New River Foreclosures

New River is part of the Sun Belt, one of the areas hit hardest by the national foreclosure crisis. States like Arizona, Nevada, and California tend to have some of the highest foreclosure rates in the country as well as some of the lowest sale prices on foreclosed homes. New River experienced an influx of new residents right before the foreclosure crisis, which made New River foreclosures particularly abundant once the housing market crashed. In some cases, buyers can find New River foreclosures that sell for as much as 30%-40% below market value. Read on to learn more about New River foreclosed homes and how you can secure a loan to purchase one.

About New River

New River is about 36 miles north of Phoenix. A fairly recent development, New River is just north of Anthem and northwest of Cave Creek and Carefree. As the city of Phoenix continues to stretch northward, it comes closer and closer to enveloping the Anthem/New River area. The future of the area is uncertain, with many believing it will eventually be included in the Phoenix metropolitan area. Many people who live in New River identify as Phoenix or Anthem residents, which is why New River foreclosures are also referred to as Anthem or Phoenix foreclosures. Here are a few quick facts about New River, AZ and its housing market:

• Median household income: $91,676 (as of 2007)
• Median sales price of New River homes: $230,500 (as of April 2009)
• The median sales price of New River homes peaked at the end of 2007 at $429,000
• As of April, there have been 67,914 New River foreclosures in 2009
• The average New River foreclosure home has sold for about 33% below market value in 2009

Tips for Buying New River Foreclosures

As with any foreclosure purchase, it's important to thoroughly review the condition of the New River home you intend to buy. Often, owners anticipating foreclosure will let the home fall into disrepair, forgoing important maintenance. Ideally, you should have a home inspection done, preferably by a professional who specializes in New River foreclosure inspections. Also consider the neighborhood in which the home is located. The home will not appreciate significantly in value once the market rebounds if the neighborhood is bad.

View Offers on New River Foreclosure Mortgages

If you're interested in purchasing a foreclosed home in New River, AZ, you will first need to qualify for a mortgage. You can begin the buying process for New River foreclosures here by shopping for a mortgage loan. Visitors who fill out the sign-up form included on this page can view up to five free quotes on foreclosure mortgages in New River. Our lending partners are certified and have a wealth of experience dealing with New River foreclosures. You can view offers on adjustable-rate or fixed-rate foreclosure mortgages side by side with our help. Get your next home for a steal by looking into New River foreclosure mortgages now.