As we all have surely heard by now, foreclosed and bank owned properties are currently a major force in the market.  With the rise in foreclosures here in Chandler, Gilbert, Mesa, Phoenix, Tempe and the surrounding Maricopa and Pinal counties, there are certainly plenty of homes to choose from.  If you are in the market to find a bank owned or REO property, Arizona is a great place to find great opportunities. 

Queen Creek, Arizona for example has been devastated by home foreclosures, and has some of the best bargains in the state.  Bank owned properties have been a driving force in this outlying part of the state, and current prices reflect that.  Since the 2005-2006 top the average sales price in Queen Creek has tumbled nearly 50%, leaving many homes ripe for the picking for long term investors and home buyers.  In the chart below, notice the increase of monthly sales starting approximately March of ‘08.  The rising interest in homes coincides with the massive drop in home values you’ll see on the next chart (average sales price chart).

Monthly Home Sales In Queen Creek, Arizona

Total monthly sales in Queen Creek, Arizona for the month of December, 2008

 Average Sales Price in Queen Creek, Arizona

Average sales price in Queen Creek, Arizona for December 2008

 

Other Arizona cities have had similar price corrections.  Buyers have taken notice and are cashing in on some of the best real estate bargains in America.

 At current prices, now is a great time to buy in Arizona.  It’s easy to get started.  If you are considering buying and would like more information on where to begin, would like to view a bank owned property, or would like to gain access to REO lists, please feel free to contact Nathan Mitchell at 480-529-6329, or Nathan@ezlistaz.com.