Arizona Foreclosure Sales Becoming Popular

| From
Phoenix foreclosure market

PHOENIX, Ariz., April 29, 2011 (SEND2PRESS NEWSWIRE) --, a leader in the foreclosure listings and foreclosure information industry, reports that Arizona foreclosures are becoming hot commodities. New statistics show home sales in the metro Phoenix area growing at a rate not seen since before the Arizona foreclosure crisis in 2005.

With just over 10,000 home sales in the Phoenix area in March, and nearly 1,500 of those sales occurring on Arizona foreclosure homes, the Phoenix foreclosure market is heating up. The new sales statistics are the latest in a string of signs that show the Arizona housing market could be on the road to recovery.

"Demand is starting to increase in the Phoenix area, and that's certainly a good sign," remarks James Foxx, a chief business analyst with "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 that buyers are attracted to foreclosure properties because they offer huge discounts from traditional home prices, often as high as 50 percent or more. The state as a whole is seeing increased interest in foreclosures in Arizona, and lenders are reporting higher than normal turnout at foreclosure sales and auctions.

"The economy is beginning to rebound, and Arizona is a great place to live," remarked Foxx. "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."

While increased competition for foreclosures in Arizona will undoubtedly cause prices to rise, Foxx points out that with plenty of foreclosure homes currently available, the time is right to buy.

Arizona also holds a high number of Fannie Mae foreclosures. These government foreclosures are in high demand, because they are often in better condition and upkeep than other foreclosure houses. Almost half of Fannie Mae's foreclosure homes are in the hotspots of Arizona, Florida, Georgia, and Ohio.

"Fannie Mae has a lot foreclosures in Arizona, and a lot of those are multi-family foreclosure units. If you're an investor, foreclosures can offer a lot of value, especially in Phoenix. Multi-families make great income properties."

With some of the lowest prices available on real estate in the country, Foxx expects interest in Arizona foreclosures to rise as the Arizona housing market continues to recover.

News Source:
Like, Share, Save this press release:
  TWEET   SHARE   G+   PIN IT   STUMBLE   LinkedIn   Instapaper   Buffer

The content of the above press release was provided by the “news source” (Foreclosure Deals) or authorized agency, who is solely responsible for its accuracy. Send2Press® is the originating wire service for this story and content is Copr. © 2011 Foreclosure Deals with newswire version Copr. © 2011 Send2Press (a service of Neotrope). All trademarks acknowledged.

Rights granted for reproduction by any legitimate news organization. However, if news is cloned/scraped verbatim, then original attribution must be maintained with link back to this page as “original syndication source.” Resale of this content for commercial purposes is prohibited without a license. Reproduction on any site selling a competitive service is also prohibited. Information is believed accurate, as provided by news source or authorized agency, however is not guaranteed, and you assume all risk for use of any information found herein/hereupon. This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.
STORY READS for this single page only, as of Oct 24 2016:
[ count retired 8.4.16 ]

Directories and Portals, Real Estate, or: Search

back to top
REFERENCES: Phoenix foreclosure market, Foreclosure Listings, ForeclosureDeals, foreclosure listings and foreclosure information industry, James Foxx, Phoenix foreclosure market, Fannie Mae foreclosures, news, press release from Foreclosure Deals, Apr 29, 2011, Directories and Portals, Real Estate, Internet, Phoenix, Arizona, Arizona Foreclosure Sales Becoming Popular