Vacant Homes Make Up One-Third Of "For Sale" Residential Market In Metro Phoenix

In Phoenix, Arizona, The Arizona Republic reports:

• At least one out of every three homes for sale across metropolitan Phoenix is empty, and owners are motivated to cut prices to sell. Many empty houses are owned by investors who can't find renters and need to sell. Others are owned by people who moved to other houses in the Valley or elsewhere and can't afford two mortgages. Some empty homes for sale are new houses that home builders are offering deals on. And a growing number of vacant houses are owned by lenders that foreclosed on the properties and want to cut their losses by selling them quickly and often cheaply. About 36 percent of the Valley homes posted on the Arizona Regional Multiple Listing Service are empty. That's almost 20,000 of the record 55,000 houses for sale now.

(Hopefully, the copper thieves and the squatters don't catch wind of all these vacant houses.)

For more, see Of Valley homes for sale, a third sit empty (20,000 vacant homes pushing prices lower).