Phoenix and Las Vegas housing markets join Californias housing rebound… as sales continue to surge to four and five year highs.
Sales of existing homes in the Phoenix region rose to the highest level for a December in four years as home price measures trended lower and investor activity rose. Existing home sales have increased on a year-over-year basis for 18 consecutive months. Investors and first-time buyers continue to fuel much of the home sales activity. In December, 45.3 percent of all Phoenix-area home purchase loans were government-insured FHA mortgages. Absentee buyers (investors) purchased 38.5 percent of all homes sold… full story.
The number of homes that resold in the Las Vegas region in December shot up to its highest level for that month in five years amid robust sub-$200,000 sales and strong demand from investors. December marked the 16th consecutive month in which total sales have risen on a year-over-year basis. In December, a popular form of financing used by first-time home buyers – government-insured FHA loans – accounted for 49.8 percent of all home purchase loans. Absentee (investors) buyers purchased 40.3 percent of all Las Vegas–area homes sold in December… full story
Buyers who appear to have used cash to purchase their homes accounted for 37.0 percent in Phoenix — and 45.5 percent in Las Vegas — of all December sales. Some of these “cash” buyers could have used alternative financing arrangements outside of a typical purchase mortgage, and in some cases these buyers might be taking out mortgages after their purchases. All-cash deals are popular in many Western markets where prices have dropped sharply and sellers favor the relative speed and certainty of cash transactions.
As you can see, to get the really great foreclosure deals, you must write an “all cash, as is” offer to the bank. And if you don’t have the cash to fund these deals on your own… then you must build a team of money partners to help you! Where do you find these investors? How do you structure your deals with them? These are all very important issues…. that you must resolve before you start writing offers!
And these are the exact issues that I will be sharing tomorrow night in my “Finding Money for Your Deals” Mini Lab Webinar. If you are not registered yet, please go here or call 800-310-7730 x2 to get setup. Talk to you tomorrow.
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