Foreclosures Are Catching Investors’ Attention Now
Quick-flip deals on new homes are long gone. It’s the Valley’s growing number of foreclosures that has caught investors’ attention now. Last month, Ray and Elaine Balderas bought two foreclosed homes in south Phoenix. The couple paid about $100,000 each. The median price of a Valley home is $220,000.
Unlike investors who got burned by tapping all the equity in their homes a few years ago to invest, the Balderases tap only a small portion of their home’s value. The pair bought a house on a couple of acres a decade ago for $140,000. It recently appraised at $875,000.
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