Here’s a link to an interesting article about the Phoenix area real estate market.  Investors have been flooding in to the market to buy distressed property.  From the sounds of it, many are buying, fixing and renting the properties.  I know that many here in the Twin Cities are doing the same and some are quickly flipping the properties.  (For the indignant housing advocates and activists out there, flipping is not illegal or immoral.  These flippers are actually making a very big, positive impact in many cities that have been devastated by the foreclosure crisis – for full disclosure, I am a flipper).