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If you are in the market to purchase a home, you will likely find, that this is an excellent time to purchase Phoenix Foreclosure homes! The combination of employment opportunities drawing individuals to the area, home prices dropping in a large number of Valley communities, and an abundance of foreclosed homes flooding the market, have caused rental property to become much more popular.

Over the last several decades, there has been a population shift among the largest cities in the nation, especially those that border Mexico. The fifth largest city in the country, with a population of 1.5 million as of 2006, is Phoenix. The cities continues to grow. Between 2005 and 2006, the population grew by 43,000 people. The state is a desert state, and most people choose to settle near the largest city. The area around Phoenix actually accounts for more than 75% of All of Arizona’s residential homes. Phoenix is located in Maricopa County, which saw an increase of 70% in foreclosure filings this last August.

Certain areas have suffered from more foreclosures than others, however all of the areas affected are known for affordable home prices in the Phoenix area Valley community. Some areas, where home owners purchased with ARM or Adjustable Rate Mortgages were especially vulnerable to foreclosures, such as East Valley, Mesa, West Phoenix and Maryvale. It is expected that further clusters of home foreclosures will be experienced within the next six months or so, causing prices in those areas to plummet even further.

So, is purchasing a home now a wise choice? It is common for potential home buyers to wait for reassurances that home prices are headed back in the right direction, before they will make a move to jump into a market that has been cold. The appeal of rental property in Phoenix is high, thanks to the encouraging private sector job growth, and low unemployment. Individuals who currently reside in the suburbs, will be reluctant to move from this area if they are in the process of having their homes foreclosed, as will individuals presently living in the city.

Just remember that while it is important to check out the market and be sure before making an investment, delaying a purchase for too long might cost you in other ways such as loss of rental income or loss of an affordable foreclosure home. It is expected that the for the buyer, your ultimate potential for negotiation will definitely peak this fall in Phoenix.

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