New statistics show that foreclosures in Phoenix rose more than 35% from February to March of 2008, adding to the already plentiful inventory of foreclosure properties in and around the Phoenix area. The current level of foreclosures in Phoenix is more than 200% higher than what it was a year ago, and 2008 is predicted to see this number rise to even higher levels.
Foreclosures in Maricopa County now account for roughly 2% of all properties, a staggering figure that is matched by only a few other metropolitan areas nationwide. This flooded market has driven down prices at foreclosure auctions and bank sales across the board. Pima County, which houses the city of Tucson, also weighs in heavily in terms of its foreclosure rate, with an estimated 1% of all its properties in foreclosure.
Despite Phoenix’s foreclosure problem, the city’s economy isn’t doing half-bad. Lots of new businesses have set up headquarters in Phoenix in the past few years, which has attracted many new residents. This makes foreclosure properties in Phoenix one of the better chances for investment through foreclosures, since the opportunity for the market to rebound is high, and new residents creates demand. Investors should keep an eye on the area.
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