patrick.net

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.