An interesting article by Catherine Reagor with Arizona Republic –
Bidding wars among investors and regular homebuyers continue to escalate because of the lack of supply.
Residential foreclosures in metro Phoenix fell again last month.
That’s good news for some struggling homeowners, but it means fewer bargain-priced homes on the market for potential buyers.
In June, lenders took back 1,719 homes, according to AZ Bidder. That’s about 300 fewer than in May.
Demand for commercial properties is also heating up as banks move to take back fewer office, industrial and retail properties in the region and small-business owners compete with investors for the shrinking supply of foreclosure buildings for sale.
“It is competitive out there now to buy commercial properties,” said Beth Jo Zeitzer, president of Phoenix-based R.O.I. Properties.
Only about 120 of the foreclosures in metro Phoenix last month came on commercial properties.
Now, the majority of commercial-real-estate buyers in the Phoenix area are individuals and owner-occupants trying to buy their own facility before prices climb too high again.
Unlike with residential foreclosures, Zeitzer said, many individuals and small-business owners are able to compete with investors on commercial foreclosure deals.
But Zeitzer said that as in the residential market, commercial foreclosures have already peaked and will likely continue to decline.
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