Disturbing trend? Some Valley homebuilders selling new homes to investors for rentals

Jim Belfiore

By Angela Gonzales | Phoenix Business Journal

In the midst of some field work checking on homebuilding activity around the region, Jim Belfiore noticed something unusual.

The owner of Belfiore Real Estate Consulting saw a surprising number of for-rent signs on newly built homes in nearly a dozen new East Valley communities.

While he only visited about a dozen communities in his most recent round of inspections, Belfiore was concerned about this latest development. During the past 10 to 15 years, investors typically have focused on purchasing existing resale homes because they have been less expensive than new homes.

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