As of 8:30 this morning, the Tempe housing market is down to only 64 active foreclosure units on the market. The number of Tempe condos on the foreclosure market is down to only 7, and all of them are now under the $230,000 price point. There is another wave of foreclosures expected to hit the market in the coming month that should raise the number significantly, but for now, the market is competitive.
So who is buying up these properties and what does it tell us about the market? There are a lot of first-time home buyers on the market right now, but the driving force of this market seems to be investors. These are not the same investors we saw in 2005-2006 who would buy a house and flip in in a week or month, these are investors who understand the market conditions of today and plan on using the house for a rental.
The investors in today’s market are the investors who understood 2005 was not a great time to buy a house as a long term investment. These investors see today’s prices though and are looking to grab as many properties as possible for long-term investing.
What does that tell us about today’s Tempe and Phoenix housing market? If you are not looking to make a quick buck, but looking for a great investment opportunity for your next home, now may be the time to get out there and look. Follow the professionals.
Here is a list of the current Tempe condo foreclosures and single family foreclosures. You can also check out a complete list of Phoenix area foreclosures that are currently on the market and and search within those results.
Home prices continued to drop for the 18th straight month setting the region’s record for consecutive months of declines. according to the official numbers for August prices dropped an average of 26% from August 2007 to August 2008. In some good news mortgage interest rates have declined to under 6% fro many lenders on a 30-year fixed mortgage. Combine the low interest rates with the low housing prices and now is a great time for first time buyers.
