Phoenix Real Estate Market Keeps Tanking (to work, selling, value)

[jimj]

Got my appraisal back. According to the appraisal it has only gone up $8k since we bought 2 years ago which is less than 10%.

[sunluv]

Bulk Phoenix foreclosure purchase.

Mystery buyer snaps up foreclosure homes

[jdahunt]

That is really scarey....so much for being open and transparent right.

If this is on the up and up why not be open about it and give others a chance at the houses.

I heard the same thing is happening in Florida, some group is trying to bundle a 1000 houses to then sell and market together as a package deal.

Probably end up being some big campaign contributer or bundler.

[john3232]

Originally Posted by jimj

Got my appraisal back. According to the appraisal it has only gone up $8k since we bought 2 years ago which is less than 10%.

And probably all of it occurred within the past six months.

I would also check the comps as well.

[Potential_Landlord]

Originally Posted by jimj

Got my appraisal back. According to the appraisal it has only gone up $8k since we bought 2 years ago which is less than 10%.

Ouch. I'm also nervous about this as I want to refi my mortgage but will the appraisal come in high enough? - I have just had a BPO valuation revised to 155k by Freddie Mac. Will this be the same number via an appraisal? - I would have to hit that target. - Thanks, P.L.

[Zippyman]

Originally Posted by sunluv

Bulk Phoenix foreclosure purchase.

Mystery buyer snaps up foreclosure homes

Sooo... Inventory here is brutally low, but our government put together a "package" of already-leased homes to sell to the pig-men at a discount.

Nice.

[john3232]

Originally Posted by Zippyman

Sooo... Inventory here is brutally low, but our government put together a "package" of already-leased homes to sell to the pig-men at a discount.

Nice.

At this point the gov`t just wants to get rid of that stuff as fast as possible.

[jimj]

Originally Posted by john3232

And probably all of it occurred within the past six months.

I would also check the comps as well.

Waiting to get it physically in my hands, I was just verbally given the figure. My loan guy is wondering about the number as well so he's having it reviewed. I'll have it early next week I guess.

[MotleyCrew]

Originally Posted by john3232

At this point the gov`t just wants to get rid of that stuff as fast as possible.

I think it would be very interesting to follow this money trail all the way back.

[jdahunt]

I think most of us already know what the money trail will show....the sad thing is that we continue to allow these kind of shenanigans...and no one ever goes to jail.

It could be worse though, what if the gov was actually buying them only to put the houses into a section 8 program.

Anyone else hearing that the gov is once again putting pressure on the banks to relax approval standards for those who are less financially successful.