ARIZONA FORECLOSURES PULLING DOWN HOME VALUES - GREAT TIME TO BUY

For the first time in Arizona, data is available to track the affect foreclosures are having on home prices across the valley.  A new system tracks the median prices of foreclosure homes versus resale homes by zip code.  Although bank owned homes are historically sold for less than resale homes, the new data shows that banks are trending to sell homes at bargain rates;  sometimes 10-30% below resale median prices. 

Arizona foreclosures are at record levels, but it likely has not peaked.  We will assuredly set record highs and in a short time, there will be over 1 million bank owned homes on the national market.  Banks will need to get this inventory off of the books. 

What does this mean for buyers in Arizona? It means that there has never been a better time to buy a home in Arizona when comparing value of median priced resale homes.  However, very few real estate agents are “bank-owned” experts or deal exclusively in real estate owned, better known as “REO” property. 

The Luxe Real Estate Group represents numerous bank and lending companies, such as Bank of America, Countrywide, HSBC Bank, M&I Bank, GMAC and many others.  We deliver our bank owned inventory to our clients first.  Please call us at 480-948-6260 or email Jay Martinez at Jay@Luxerealestategroup.com for more information or a current bank owned inventory list.