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Well, I went out there and bought 6 new homes earlier this year. A buddy bought 8. Another buddy bought 8. Everyone I know from SoCal is going out to Phoenix to buy new homes. I was out last week to buy more, but discovered that I couldn't. The builders weren't releasing any new homes to investors. Besides, the prices had increased at least $10k since I was out the previous week. Currently, I'm seeing around 60% annual appreciation on my houses. Yes, its a little crazy out there. I even heard one story where a California investor bought 20 houses... it was the entire block.

I was out a couple of weeks ago installing ceiling fans and blinds in one of the houses. I left back to Cali in the afternoon. That night, someone smashed a window and cleaned the entire house out, including the appliances, kitchen faucet, garbage disposal, and all the cool electronics I had put in the garage for my little sister, who's moving to Phoenix in a couple weeks to go to ASU. A lot of anti-California sentiment going on. From what I hear, there is a large ring of people who cruise the new home developments looking for out of state investor homes. They go in and steal the appliances at night, knowing the place isn't occupied. I called the police and they didn't even bother sending someone to the house to do a report.