Have you tried to find a rental property lately in Glendale or Peoria? There aren't a lot out there - 305 for all of Glendale and Peoria, no matter the size, age, type (house, condo, apartment) or features.
Guess how many short sales closed in the same cities between January 1 and today? 385. Hah! That doesn't count foreclosures.
Short sellers can't get financing for home purchases for awhile - two or three years maybe - but that doesn't mean they can't buy. If they can come up with cash from friends or family or cash in retirement portfolios, they can buy lower-priced properties for cash.
Or they rent. And lots more are renting than buying.
If there could be a better time for somebody - or somebodies - to pull together funding for investment property, I don't know what it would be. There are tenants who want them. The demand by tenants for rental property is real, and demand affects pricing.
Once the tax bill is paid, maybe it's time to see what funds are available to purchase investment properties. Goodness knows there are people who need places to live.
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