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News British Columbia Finding housing bargains in the U.S. Sun Belt
News British Columbia Finding housing bargains in the U.S. Sun Belt
| Finding housing bargains in the U.S. Sun Belt | | Print | |
| Thursday, 16 September 2010 11:47 |
|
Canadian investors are finding super low house prices in Phoenix, Arizona, and experts say rising foreclosures will keep prices low for some time. The median price of a Phoenix detached house has fallen to US$108,000 – the lowest point in a decade – sparking fears that a "double dip" recession is looming. The sales slump followed the ending of a federal first-time buyer incentive in June that had provided a tax credit of up to US$8,000. As of August, more than 20,000 Phoenix-area homes were in foreclosure, up 34 per cent from a year earlier. Canadian bargain hunters are snapping up homes, such as near-new Phoenix houses, with pools, at an average of US$97 per square foot, and luxury condominiums for less than US$100,000, according to Toronto-based Cross Border Realty. For more information on U.S. Sunbelt real estate, see the November issue of Western Investor. |
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