28 Apr 08 Who’s Buying Phoenix Real Estate?

According to a recent report from The Arizona Republic’s Catherine Reagor, Canadians are buying Phoenix real estate. In 2006, roughly 750 Canadians bought homes in Phoenix, which is reportedly close to double that of the previous year. The growing number of foreign investors in the Phoenix real estate market has provided a much-needed boost for a market that has seen decelerated growth due to the housing market downturn.

Phoenix real estate agents are welcoming interested parties from north of the border, as they too have experienced difficult times from the decline in home sales as of late. Many investors are taking advantage of short-sale transactions and targeting homeowners facing foreclosure. Much of the East Coast, along with Florida, is also experiencing a flow of foreign investors. While home sellers are relieved to get rid of their properties; many industry experts are concerned that unloading a home for as little as half of what it is valued at, will have negative repercussions.

Read Reagor’s article in its entirety by clicking here.