News Article From: 02-05-2007
Out-of-state investors still buy here, but pace slower, from the Arizona Republic, reports that Metropolitan Phoenix's housing market isn't the affordable haven for Californians that is was two years ago. The number of people from California buying Valley homes has shrunk to 5.5 percent of all sales. In mid 2005, almost 14 percent of all houses sold across the metro Phoenix area went to someone from California, according to data firm Information Market. Many of the California buyers in 2005 were investors who were looking to make a killing on our frenzied market. In the middle of 2005, when Phoenix area home prices had risen nearly 50 percent in a year, almost 25 percent of all homes selling were to out-of-state investors. While home sales are down, out-of-state investors are still buying. The article states that they are now coming from Texas, Nevada, overseas and of course, still from California.