patrick.net

RentingForHalfTheCost says

Crap, I better go out and buy now. Come to think of it, I'll take out a loan from my 401k and buy an even bigger home.

Absolutely. If you don't buy now, you'll be priced out forever. Land is scarce in Arizona! It's a crowded state!

RentingForHalfTheCost says

Buy buy buy and push the banks so you can buy more. It is the American dream. Everything because we have unlimited leverage. Gotta love this country.

Don't forget to play hot penny stocks. 1000% gains overnight. Wow!

I actually do believe that a few markets have overshot on the low side. Especially Las Vegas with median price nearly down to $100k, maybe to a lesser extent Phoenix where it is below $200k.

And on trustee sales all cash investors could get an additional discount off that. It is not at all surprising if more investors have caught on and prices are up a bit.

That prices would double in several years going forward sounds like quite the stretch.

In a way, I could see it being true for that place. Most people here seem to agree that prices have under-shot already, and the increasing prices there come as no surprise given the frenzy of buying / investing activity. If all of the RE gets bought up and supply diminishes, then prices will pull a Bay Area Special. Now, this ALL hinges on the notion that there are enough people living in AZ to rent all of these investment properties, and I look at it with a sort of suspicious eye. The anecdotal evidence given here & in a couple of other places already seems to indicate that the AZ market is over-saturated with rental properties. Maybe it is not, I don't know. If it is, then investors are just blindly following the herd to the promise of easy RE money. We shall see.