Increasing Foreclosures is a bullish sign.

Quote from cactus_trader:

yes, In AZ there are so many foreclosures it sometimes takes over 12-18 months before they coming knocking.

This was very common in AZ a few years ago. Regular folks bought homes figuring they were being priced out of the market and felt they would never be able to afford a home if they did not "BUY NOW" now they are deep upside down.



Its a tough call, if you are under water several thousand or if not 100k+, do you walk away and continue to pay and suffer?
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I was just looking at some houses in AZ just to see what the prices are and I cannot believe how cheap they are compared to where I am, near me they have 1 bedroom 1 bathroom approx 900-1000 SQF for $200-$250k, on top of that if its a co-op or condo the fees are anywhere between $500-$900 a month which includes taxes. The houses in AZ are going for $75-$150 a SQF and monthly fees are $50-$300 bucks.

Prices near me have dropped but nothing like they have in areas such AZ, CA and FL.


Found this and thought it was funny.

This is a house that costs $125k and is 1100 SQF

ATTENTION FIRST TIME HOMEBUYERS: Receive up to $65,000 for your DOWNPAYMENT. Brand New townhomes with all appliances included. Open flow plan designs includes kitchen island, tiled great room, loft work space and private garage. Located in very convenient North Phoenix with great Mountain views. Minutes from Freeway access and downtown. BEST of all - DOWN PAYMENT assistance of up to $65,000 available for eligible buyers. You could buy this home for as LITTLE as $85,000. Certain First time home buyers may only have to put $1,000 down to own this NEW home. Consult listing agent for downpayment qualifications. ONLY 6 HOMES Left include 3 Bedrooms and 3 Bedroom with Lofts.
 
UPS higher than expected, numbers looking better out there. Thanks to people not paying the mortgages which means they are free to spend money on goods and services and not on servicing huge mortgage debtloads.

Hopefully we see a continuation of this trend and a collapse in housing prices over the next few years.
 
Quote from KINGOFSHORTS:

UPS higher than expected, numbers looking better out there. Thanks to people not paying the mortgages which means they are free to spend money on goods and services and not on servicing huge mortgage debtloads.

Hopefully we see a continuation of this trend and a collapse in housing prices over the next few years.
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I wonder how accurate these stories about people not buying down their mortgage but going out instead and spending it on clothes and entertainment. I mean if this is the case how long before it catches up to the economy, how long before the consumer is tapped out. This short recession lasting only days didn't have any impact on the consumer what so ever, to see this kind of turnaround in consumer spending after the shortest crisis in history has me very confused. Could it be that people are going out and maxing out credit cards and spending money they don't have due to the fact that the government keeps coming in to prop up the consumer. I mean think about, the average consumer has about $5000-$8000 worth of credit card debt, that means in a single month between $65 and $100 is going towards interest on a credit card that has a 15% APR. I know some of my credit cards carry a 12-15% APR and I know of some people who have a 22%+ APR which just has to be hard to look at when they get that bill every month.
 
Quote from S2007S:

I was just looking at some houses in AZ just to see what the prices are and I cannot believe how cheap they are compared to where I am, near me they have 1 bedroom 1 bathroom approx 900-1000 SQF for $200-$250k, on top of that if its a co-op or condo the fees are anywhere between $500-$900 a month which includes taxes. The houses in AZ are going for $75-$150 a SQF and monthly fees are $50-$300 bucks.

Prices near me have dropped but nothing like they have in areas such AZ, CA and FL.


Found this and thought it was funny.

This is a house that costs $125k and is 1100 SQF

ATTENTION FIRST TIME HOMEBUYERS: Receive up to $65,000 for your DOWNPAYMENT. Brand New townhomes with all appliances included. Open flow plan designs includes kitchen island, tiled great room, loft work space and private garage. Located in very convenient North Phoenix with great Mountain views. Minutes from Freeway access and downtown. BEST of all - DOWN PAYMENT assistance of up to $65,000 available for eligible buyers. You could buy this home for as LITTLE as $85,000. Certain First time home buyers may only have to put $1,000 down to own this NEW home. Consult listing agent for downpayment qualifications. ONLY 6 HOMES Left include 3 Bedrooms and 3 Bedroom with Lofts.
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Yeah, I think AZ or Las Vegas are GREAT places to buy right now. The prices are so much cheaper than they were even 10 years ago. I bought my house in Vegas in 2001 for 148k and sold it in2005 for 293k. The buyers put in pool, they updated the outside,put a brand new circular driveway in and the house is now worth 100k after all that. AZ is crazy cheap too. I remember trying to get the builders to let me on the list to buy a house there in 2005. The house i wanted was $170k, but they wouldnt let "investors" buy houses then and since I still owned my house in Vegas, I was considered an investor. A few months later the same house was selling for $250k. I decided to rent then as i missed the housing gain and knew it. I bet that house is probably worth 70k or less now.

Check out this in AZ, A 5bdrm 3ba 3000+ sq ft for $130k http://phoenix.craigslist.org/wvl/reb/1692787675.html

If thats too much for you, get this house for 27k and rent out the guest house for $300 bucks and it pays your mortgage. http://phoenix.craigslist.org/wvl/reb/1687498392.html

Its just crazy how cheap it is there.
 
Quote from peilthetraveler:

Yeah, I think AZ or Las Vegas are GREAT places to buy right now. The prices are so much cheaper than they were even 10 years ago. I bought my house in Vegas in 2001 for 148k and sold it in2005 for 293k. The buyers put in pool, they updated the outside,put a brand new circular driveway in and the house is now worth 100k after all that. AZ is crazy cheap too. I remember trying to get the builders to let me on the list to buy a house there in 2005. The house i wanted was $170k, but they wouldnt let "investors" buy houses then and since I still owned my house in Vegas, I was considered an investor. A few months later the same house was selling for $250k. I decided to rent then as i missed the housing gain and knew it. I bet that house is probably worth 70k or less now.

Check out this in AZ, A 5bdrm 3ba 3000+ sq ft for $130k http://phoenix.craigslist.org/wvl/reb/1692787675.html

If thats too much for you, get this house for 27k and rent out the guest house for $300 bucks and it pays your mortgage. http://phoenix.craigslist.org/wvl/reb/1687498392.html

Its just crazy how cheap it is there.
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It's not crazy. Those places are hot and they suck all year round typically, save for a couple of weeks in the Spring and Fall...
 
Quote from peilthetraveler:

Yeah, I think AZ or Las Vegas are GREAT places to buy right now. The prices are so much cheaper than they were even 10 years ago. I bought my house in Vegas in 2001 for 148k and sold it in2005 for 293k. The buyers put in pool, they updated the outside,put a brand new circular driveway in and the house is now worth 100k after all that. AZ is crazy cheap too. I remember trying to get the builders to let me on the list to buy a house there in 2005. The house i wanted was $170k, but they wouldnt let "investors" buy houses then and since I still owned my house in Vegas, I was considered an investor. A few months later the same house was selling for $250k. I decided to rent then as i missed the housing gain and knew it. I bet that house is probably worth 70k or less now.

Check out this in AZ, A 5bdrm 3ba 3000+ sq ft for $130k http://phoenix.craigslist.org/wvl/reb/1692787675.html

If thats too much for you, get this house for 27k and rent out the guest house for $300 bucks and it pays your mortgage. http://phoenix.craigslist.org/wvl/reb/1687498392.html

Its just crazy how cheap it is there.
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the houses you listed are out in the sticks (or wasteland) Do not buy out in the wasteland areas.

I still think I would hold off in PHX, AZ as there 50,000 + homes for sale, unemployment still remains high, and the home buyer tax credit will expire soon causing the demand to fall off soon.

Again a home needs to be a home first vs trying to get instant equity. Buy a place that you like appearance of, the architecture, the neighborhood, the background, the school district etc


Also Its not that bad here in AZ in the summer. Yes I live here and used to it, but for the most part you are out of the sun during the day not melting, unless you are roofing houses etc.

I actually like the hot summers (cheap golf and empty paths for hiking :)


PS, if any of you need an unbiased opinion of specific homes in Phoenix, AZ Pm me.
 
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