Today, a national report on the housing market "Home Prices Drop Into Double-Dip Territory" explains the drop in prices of some cities throughout the US. In our local market which includes the East Valley cities of Mesa, Gilbert, Chandler, Tempe and Scottsdale, we are seeing prices finally beginning to rise in some neighborhoods.
There are still very, very good buys out there. For example, a 3 bedroom Tempe townhouse, totally renovated with granite counters, etc., is listed for $100,000. If you put 20% down, the monthly mortgage payment of principal and interest will be as low as $500 per month. The townhouse can fetch $1000-$1200 in rent, providing a great return on investment of $500 per month positive cash flow! To view the home, please email us and we will be happy to provide the information to you.
To read more on the national report, go to: http://www.foxbusiness.com/industries/2011/05/31/home-prices-drop-double-dip-territory/