By Paul Maryniak | SanTan Sun
Anxious homebuyers hoping to see a deluge of foreclosures springing from the pandemic’s impact on the economy and loading the Valley market with short sales should think again.
It’s more than unlikely that the Valley’s housing scene will see a flood of for-sale homes and plummeting prices that some reports in 2011-13 purported, says the Cromford Report, the leading tracker of Valley housing scenes in the Phoenix Metro area.
That’s primarily because equity has ballooned, making it less likely owners will simply walk away from homes as they did more than 10 years ago.
