Making an investment in property in Arizona these days may not sound like the best idea to many buyers. At first glance, the market for real estate in this sunny desert state is less than perfect; property values are low, no one is buying, and it's impossible to tell when prices are going to turn around and start to have value again. However, these same conditions have led to incredible opportunities to buy some perennially overlooked properties at great deals, and those are Phoenix foreclosure homes.
Real estate in Phoenix is a great commodity, because despite the slumping market, the economy there is growing, and the city is attracting lots of new businesses and residents. Therefore property there has a chance to rebound much sooner than the rest of the country. Phoenix foreclosure homes are very unique as well, because since they are sold by mortgage lenders looking to collect a debt, they often go for huge discounts. Most buyers save 10 to 50% off market value!
And the market for Phoenix foreclosure homes is currently booming, which is leading to lots of purchase opportunities and further discounts on prices. Arizona currently holds the 4th highest rate of foreclosure in the country, and the Phoenix market is responsible for a great deal of it. February of 2008 saw 2,200 new foreclosures sold on the market, the highest monthly rate yet since the recent boom, and with 2008 primed to be a huge year, the chances for savings are phenomenal.
Try searching for Phoenix foreclosure homes with a listings service, such ForeclosureDeals.com, to get an overview of the local market. This can be an excellent introduction to what's available, as well as a good way to learn about buying procedure and other aspects of the foreclosure game.
