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Foreclosed Rate In Mesa

By nathan oulman

If you are looking for a good real estate investment, now is a good time to purchase foreclosed homes in Phoenix. The communities in the Valley still have many jobs to offer, so people are drawn there to live and raise their families. At the same time, there is an overabundance of homes that are in foreclosure, creating the perfect opportunity for many people.

A dramatic population shift over the last century means that many of the largest cities in the nation are emerging in states bordering Mexico. The fifth largest city in the country, with a population of 1.5 million as of 2006, is Phoenix. It is a fast growing city today, growing by another 43,000 people between 2005 and 2006. 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. Maricopa County, Arizona, which is where Phoenix is located, recorded nearly 70% of the foreclosure filings in the state in August.

There are distinct areas across the Valley that have suffered the most foreclosures, and the common factor is that each area is known for its affordable homes. Some areas, where home owners purchased with ARM or Adjustable Rate Mortgages were especially vulnerable to foreclosures, such as East Valley, Mesa, West Phoenix and Maryvale. This clustering of foreclosures will force prices down over the coming months as the pattern becomes more and more noticeable.

Is it a good time to buy? Often buyers are reluctant to venture into a cold market, awaiting the signs that prices are rebounding before making their move. 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. Individuals who currently reside in the suburbs, will be reluctant to move from this area if they are in the process of having their homes foreclosed, as will individuals presently living in the city.

Any buyer waiting out the winter will do well to remember that there is a lost opportunity cost to be paid for feeling more comfortable and delaying a purchase of a very affordable foreclosure for rental income. This fall is likely to be the best time to negotiate a great deal on a foreclosure property in Phoenix.

Looking to find the best deal on house in mesa az, then visit www.mesahomesforsale.biz to find the best advice on houses in mesa for you.

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Topics: Real Estate | Comments Off

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Article Citation
MLA Style Citation:
Oulman, Nathan "Foreclosed Rate In Mesa." Foreclosed Rate In Mesa. 6 Jul. 2010. uberarticles.com. 9 Mar 2016 <http://uberarticles.com/real-estate/foreclosed-rate-in-mesa/>.

APA Style Citation:
Oulman, N (2010, July 6). Foreclosed Rate In Mesa. Retrieved March 9, 2016, from http://uberarticles.com/real-estate/foreclosed-rate-in-mesa/

Chicago Style Citation:
Oulman, Nathan "Foreclosed Rate In Mesa" uberarticles.com. http://uberarticles.com/real-estate/foreclosed-rate-in-mesa/


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