Psst! There's a Real Estate Boom (Yes, a Boom) in Phoenix, Arizona

Posted by Alex in Money & Finance, Travel & Places on May 24, 2009 at 12:54 pm

After the big real estate bust in Phoenix, Arizona, a new trend is afoot: a boom in the market for foreclosed homes, where investors buy properties then lend it back to the (former) owners turned renters:

With this sweltering desert city enduring one of the largest tumbles in housing prices for any urban area since the Depression, there is an unrelenting stream of foreclosures to choose from. On some days, hundreds are offered for sale at the auctions that take place on the plaza in front of the county courthouse.

There is also a large supply of foreclosed families who can no longer qualify for a loan. And that is prompting a flood of investors like Mr. Jarvis, who wants to turn as many of these people as possible into rent-paying tenants in the houses they used to own.

Real estate got just about everyone into trouble in Phoenix, and the thinking seems to be that real estate is going to get everyone out.

The low end of the real estate market here — and in some equally hard-hit places like inland California and coastal Florida — is becoming as wild as anything during the boom.

David Streitfeld of the New York Times has more: Link

(Photo: Joshua Lott / NY Times)

 
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Liquid Water Found on Mars!

Posted by Queuebot in Science & Tech on February 19, 2009 at 1:30 pm

Here’s some good news for all the space buffs out there: NASA’s Phoenix lander may have captured the first images of liquid water on Mars. Photographs appear to show water droplets that splashed onto the craft’s leg during landing.

“The controversial observation could be explained by the mission’s previous discovery of perchlorate salts in the soil, since the salts can keep water liquid at sub-zero temperatures. Researchers say this antifreeze effect makes it possible for liquid water to be widespread just below the surface of Mars, but point out that even if it is there, it may be too salty to support life as we know it.”

Link

From the Upcoming ueue, submitted by whitespace.

 
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