There are still plenty of affordable VA homes for sale in Phoenix. On the website of one foreclosure listings provider, the prices of VA homes in Phoenix ranged from $13,900 to $221,900.
In April, a total of 5,187 homes and condo units in metro Phoenix were posted for foreclosure auctions, still up by 47 percent from the total in April last year, although down by almost 14 percent from the previous month’s total.
Despite the slowdown both in Phoenix and Arizona foreclosures over the month, there are still a lot of opportunities for Phoenix foreclosure investing, as shown in the increased buying activities by investors in April. More than 39 percent of Phoenix home sales in April were made to investors, although this percentage also includes buyers of second homes. The price median paid by these investors was $120,000, a jump from the March median of $118,000 and from the April median of $102,188.
People are still buying foreclosed houses for sale in Phoenix as the percentage of foreclosure resales in April was still high at 50.5 percent of house resales, although it marked a significant drop from 64.9 percent in April 2009. The highest foreclosure percentage was reached in March last year, when 66.2 percent of total house resales were foreclosure sales, including FHA, Fannie Mae, Freddie Mac and VA homes for sale.
The price median for all types of housing units sold in April was $135,889, slightly higher than the March median and higher by almost 9 percent from the April 2009 median of $125,000. However, the April price median was still lower by 48.5 percent from the peak median of $264,100 in June 2006.
The price median for previously owned single-family homes was $135,000, higher by 14.4 percent than the April 2009 median, but still lower by almost 50 percent from the peak median of $268,000 posted in June 2006.
VA homes for sale still comprise a portion of foreclosures in Phoenix as more military members who bought homes using VA loans face financial difficulties arising from medical problems and family troubles.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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