is likely to be the best time to negotiate a great deal on a foreclosure property in Phoenix.
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