subject: Arizona Homes In Foreclosure [print this page] Probably not a bad time at all to buy Phoenix Foreclosure homes! In many Valley communities house prices are down, there is an oversupply of affordable homes coming onto the market due to foreclosure, yet job prospects lure many driving a keen demand for rental property.
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. 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 county seat of Maricopa County, which recorded 70% of the significant increasing foreclosure filings in Arizona 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. 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.
So, is purchasing a home now a wise choice? It is hard to know when the time is right to jump into a cold market such as this, but sometimes it can be more costly to wait too long to determine whether prices are rebounding yet or not. 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. 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.
