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Foreclosures up in metro Phoenix, TucsonPre Foreclosure homes filings in Pima and Maricopa counties increased 311 percent in September 2007 to 2,414, up from 777 during the same period last year.
Wednesday, October 24, 2007 found at Phoenix Biz journals "In many cases, especially in Arizona where land was very reasonable during the real estate boom, families could afford the houses until the mortgages reset. This is happening all over the country and the Phoenix area is one of the hot spots for foreclosures." As home owners deal with the economic hardship of going through foreclosure and losing their home, the existing conditions are presenting a large inventory of homes for consumers and investors, who can purchase foreclosed properties below market value. "The homes in foreclosure can still be very profitable in a vacation spot like Arizona," said Bankaci. "As snow birds flock to Arizona during the winter, the investor can turn the home purchased in foreclosure into a vacation rental property to put profit into his pocket." However, experts contend that many investors who looked to flip Valley homes during the real estate boom are partially to blame for the subprime crisis, as many of these homes remain on the market, with unpaid mortgages.
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