How? Arizona has one of the highest levels of delinqencies on purchase-money first and refi mortgages. As the 3/1, 5/1, and 7/1 ARM's adjust many cannot afford the new payment and find themselves unable to sell since the current market value is below what they owe.
Why is it a good time? Obviously you are aware that by the time the general public becomes aware that it is time to buy the investor market has already passsed. Well, the investors are buying portfolios of these products right now. Since we are in the industry we need to paricipate or miss the market as well. Plus, the Greater Phoenix Metro Market is continuing to grow at above state average. 2007 ended at a modest 3% appreciation and 2008 is expected to be an additional 3-5% with recovery scheduiled for 2009 returning to an 8-12% annual appreciation schedule.
What does this mean for you and I? My company searches out the product and provides this opportunity to our own REALTORS as well as share the properties with others. We are known for multi-family acquisitions and now are launching into the REO, Bank owned and foreclsure properties. I am looking for other bloggers to spread the word and also personally acquire as well. All acquisitions are made after full disclosure so there is no portfolio requirements.
Let me know if this interests you. - Todd
PS if you have properties/opportunities for me in the REO, multi-family, self-storage or retail markets please do not hesitate to call me. We have buyers ready. Happy New Year - Todd
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