Foreclosure Market Booming In Phoenix
May 24, 2009 at 4:07 pm · Category: Real Estate
The low end of the real estate market here – and in some equally hard-hit places like inland California and coastal Florida – is becoming as wild as anything during the boom.
– David Streitfeld, “Amid Housing Bust, Phoenix Begins a New Frenzy”, The New York Times, A1, May 24
Very interesting front page article in today’s NY Times about the booming investor demand for foreclosed properties in Phoenix, AZ:
- According to the piece, nearly 4 in 10 home buyers in the Phoenix metro area in April 2009 were absentee buyers – up 50% from late 2007 and nearly the same ratio as at the 2005 peak.
- As its first foray into the US market, CBI Group, a real estate fund based in Calgary, Alberta, is buying 175 rental homes in Phoenix.
- The investment group is opening a new fund this week to buy another 160 Phoenix homes.
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I’m seeing several investors stepping into the Phoenix market. I almost want to say the boom is over, because prices are increasing with every purchase. Most investors are bidding upwards of 10k-20k just to contract a home. Good post and very true.
Thanks for the on the ground feedback Daniel.