Formidable Gains Are There In Buying Properties

Along with California and Florida, Arizona State has recently joined the worst-hit

list of foreclosure filings and ranks third in the Top 10 States of holding huge number of foreclosures, including Phoenix foreclosure homes.Ironically wherever there were hectic home buying activities during the Real Estate boom years, like California, Florida, Arizona, Nevada, Illinois etc. the dramatic change by the foreclosure crisis is very much felt. Result is all these States are ranking in that order in turning out voluminous foreclosure filings. Phoenix foreclosure homes are falling into this category in carrying 99,333 properties as on date.

The home buying frenzy of the American people, during the boom years in these prime locations escalated the property prices to dizzy heights.This was fueled by free flow of home loans from Banks and other mortgage lenders with laxity in checking the repayment capacity of the barrowers and to some extent engaging in predatory lending practices of extending home loans, to persons with doubtful credit history. The owners of properties listed under Phoenix foreclosure homes thrived by such practices in obtaining home loans for properties they can not afford. They are paying the price now by forfeiting the properties to Phoenix foreclosure homes, by default and mortgage lenders taking repossession of the properties for the balance amounts.

On the other hand, prospective home buyers have been benefited by the opportunity offered by Phoenix foreclosure homes in making available good and amicable properties at a fraction of their real value. There are good reasons to select Phoenix foreclosure homes for buying by way of location, neighborhoods, facilities, conveniences, growth potential and price advantage.

Phoenix is the Capital of Arizona State, largest State Capital by population in the entire United States. With 1.52 million populations Phoenix city plays an anchor role in Phoenix Metropolitan Area containing 4.17 million residents. This city is a major transportation hub in North America and a center of the Southwestern United States by way of financial, industrial, transportation, cultural and economical features. Thus the first reason of location for home buying from Phoenix foreclosure homes is fulfilled.

As far neighborhoods to select a property from Phoenix foreclosure homes, the city is divided into 15 urban villages wherein best neighborhoods such as Downtown; Midtown; West Phoenix; North Phoenix; South Phoenix; Biltmore Area; Arcadia; Sunnyslope and Ahwatukee are located. Properties in Phoenix foreclosure homes from these neighborhoods fulfill every need of shopping, dining, recreation and entertainment facilities in high standards. Therefore the growth potential for these properties is immense.

Finally formidable gains can be achieved in home buying from Phoenix foreclosure homes as the median price of the properties listed in Phoenix foreclosure homes is only $168,750, as against the average price of $239,900 quoted for secondary homes in the open market.

by: Karen

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