"Speculators and prospective home owners came out in droves to buy homes in the Phoenix area. M did an early check of the sales numbers, and here’s the unofficial sales for April"


doughnutman at 16:46 2009-05-01 said:
Not real surprising. We are seeing a tremendous jump in people buying up homes in the under 100K range. Bargain hunting is in full swing. There is actually a hierarchy of people buying up 100-200 homes from the banks, then selling them for a little mark up to smaller investors and all the way down to the 2-3 homes kind of guys. Cash deals. Scary. We are also getting a lot more calls on finacing purchases under 50K. Not that we fund those. Phoenix is still in a lot of trouble. Retail, office and industrial numbers are going to be horrible and getting worse for months to come. Everybody has empty spaces. Office and retail, ughh. Good luck finding a strip center that is 100% full in most markets around here. Most are 50%-60% filled. Anybody looking to buy bank owned commercial in the next 6 months?I know a retail/office complex that had a loan on it for 10MM and is on the auction block for a starting price of 2.8MM. We are not anywhere close to the bottom. Permalink

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