Phoenix Investor Bidding Wars Erupt on Foreclosed Homes
Rising Foreclosure Rates in Phoenix: A Deep Dive The Phoenix real estate market is currently facing a surge in foreclosure rates. Foreclosure proceedings have risen by 33% over the past year. Economic pressures are the primary cause of this increase. Soaring interest rates and inflation are impacting housing affordability. Rising construction costs are also contributing to the financial strain for prospective buyers. This creates mounting uncertainties in the housing market. Job instability adds further financial strain on homeowners. These factors lead to more foreclosure filings. Metro Phoenix now has a foreclosure rate of approximately 3.09%. This figure notably exceeds the national average of 1.39%. Declining housing affordability escalates stress for Phoenix residents. First-time buyers and investors face intense competition. Government-backed entities possess large portions of foreclosure inventory. Regional disparities highlight localized economic stress. Mohave County, for ins...