As bankruptcy attorneys located in Phoenix and surrounding areas such as Scottsdale, Tempe, Avondale, and Prescott, we have a good perspective on the Phoenix real estate market. And, unfortunately, it is not improving. In fact, it continues to deteriorate. Not only are residents of Phoenix not buying real estate now, many potential deals are falling through at the last minute as buyers get “cold feet”. Foreclosures are on pace to be approximately the same as 2010. According to www.phoenixmarkettrends.com, 49.1% of sales are bank owned, which means that there is a great deal of inventory that needs to be cleared before any recovery at all can even begin to occur in Phoenix. Furthermore and also according to www.phoenixmarkettrends.com, 21.9% of the sales in the Phoenix area are short sales.
So, long story short, think hard before buying real estate at this juncture because Phoenix real estate may have to go down a bit further before hitting a bottom. If you are the owner of distressed property and/or are behind in your payments on your house or rental property, please give us a call because we may be able to help your situation with a bankruptcy. A bankruptcy may give you the ability to stay in your home and catch up on your house or rental property payments. Give us a call at 480-845-0145 or contact us through e-mail and schedule a free consultation today so that we can explore your different options.
This article is for informational purposes only and should not be construed as financial advice in any way.