Bank Owned Homes
The market for Bank Owned Homes in Phoenix Arizona is constantly changing. 2 years ago the market was flooded with REO and Bank Owned Homes as lender were taking back properties in records numbers. Most cities in the Phoenix metro area were seeing over 60% of sold properties being bank owned. There are a lot of outside factors that have changed the market. The government has placed many initiatives in place to help homeowners who are behind in payments. Programs like HAMP and HARP were created to help homeowners refinance, modify their loan or complete a short sale prior to foreclosure. Add to this the "Robo sigining" scandal where banks were having foreclosures documents signed without proper review and authorized signatures. These have combined to bring the foreclosure wave to a trickle.
With the government programs and many lender looking more towards the short sale to help home owners preserve their credit and stabilize values in neighborhood, the inventory of bank owned homes has dwindled. That being said there are still great opportunities to find a great deal on foreclosures and rumor has it that inventory that has backed up will be coming on the market soon. Now is the time for smart investors to acquire as many properties as possible. We are seeing that values have hit the bottom in the Phoenix market and are on the rise again. Check out my website to find the best deals on Bank Owned Homes.