Phoenix foreclosed homes for sale are still driving the housing market in the city, according to ASU real estate studies chief Jay Butler. One foreclosure sale for every two house resales is still the prevailing ratio.
Phoenix foreclosed homes accounted for 66 percent of housing market activity in October, according to Jay Butler, real estate professor at the Arizona State University. The median sales price for foreclosed homes increased in October to $153,450.
Phoenix foreclosed homes dropped in number in September, but the number is still relatively high. The median home sales price increased from $127,000 to $130,000 in September.
Big numbers of Phoenix foreclosed homes for sale are available, but buyers are reluctant to put down their money on real estate. The lack of buyers has resulted in continuous drop of prices.
Some analysts have observed that U.S. banks seemed to have developed wariness towards short sales. They stated that finding Sheriff auctions have become easier than finding short sales.
Phoenix foreclosed homes offer a great bargain in a city with a lively mix of cultures. Investing in Phoenix is attractive due to its various recreational venues like water parks such as Big Surf and Oasis Water Park and cultural and educational facilities. One must follow certain intelligent tips while investing in Phoenix foreclosed homes.
Phoenix foreclosed homes bring some great news for home buyers hunting for affordably priced houses in good residential areas. Over the years the city of Phoenix has come up as one of the most favored residential areas in the country and the recent influx of a large range of foreclosures have provided prospective home buyers with a golden opportunity to land prime properties at a bargain deal.
Purchasing a house through Phoenix foreclosed home has several great advantages like being the fifth largest city, friendly communities, low cost of living and diverse art and cultural scene. Effective steps of buying a foreclosure include deciding your criteria, subscribing to online listings, inspecting neighborhoods, assessing property value and negotiating with the sellers.
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