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Blame Canada!

May 26, 2009 By Tempe Realtor

Is this what we’ve come to?  We’re going to rent from investors from Canada?  According to the New York Times, investment firms are buying hundreds of our homes here in Phoenix as rental properties.  They are buying bank foreclosures and then leasing the properties back to the original borrowers.  In many ways, this works out for all those involved.  Renters have a place to live, and the investors are gaining equity AND cashflow.  This should be a wake up call to local investors that we should be able to take advantage of our local market.  Don’t let outsiders drive up the prices again on us like many of the investors did last time.

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Comments

  1. Charlottesville says:
    May 30, 2009 at 1:18 pm

    I read an article where foreign investors were buying homes by the 100s in the Detroit area for under $10K. I say count your blessings Phoenix.

    Greg
    Charlottesville Homes

  2. landforsale says:
    June 17, 2009 at 1:04 pm

    I have also heard of the Detroit land rush. Some houses are priced as low as $5k. Slum houses, but still that is damn cheap. Foreign investors really hurt the local economy by taking money out of it by the fist full. There should be laws regulating foreign land purchases.

    Josh
    Arizona Land | LandCentral.com