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As home prices will begin to drop in several cities, a nascent real-estate rebound here holds lessons for the remainder of the country. This article has been shared by Phoenix Foreclosure Properties. You can find the Phoenix Foreclosure Properties by searching for foreclosures phoenix.

This sprawling desert metropolis was one of the hardest hit housing markets during the bust. Phoenix home prices declined 55% from 2006 through the end of 2011, and Arizona’s foreclosure rate jumped to No. 3 in the nation in 2009. A substantial number of homeowners are underwater, meaning they owe more than their homes are worth.

Now real-estate economists country wide are studying an initial but surprisingly broad Phoenix turnaround. The sharp drop with housing prices has brought new buyers into the market. Unlike other markets where housing recoveries have been snuffed out by big overhangs of homes for sale and foreclosed properties, inventories are lean here.

The nation’s hard-hit housing markets face a tough act: engineering a housing recovery without traditional trade-up buyers, many of whom are either unwilling or unable to sell a result of huge price declines.

Phoenix has found a viable formula. Low prices are igniting demand from first-time buyers and investors which have been converting the homes to rentals. The area’s economy is on a upswing with several big employers like Amazon.com Inc. and Intel Corp. hiring again, which could further increasing demand for housing. Additionally the region is taking advantage of an increase of buyers from Canada who are using their favorable exchange rate to scoop up bargains in the desert.

Nationally, housing demand still remains weak and bank-owned sales are expected to go up soon, putting more pressure on prices. Many economists say they expect home prices nationally could fall by another 3% or so actually before hitting a bottom in the coming year. Most expect that prices will rise little for quit some time.

U.S. home prices fell another 2% during the fourth quarter on a seasonally adjusted basis, based on the Standard & Poor’s/Case-Shiller index tracking 20 cities. But prices rose by 2% in Phoenix, the most significant increase of all metro area in the country. Over the past year, prices in Phoenix are down by 1.2%, the lowest drop since its prices started falling in 2006.

As active hands-on real estate investors company, Phoenix Foreclosure Properties have helped countles of seasoned and novice investors find “the deals” and walk them through every step of the investing process from fix and flips, buy and hold strategy, sweat equity and hard/private money loans, to multifamily portfolios. Tag: foreclosed homes phoenix