The Phoenix area hasn't seen a wave of real estate investors like this since 2005.  However, these are experienced landlords, unlike the many novices we saw during the boom.  Savvy home-buyers, especially first-timers, are scooping up the bargains as well.  The lowest-priced homes are getting snapped up.  While many of the homes fall under the foreclosure umbrella, buyers are "performing the liquidator function, restoring the value of underperforming assets." 

Experts are hoping that Phoenix will soon reach that tipping point where the number of sales meets or exceeds the number of newly listed homes. 

Read full story at The Arizona Republic