New Year to Bring New Wave of Phoenix-area Foreclosures
In November, 61% of the Phoenix Valley’s residential real estate transactions were foreclosures and resales of previously foreclosed homes. Median Home prices are at $143k, up from $140k in October, while resales hit 5300, up from 3400 this same time last year.
According to ASU’s Associate Professor of Real Estate Jay Butler,
…the foreclosure rate will pick up after the first of the year because of the continued weak job market and frustration on the part of homeowners struggling to pay their mortgages… We’re in an economic recovery, but it’s an anemic recovery; and more layoffs may be coming.
The outlook for investors is promising for early year acquisitions through Phoenix Trustee Sale auctions, including those looking to upgrade properties with the intention of leasing out the residences to generate some extra cash flow, as well as for buyers looking to fix and flip. First quarter home values aren’t expected to make significant gains, but with the extra properties out in the market there should be some quality opportunity for those willing to get their hands dirty and feet wet.
To view Butler’s full report, including stats, charts and a breakdown of the different regions across the Valley, follow the link below…
Expert forecasts new wave of 2010 Foreclosures for Phoenix, AZ