FORECLOSURES MAY CAUSE RENTS TO RISE FOR PHOENIX HOMES
In Foreclosure Crisis – Demand for Single Family Homes in Phoenix rises, Arizona Republic article May 3, 2010 reports there has been a 40% drop in desirable rental homes in the Phoenix, Arizona metro area. The high demand for these homes is due in part to the significant number of those loosing their Phoenix homes by foreclosure. Phoenix area apartment complexes still are having a tough time attracting tenants, but rental agencies managing Phoenix single family homes have waiting lists. A year ago, investors were buying a few thousand Phoenix homes each month and turning them into rentals. But now, lenders are holding on to more of their foreclosed Phoenix homes while they work on a backlog of delinquent mortgages. If this trend continues, average Phoenix rents will rise.
Contact Sam Elam, Associate Broker with Prudential Arizona Properties for more information or visit http://www.SamElam.com
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.
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