Catherine Reagor of the Arizona Republic had a blurb yesterday on out-of-state investors in Arizona real estate.

It was a bit confusing to me because she started out talking about California investors only and I missed the transition when she switched to talking about all out-of-state investors from any state or foreign country.

She got the data from Information Market which is the same place where I buy the raw data I use in the Arizona Home Sale News weekly emails of home sales.

MID-2005
Out-of-state investors account for almost 25% of Valley homes sales. California investors account for 14 of the 25 percentage points.

DECEMBER 2006
Out-of-state investors account for 14% of Valley homes sales. California investors account for 5.5%. Investors are also coming from Texas, Nevada and foreign countries.

In both cases however, many of those buyers were second home buyers more than straight up real estate investors.

Nevertheless, that 11 percentage point decline in out-of-state investors accounts for roughly one-third of the fall in metro Phoenix home sales.

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