Arizona is one of the most affected states of the housing and real estate downturn. As of the third quarter of 2008, the state stands as the fourth top state in the list of states with the most number of foreclosed homes. As of the period, there were about 40,500 households that are under foreclosures. The inventory of Arizona foreclosure homes is steadily rising. Thus, the prices of such homes decline, providing opportunities for prospective homebuyers and investors who aim to purchase at low prices.
The city of Phoenix holds up to 75% of the state抯 residential market. Thus, it is not surprising how the number of Phoenix foreclosure homes has surged as well. From 1,500 foreclosed homes in the city in 2006, there were about 30,000 households undergoing foreclosure in 2008. Increasing volume of Phoenix foreclosure homes also pull down prices. In 2008, median of foreclosures in the city was at $180,coach poppy bags,000, a huge drop from the $267,rolex gmt,000 median in 2006.
Most buyers of Arizona foreclosure homes are investors,replica watches cheap, who aim to maximize the value of their investments. Such buyers intend to resell the homes at higher prices when the state housing market rebounds. While waiting for a resale, such home investors opt to lease the homes to numerous families who are renting not just in Phoenix but also in the whole of the state. This way, the value of the investment is maximized to its full potential. Buying Arizona foreclosure homes is indeed a lucrative and attractive investment action.
The city of Phoenix holds up to 75% of the state抯 residential market. Thus, it is not surprising how the number of Phoenix foreclosure homes has surged as well. From 1,500 foreclosed homes in the city in 2006, there were about 30,000 households undergoing foreclosure in 2008. Increasing volume of Phoenix foreclosure homes also pull down prices. In 2008, median of foreclosures in the city was at $180,coach poppy bags,000, a huge drop from the $267,rolex gmt,000 median in 2006.
Most buyers of Arizona foreclosure homes are investors,replica watches cheap, who aim to maximize the value of their investments. Such buyers intend to resell the homes at higher prices when the state housing market rebounds. While waiting for a resale, such home investors opt to lease the homes to numerous families who are renting not just in Phoenix but also in the whole of the state. This way, the value of the investment is maximized to its full potential. Buying Arizona foreclosure homes is indeed a lucrative and attractive investment action.
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