Mesa, AZ (PRWEB) December 13, 2012
Following a news story online by KTAR the Voice of Arizona, Desert Property Investor announced their support of the analysis by RealtyTrac, which showed Arizona ranking third nationwide, in terms of sales of foreclosed properties, behind Georgia, and California.
Desert Property Investor relied on statements in the KTAR news story made by RealtyTrac president, Daren Blomquist, who maintained that the Arizona housing market is taking a long time to "process" all the properties that went into foreclosure during the recession (many of which have been turned into Arizona vacation rental homes). Desert Property Investor appraised this scenario with an optimistic eye, seeing real estate investment opportunities in the current conflux, while many industry professionals are feeling "bogged down" by a process that often feels much like attrition. Desert Property Investor based its optimism on further data put forth by RealtyTrac -- showing that the average price of a foreclosed property in Arizona is up, 17 per cent, year-over-year.
KTAR Voice of Arizona reported that Arizona foreclosure sales were up, during the third quarter, accounting for 34 per cent of all home sales during that period. A silver lining* was also put forth by KTAR, relying on RealtyTrac data which showed that foreclosed property sale prices are rising in Arizona -- up 17 percent in 2012 vs. 2011.
Desert Property Investor, while not particularly surprised by the latest foreclosure data coming out of Arizona (showing it to be currently third nationwide in terms of foreclosed property sales) is also encouraged by data showing a sharp rise in the value of these foreclosed properties -- up 17 per cent in 2012, and a positive sign for Arizona investors.
About Desert Property Investor:
Desert Property Investor evaluates opportunities, pitfalls, services, and legislation related to the investment in residential property in the California, Arizona and Nevada deserts.