More Foreclosures in Phoenix Arizona! | Phoenix Real Estate Market Update

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More Foreclosures in Phoenix Arizona! It's been a while since we've seen an increase in foreclosures. So, what does this mean for the Phoenix Real Estate Market? Additionally, we are seeing more active listings. This week we're discussing all of this, and the anticipation for the Fed meeting and how that could affect mortgage rates!

[@yourphoenixrealestateagent]

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[@decoryder]

Thank you for the update. Private Investors are dumping properties before the market will drop, this accounts for some of the uptick in inventory. The Fed rate cut won't change market dynamics in any significance way, for now the trend is downward.

[@HaydonAshurstFamily]

You mean flat (per balanced CMI)

[@josemora6448]

Always appreciate these updates.

[@jeffm9145]

Phoenix has a lot of short-term rentals and most of them were purchased at the market peak. Revenues are down by nearly 50% and most investors are bleeding cash rapidly. It's only a matter of time before they stampede for the exits. The latest AirBNB earnings was dismal and the stock price dropped 14% in one day.

[@PaulVa_]

I’ve been hearing that lenders have “priced in” the rate drop for about a month, yet I was able to get much lower third quote a month later. So how is the rate drop priced in?

[@0529mpb]

Marry the house, date the rate and lose your house. People who bought before 2022 are set with low rates and won't go into foreclosure.

[@WorkHarder14]

For the MOST part I agree. However a lot of those people were waaay over-bidding on homes. Many of which aren't even worth what they were purchased for a few years ago. Happening in Austin, Vegas, and here in Albuquerque New Mexico where I live. Ask me how I know 😮‍💨

[@judyroth-tf9df]

Don’t listen to Rick marry the home owner a widow is the key (life insurance)

[@mc-xh2ek]

You would be surprised what can happen when the main provider of the home loses their job for x reason.

[@EViLSiDE520]

This is not true at all lol.