patrick.net

Flippers buying from other flippers... haha. I remember thomas.wong1986 called this horse-trading :)

Are those phoenix AZ specific data or what's happening thrughout the US?

Could you look up the trend/data for let's say zipcode 22152, where I am keeping my eyes on?

robertoaribas says

some out the cash buyers are out of state, but not as many as years ago. Most are local flippers, many who do multiple flips at a time.

As far back as 2004 published reports called Californians taking equity out of their homes and buying up out of state property, sometimes 2-3 homes. They were called Equity Locusts. Yes we are sure connected across state lines. Certainly may have put owners primary residence in Palo Alto at risk.

Th Wong,

I doubt it. I know a couple of Phoenix investors ("flippers") living here in the Bay Area; they were blue collar types, not exactly Palo Altans.

The Fortress has a different dynamic all about rich immigrants, dowry money, etc. If the Chinese currency really is allowed to go up against the dollar that will probably make Fortress prices even higher, though it'll likely further stress the finances of Walmart shoppers like us, leaving us less money to "invest" in Phoenix real estate.