Mohave.net

I’ve been having a lot of deja vu moments lately between Kingman realtor comments and Las Vegas and Phoenix realtor comments on forums. Hard to believe but this article points that out. The interesting thing about this article is that it appeared in the NY Times and was reprinted in the Seattle Times. Nothing in the Phoenix paper that I can see.

Here is the link with some snippets out of the article:

LINK: Phoenix Housing Bust – Bidding Wars

The New York Times
By DAVID STREITFELD
Published: May 23, 2009

PHOENIX — Every weekday morning, Lou Jarvis drives the sun-baked suburban streets looking for investment gold: a family that will lose its house in a foreclosure auction within a few hours……

Real estate got just about everyone into trouble in Phoenix, and the thinking seems to be that real estate is going to get everyone out.

The low end of the real-estate market here — and in some equally hard-hit places like inland California and coastal Florida — is becoming as wild as anything during the boom……

Absentee buyers, who can be either investors or individuals purchasing a vacation property, bought nearly four of every 10 homes sold in the Phoenix metropolitan area in April, according to the research firm MDA DataQuick. That is up 50 percent since late 2007, and is nearly the same ratio as at the 2005 peak.

Once again, just about everybody seems to be buying as many houses as they can, positive it will make them rich — or at least allow them to recoup some of their losses……