• 
  Like
• 
  Follow

Search news    

---

More AZ consumers relocating to investor-owned homes

October 19, 2010 - A wealth of foreclosed properties in Arizona has led to a rising number of investors purchasing distressed properties and marketing them to relocating families.

In the past, such a situation might be discouraged by housing experts as one that could lead to higher home prices. But the Arizona Republic reports that many experts today are fine with the development, given that many investors are propping up the state's housing market by providing fixed-up homes to buyers who are struggling to find credit. Because those buyers are finding a hard time qualifying for a mortgage, they are increasingly relocating to investor-owned homes using nontraditional financing agreements.

Additionally, the lower-priced homes are popular among foreign buyers, many of whom are moving to Arizona because of the value their currency has there. Citing data from real estate data firm Information Market, Canadians make up the largest group of foreign buyers of Arizona homes.

Few are concerned that recent lender moratoriums will put a damper on the number of foreclosed properties for sale in Arizona, said the report.

Those moratoriums - led by lenders Bank of America and Ally Financial - were put into place while banks worked to review their foreclosure processes amid the national documentation controversy. Some experts, including the National Association of Realtors, expressed concerns that extended delays would prevent many buyers from moving into foreclosed properties.
 

Recent Articles

Related Categories