subject: Demand Continues To Rise For Phoenix Foreclosure Homes [print this page] 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.
Over the last several decades, there has been a population shift among the largest cities in the nation, especially those that border Mexico. The fifth largest city in the country, with a population of 1.5 million as of 2006, is Phoenix. The cities continues to grow. Between 2005 and 2006, the population grew by 43,000 people. The state is a desert state, and most people choose to settle near the largest city. The area around Phoenix actually accounts for more than 75% of All of Arizona's residential homes. Phoenix is located in Maricopa County, which saw an increase of 70% in foreclosure filings this last August.
The similarity that is found, when examining the Valley areas that have recorded the largest number of foreclosures, is the reputation these areas have for reasonably priced homes. Home owners who have adjustable rate mortgages have been the hardest hit, in the areas of West Phoenix, Maryvale, and Mesa, East Valley. 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 this the right time to invest? Many buyers are hesitant to make a purchase at this time, preferring to wait until they can be more confident that the market is recovering. 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.
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. It is expected that the for the buyer, your ultimate potential for negotiation will definitely peak this fall in Phoenix.
