Just like in the city of Phoenix, it is now cheaper to buy Glendale bank owned homes for sale than rent because of the still high number of foreclosed properties in the area. Glendale is just 9 miles northwest from the center of Phoenix.
In a survey conducted by a research firm, the Phoenix metro area is one of the top ten metro areas where it is now cheaper to buy than rent a home. The firm considered total home buying costs, current rental rates and annual incomes for an average household in comparing the options of buying and renting.
On one real estate website, there are currently 11,872 foreclosed properties in Glendale with prices ranging widely from a mere $13,270 to a high of $19 million. The homes featured on the front page were priced $188,700 and $282,750. The average price for all types of homes is $128,685. On another site, the median price is $117,250.
The number of Glendale bank owned homes for sale is high partly because of the high number of fraudulent mortgage transactions that occurred in the area. Since March 1 when a combined state and federal task force was launched to address mortgage fraud, there have been 51 indictments made in Arizona. The number of criminal defendants has risen to 1,251 and the number of persons facing civil cases has increased to 191. A total of 485 persons have been arrested.
According to investigators, many of the fraudulent activities involved the use of straw buyers to obtain home loans. One bank loan officer recruited straw buyers to buy about 100 homes through fraudulent loans worth over $50 million.
Notice: In accordance with FTC guidelines, we state that RealEstateProArticles.com has financial relationships with some companies and may be compensated if consumers choose to buy, subscribe or take any action to a product or service via the links on our website. Occasionally, we receive free access to review a product or service. We do not accept compensation in exchange for a positive review. These reviews are strictly the opinions of the author.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites