Speculators Buy 25% Of New Phoenix Homes
BusinessWire is reporting an uptick in foreclosures in the Phoenix area. "Foreclosures.com reported today that new Notices of Trustee Sales in Maricopa County increased slightly to 1020 filings in March, up from 925 in February. 200 homes were actually sold at Trustee Sale Auction in March."
Not huge news, but one interesting sidenote. "With 25% or more of new homes being sold to out of state investors who never intend to occupy the properties, the market is slightly distorted on the upside." Everyone in Arizona knows what state most of these "investors" are from. I wonder if they are using home equity loans to do so?