Buying foreclosed houses in NSP-funded cities and counties such as Chicago, Phoenix and Los Angeles could be advantageous for two types of buyers: low-income families and investors looking for cheaper properties with the greatest potential for price appreciation.
The housing market of Phoenix is still in poor shape, with the number of foreclosures sold at Phoenix home auctions still recording high numbers. However, production is up in the city.
The list of Wells Fargo and other bank foreclosed properties has expanded into Arizona's rural areas. Analysts stated that this poses a different type of crisis altogether.
Foreclosed homeowners in Phoenix, Arizona are not only losing their homes but their other possessions, including home appliances and personal belongings, as buyers take over their homes without giving them a chance to collect their personal things.
Receivers and investors can find opportunities for more profits in Phoenix commercial foreclosures, especially in the retail subsector where a total of 1,753 buildings are currently distressed.
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.
House repo sales and total home resales in Greater Phoenix fell in July, according to ASU researchers. The percentage of foreclosure sales also declined, but the median sales price for foreclosures increased.
The reported stability of new home prices and the shrinking of speculative home constructions have given hope to the housing market that Arizona's foreclosure listings is starting to lose steam.
Phoenix foreclosures for sale have been growing in the commercial and industrial sectors. High unemployment rates, lack of credit and lack of business tenants are among the factors for commercial and industrial foreclosures.
Inventories of foreclosure homes for sale in Phoenix, Las Vegas, Detroit and Orlando pushed down the nationwide average home sales price from April to June. San Francisco was the priciest housing market while Detroit was the least expensive, according to FHFA.
The huge number of foreclosed properties under house auction listings in Arizona is taking their toll on homeowners through increased homeowner association fees and service cut backs.
The high number of properties under home, commercial and ranch foreclosure listings in Arizona earned the state the right to receive $45 million of aid from the U.S. federal government.
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.
The hope that foreclosed land and home foreclosures will start declining in Arizona in 2011 has become more prevalent as negative equity recorded a decline in the third quarter. Despite the drop, the state remains second nationwide.
A city in Arizona is using federal stimulus funds to help renters and first-time buyers purchase their bank foreclosed homes for sale. The city received about $39.5 million in federal funds under the Housing and Economic Recovery Act.
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Sheriff sale homes and other low-priced houses are still the preferred options of homebuyers in Arizona. Data showed that sales of high-end houses are lagging.
A number of Phoenix pre foreclosure homes and foreclosed residential properties will be auctioned off by Fannie Mae this April to cut down its foreclosure inventory. As of the end of 2009, Fannie and Freddie were still holding over 131,000 foreclosed properties in their books.
There was a lot of hope that the housing industry was going to recover but because of the lack of jobs available it has stalled the growth. When will the housing industry recover in at least Arizona.
President Obama officially unveiled his $75 billion dollar plan to quell the rising tide of foreclosures and begin to stabilize the country’s precarious housing market.
Buyers are advised to explore affordable repossessed home listings in Phoenix now as they are still available in relatively high numbers. Foreclosure activity slowed down in the Valley in May to a total of 3,200 filings.
State has decided to fund several housing programs that will curb the growing number of foreclosure properties and at the same time, help the homeless.
As foreclosure home auctions continue to rise, demand for family houses also rises in Phoenix, Arizona. For rent family homes have declined in number in the city and families are finding it hard to find three to four bedroom-homes in good neighborhoods.
Sales of bank owned properties in Phoenix stepped up in June this year, as foreclosure sales accounted for almost 36 percent of all sales of existing homes in the metro area. Almost 3,900 foreclosed homes in Greater Phoenix were sold in June.
Foreclosures in Phoenix, Arizona, fell to its lowest level in 32 months. The decline is attributed mainly to the moratorium implemented by Bank of America.
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.
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