Might sound stupid but where is everybody going (Phoenix, Tempe: for sale, foreclosures)

[mikeanajessse]

Interested in relocating to the Phoenix area within the next two years.I dont want my post to sound stupid or ignorant.But where is everybody going i am amazed at the amount of homes for sale and the prices.All of these people must have had decent jobs to get into these homes at the prices that they paid.Is it that the majority of people overpayed with crazy loans and the rug was just pulled out by the way the loan that was structured or did the whole job market crash.Or my third question are a good amount of people looking to get out for negative reasons such as crime,heat,or just not happy to be there overall.From the outside looking in i see the area being in a good location geographically, yes it is the desert but relatively close proximity to California for beaches Vegas for gambling and if you miss the snow up north to Flagstaff.Besides the extreme heat which to me dry is definetly better than hot and sticky, like most cities near the coast are, and monsoon season with the occasional dust storm.To me once again these negatives in the weather by far out weigh hurricanes, earthquakes,tornadoes,and two feet of snow in your driveway every other week in the winter.I guess i am just scratching my head a little.

[Ponderosa]

Population has continued to grow, but at a slower rate, throughout the recession. Lots of those foreclosures turned into rentals. Folks who lost a house rented another house that someone else lost. BTW, if you haven't been following the local news, there is a severe housing shortage developing in the Phoenix metro now with available homes for sale near record lows and prices in some cases undergoing steep increases. The housing recovery is well underway here. Many of the houses you see on the national web sites are already sold, but the sties haven't been updated yet.

[scocar]

Many of the for sale homes were also purchased by investors and then rented out. They bought them with historicially low (and what should have been illegal) loan terms and then dumped them when the bubble burst. The housing bubble hurt the AZ economy more than most because so much of the economy was based on home construction. So when the bubble burst many people in the construction business lost their jobs.

[R_Cowgirl]

Originally Posted by mikeanajessse

Interested in relocating to the Phoenix area within the next two years.I dont want my post to sound stupid or ignorant.But where is everybody going i am amazed at the amount of homes for sale and the prices.All of these people must have had decent jobs to get into these homes at the prices that they paid.Is it that the majority of people overpayed with crazy loans and the rug was just pulled out by the way the loan that was structured or did the whole job market crash.Or my third question are a good amount of people looking to get out for negative reasons such as crime,heat,or just not happy to be there overall.From the outside looking in i see the area being in a good location geographically, yes it is the desert but relatively close proximity to California for beaches Vegas for gambling and if you miss the snow up north to Flagstaff.Besides the extreme heat which to me dry is definetly better than hot and sticky, like most cities near the coast are, and monsoon season with the occasional dust storm.To me once again these negatives in the weather by far out weigh hurricanes, earthquakes,tornadoes,and two feet of snow in your driveway every other week in the winter.I guess i am just scratching my head a little.

They aren't necessarily leaving, they are just renting now or living with relatives till they figure it out. It's still a great place to live. Lots of pluses. Big minus is summer weather, but you don't have to shovel sunshine! And there are close to 160 networking groups here, so you can connect with whatever group suits your fancy. There's a lot going on in the valley.

[TwoSticks]

I think things are beginning to pick up, and I wasn't expecting to be able to say that for another five years. A house around the corner from me (Tempe) put up a for sale sign a month ago, the first one I've seen in the neighborhood in years. When it came down in less than two weeks I thought the seller had changed his mind, but the place sold in five days, and the seller was able to accept a bid for more than they were asking, which surprised them. Not much more, but it was a pleasant surprise.

I hope this stays for a while. It'd be nice to have one more thing to smile about around here.

[Pink Jazz]

In the East Valley, Gilbert and especially Queen Creek are growing at a fast rate. In the West Valley, the fastest growth seems to be in Buckeye, Goodyear, and Surprise.