President, Associate Broker
It is Ugly out there. The good news is Arizona Gold ( Real Estate ) is selling like hot cake. There is NO INVENTORY FOLKS. Rents are going up in the most desirable areas and down in the outskirts. Prices are up 15% since January. Offshore cash buyers are literally raping the market buying anything and everything under the Arizona sun, Residential, Multi-units and Commercial. Adjusted to inflation, Real Estate has always done really good. Buying at 30% below builders cost is crazy if you ask me. So, whether you are an investor or an end user, take advantage of this market while you can. Opportunities like this happen once in a life time. My staff is standing by to help you. We buy bank owned properties at the open market or trustee sales, lease and manage them under one roof. Currently we have three offices in Glendale, Surprise and Mesa and the fourth one in Scottsdale is in the process of opening. Please click on one of these links below and let us know what we can do to help. Thank you.
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by Catherine Reagor, columnist -
Aug. 3, 2011 12:00 AM
The Arizona Republic
Foreclosures continue to drop in metro Phoenix, a trend signaling the housing market is slowly getting in position for a recovery, according to many real-estate analysts.
In July, lenders foreclosed on 3,176 Phoenix-area homes, according to the Information Market. That compares with 3,887 in June. The last time Valley foreclosures, or trustee-sale numbers, were this low was in December, when major lenders, including Bank of America, had foreclosure moratoriums in place to check out accusations of robo-signing.
Pre-foreclosures, or notices of trustee sales, fell to 4,015 in July from 4,262 in June. In the previous July, lenders sent out notices that they were beginning foreclosure proceedings on 7,802 metro-Phoenix homeowners.
The number of pending foreclosures for the area dipped to 23,300 last month, compared with 25,300 in June. A year earlier, there were more than 40,000 pending foreclosures in metro Phoenix. The number is down because of fewer new foreclosures and more trustee sales going through, particularly on the Maricopa County courthouse steps.
What continues to concern some market watchers is Phoenix's "shadow inventory," which includes homes on which borrowers are behind on their payments but that lenders haven't started to foreclose on yet. Also, the shadow inventory includes houses that lenders have foreclosed on but aren't yet listing for resale.
After a lender has taken back a house, it's considered a real-estate-owned property.
According to Information Market, there are 15,850 REOs either for sale or being held by lenders for future sale in metro Phoenix.
The number of REOs in the region has been steadily dropping every month this year.