Mohave.net

Misty Williams, Tribune

While the real estate downturn has devastated many households, it has also opened up opportunities for first-time home buyers and others to take advantage of more affordable prices and low interest rates.

Builders have knocked tens of thousands of dollars off the prices of new homes, especially in outlying areas, such as Maricopa and Queen Creek. A rising number of foreclosures and bank-repossessed properties also offer large discounts.

Mesa real estate agent Steffanie Countryman said she recently listed a bank-owned property in south Chandler for $469,000 — almost $200,000 less than what the former owner paid for it in 2006.

“(Prices) jumped up so quickly,” Countryman said. “It’s like anything else. You swing way up, you’re going to swing way down.”

http://www.tribunehomefinder.com/story/103187