Foreclosures dominate the Phoenix Real Estate Market as inventory falls

A change is a-brewin.  Home prices have fallen almost $40,000 in some areas in just a matter of weeks as banks seem to be “dumping” homes.  This is especially noticable in Queen Creek and Maricopa where multiple offers are being received on properties.  Yes, that right…BIDDING WARS!  When was the last time that was happening in the Valley?

Buyers are now bidding on these great deals and everyone is winning….well, almost everyone.  Homeowners in these neighborhoods are watching the values on their homes decline accordingly and it’s PAINFUL, especially if you’re trying to sell your home.

Did you catch the best news in all of this?  Inventory is falling!  YES!  That’s what we need..less inventory and a return to a more balanced market.  Magic 8 ball…could this be the bottom?

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  1. […] Real estate blogs are all over the story too with local statistics, charts, graphs and surmises. The local mainstream media has finally tired of the gloomy news. Heck, even NPR radio got in on the act with a story that “the [housing] market may be headed for an upswing.” […]