I bought a place in Phoenix last August. I got a great deal, and I've spent a fair bit of time down there since I bought it (I work out of my home, so I can be anywhere, as long as I have internet access). House prices have more or less stayed the same since I bought, and maybe even moved up a bit, as there are a lot of speculators and Canadians buying properties.
If you are going to buy a place that is a short sale, you have to be patient. When I was buying last August, some houses had multiple offers on them and it took a long time to decide which offers they were going to accept. If you are buying a property through a bank, in which they forclosed on a property, it's hard to do a proper assessment as to the condition of the house, because the utilities are off, and they will not have them turned on so you can make sure everything is working properly. I managed to find one that was being sold by the buyer, so it went smoothly.
When people have had their house forclosed on, sometimes they try and damage the property. I've heard of several cases of people dumping concrete down the toilets. Of course if they aren't used as soon as that happens, the concrete sets in the pipes. Anyway, the point is, make sure you get a good inspection agency to go through the house before you finalize the sale.
Between Vegas and Phoenix, I prefer Phoenix. It's warmer in the winter, and you probably won't be there in the summer when it's 110 deg F or more, anyway. I was in Phoenix for Christmas, and it was warm enough to be in shorts. We went up to Vegas to spend Christmas day, and you needed at least a hoody or light jacket, as it was noticably cooler.
Anyway, if you want a good realtor in Phoenix, PM me - the guy I used is a Canadian, and he was great.
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