{"id":2021,"date":"2018-11-02T03:47:20","date_gmt":"2018-11-02T03:47:20","guid":{"rendered":"http:\/\/www.gentryrealestategroup.com\/buylowazteam\/?p=1943"},"modified":"2019-05-08T22:49:42","modified_gmt":"2019-05-08T22:49:42","slug":"phoenix-arizona-foreclosure-sales","status":"publish","type":"post","link":"https:\/\/gentryrealestategroup.com\/buylowazteam\/phoenix-arizona-foreclosure-sales\/","title":{"rendered":"Foreclosures gained value more rapidly since recovery than other homes, and in many markets, are more valuable now than ever before, according to Zillow"},"content":{"rendered":"

\t\t\t\tSince the housing market recovery began, foreclosed homes have risen 74.5 percent in value in relation to approximately 46 percent for all homes.<\/span><\/p>\n

According to a new analysis from Zillow, the value of homes foreclosed on throughout the Great Recession are appreciating swiftly, up 10.3 percent \u00a0over the past 12 months, while the typical U.S. home is appreciating 6.5 percent annually.<\/span><\/p>\n

<\/p>\n

 <\/p>\n

In cities like Phoenix, this means investors can take advantage of the area’s demand for affordable rental properties by investing in foreclosures and converting them to rentals.<\/p>\n

In other words, homes that were foreclosed on during the housing crisis have experienced much greater gains in value than typical homes in the U.S.<\/span><\/p>\n

According to a Zillow press release, \u201cwhile the value of foreclosed homes is quickly appreciating<\/span>\u2014<\/span>they finally passed their pre-recession peak 10 months earlier than all homes\u2014people who lost their homes to foreclosure during the housing bust have not benefited from these gains,<\/span><\/span><\/p>\n

“And because nearly half of all homes foreclosed on during the bust were low-end homes, the housing bust widened the gap between the rich and poor in the U.S.”<\/span><\/p>\n

When the housing market went south 1o years ago, the value of those houses that were foreclosed upon dropped substantially, much more than homes that didn’t experience a foreclosure according to Zillow senior economist Aaron Terrazas . However, markets will never overlook a deal, and for much of the economic recovery, homes with a history of foreclosure have been a deal. <\/span><\/p>\n

\u201cThis remains so today, although somewhat less so than a year ago,” Terrazas said. “While the overall market is facing growing headwinds, homes that were foreclosed upon during the bust are picking up steam, speaking to the enduring appeal of affordability. For families who lost their homes during the housing bust and were locked out of the market for several years thereafter, this was a critical lost opportunity.”<\/span><\/p>\n

Some key findings from the report include:<\/span><\/p>\n

Many lower-income households were able to buy homes prior to the housing bubble,\u00a0<\/span><\/p>\n

causing the home-ownership rate to rise from about 65 percent in the mid-1990s to almost 70 percent in 2006.<\/span><\/p>\n

Of all foreclosed homes, almost half\u2014about 45.4 percent\u2014were among the least expensive third of homes. Only 16.9 percent of foreclosures were among the most expensive third of homes. San Francisco, Bridgeport, Conn., and San Jose, Calif. had the greatest share of foreclosed homes among the bottom-tier.<\/span><\/p>\n

Foreclosed homes gained value more rapidly than other homes, and in many markets, are more valuable now than ever before. Since the recovery, foreclosed homes have gained 74.5 percent in value, while the typical U.S. home has gained just 46%. And while appreciation has decelerated \u00a0over the past year for all homes, it has accelerated for foreclosed homes.<\/span><\/p>\n

In many cases, investors have bought foreclosed homes and transformed them into rental properties, benefiting from the recovery as home values rebound. The age of single-family homes used as rentals is up from 2005, but seems to have peaked at 28.4 percent in 2016, and is now down to 28.1 percent.<\/span><\/p>\n

\"Equal<\/p>\n

Phoenix Arizona foreclosure sales\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"

Since the housing market recovery began, foreclosed homes have risen 74.5 percent in value in relation to approximately 46 percent for all homes. According to a new analysis from Zillow, the value of homes foreclosed on throughout the Great Recession are appreciating swiftly, up 10.3 percent \u00a0over the past 12 months, while the typical U.S. […]<\/p>\n","protected":false},"author":1,"featured_media":2200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,4],"tags":[15,45,55,20,93],"class_list":["post-2021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-social-media-post","tag-arizona-real-estate","tag-arizona-real-estate-investing","tag-arizona-real-estate-trustee-auctions","tag-phoenix-real-estate","tag-phoenix-real-estate-foreclosures"],"acf":[],"yoast_head":"\nPhoenix Arizona foreclosure sales foreclosures 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