PHOENIX, Jan. 14 /PRNewswire/ -- The Arizona Housing market hit rock bottom with an alarming thud. According to RL Brown, a well known Phoenix-based housing analyst and real estate expert, the preliminary tally of new home permits for the metro Phoenix region, including Maricopa and Pinal counties, show that only 295 new home permits were issued in the entire region in the month of November 2008. Brown's assertion is that the historical low in housing activity may signal the potential threshold for a market recovery.
"You know the old adage, 'statistics don't lie, people do,'" laughed Douglas Fulton, CEO of Fulton Homes (http://www.fultonhomes.com/). "No matter how the media twists or spins the story, there is no denying that market bottom barometers have chimed the end of the home value landslide. The good news is that there has never been a better time to buy. The housing market may not be out of the woods, but it's an excellent time to find great houses in every size, and variety, and price range."
Arizona has posted the nation's third-highest foreclosure rate, despite a nearly 25 percent decrease in foreclosure activity from October. "Right now, consumers can buy a new home for the same price as one of these foreclosures," said Fulton, "without the hassle of fixing them up and the cash it takes to bring them up to speed. Fulton Homes is one of the only builders in the country offering to show foreclosures after potential homebuyers size up our product offerings."
Fulton Homes has launched an aggressive campaign warning buyers about the time consuming and often expensive risks associated with foreclosed properties.
"Once the pros and cons are weighed for buying a new home versus a foreclosure, the details speak for themselves," added Fulton. "In addition to lengthy closings and limited financing options, foreclosures often present the buyer with extensive and unexpected damage sometimes costing tens of thousands in repair, putting the actual cost on the house far above the sticker price."
Arizona Real Estate broker Glen Delander agrees. "I've seen homes where virtually everything has been taken out -- we're talking appliances, AC units, sinks -- leaving the buyer with little more than four walls. It can be a risky venture and a poor investment."
In addition to the campaign, Fulton has launched a foreclosure calculator on their website (http://www.fultonhomes.com/) that accounts for various factors such as exterior paint, extent of damage and termites; giving buyers a more accurate portrayal of a foreclosed home's true cost.
Founded in 1975, Fulton Homes is one of Arizona's largest privately owned homebuilders. Headquartered at 9140 S. Kyrene Rd. in Tempe, Fulton Homes builds affordable, high-quality single-family homes. To learn more about Fulton Homes, visit http://www.fultonhomes.com/.
Fulton Homes
CONTACT: Terence J. Murnin, +1-602-530-9900, cell, +1-602-789-7485, forFulton Homes
Web Site: http://www.fultonhomes.com/
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