According to USA Today, three years ago, one out of every 10 houses in Phoenix stood vacant. Today, it’s closer to one out of every 100.
In 2009 and 2010, houses were vacant for months. Now, properties generally are vacant because they are in transition between owners. The turnaround is credited to investors, who streamed in to buy dirt-cheap properties for cash. In many cases, these houses were turned into rentals for those who had lost properties to foreclosure or otherwise couldn't afford to own. Once some of the massive amount of housing inventory was absorbed, it helped win back the confidence of some traditional buyers.