"The market is still sinking, but it's exciting, the banks are about to become the major player in the Valley," said real estate agent Stanley Fosha.
The banks will become critical because of the number of foreclosures and more and more people will be dealing banks rather than a seller when buying a home.
"Organic sales will decrease significantly, private party to private party are going to be the minority of transactions that happen in the Valley," Fosha said.
Fosha expects many more foreclosures to pop up within the next few months.
"There are 24,000 homes in foreclosure right now, 15,000 have been taken back, that's 38 to 39,000 homes right there that could be on the market in the next 90-days," Fosha said.
The John Hall & Associates agent points to an area north of Paradise Valley in Phoenix as an example of foreclosures fueling buyers.
