Posted on Thursday, May 5, 2011
Home sales in the metro Phoenix area are heating up thanks to the popular foreclosure market, according to ForeclosureDeals.com. The site reports that there were more than 10,000 home sales in the Phoenix area in March with nearly 1,500 of those sales foreclosure homes.
“Demand is starting to increase in the Phoenix area, and that’s certainly a good sign,” said James Foxx, a chief business analyst with ForeclosureDeals.com. “And a lot of
foreclosure properties are almost brand new. There was a lot of new development before the crash, and now buyers are getting some amazing deals on brand new homes. Arizona has a lot of value for foreclosures.”
Foxx says foreclosure properties offer discounts from traditional home prices as high as 50 percent or more, making them popular with buyers. Lenders also report higher than normal turnout at foreclosure sales and auctions in Arizona as a whole, Foxx said.
“The economy is beginning to rebound, and Arizona is a great place to live,” he said. “Buyers are just regaining confidence in the market. We’ve been waiting for this to happen. There are great foreclosure homes going for great prices.”
Arizona also has a high number of Fannie Mae foreclosures, many of which are multi-family units. In fact, Foxx says, almost half of Fannie Mae’s foreclosure homes are in the hotspots of Arizona, Florida, Georgia, and Ohio.
Foxx expects interest in Arizona foreclosures to rise as the state’s housing market continues to recover.
By: Heather Hill Cernoch DS NEWS