31% of Phoenix area home sales are foreclosures in March down from 51% in Feb
Print This Post A sign that foreclosure sales have peaked in the greater Phoenix area? That’s the news from the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus today regarding the decline in the rates of foreclosure sales in the Greater Phoenix area.
Investors are starting to come into the market again buying rental homes and income with the expectation that prices will rise in the next few years. That, and the fact that interest rates are low and 1st time buyers are finding prices that allow them to buy for what they are paying for rent.
ASU Realty Studies
Here’s an excerpt:
The declining prices have piqued interest for potential investors and owner-occupants, especially in the lower income ranges. For the traditional market, the median price in March was $127,000, down 45 percent from the $229,900 for a year ago. Foreclosed properties had a median price of $146,880 ($189,170 for March 2008).
Investment interest is being driven by the anticipation that home prices will rise again in the next few years. According to Butler, there are two fundamental reasons why the median price for foreclosed homes is higher than traditional transactions.
“The first reason is more expensive homes continue to be foreclosed, with 15 in March, three over $2 million, and 7 percent of the foreclosures were in the $300,000 range,” he said. “The other reason is that, for the last year, slightly more than 30 percent of the traditional sales were foreclosed homes that were sold again with a median price markdown of 15 percent. The markdown varied throughout the Valley ranging from 44 percent in Maryvale to 17 percent in Avondale to 10 percent in Tempe.”
Click for the full report that has details by Phoenix area neighborhood.
This is similar to the Prescott and Precott Valley markets where foreclosures made up 34% of sales in the 1st quarter. It will be interesting to see where they end up in Q2. For more information see: Prescott Arizona area foreclosure market report for Q1 2009.
To search for foreclosured, REOs, and short sales in Prescott, Prescott Valley, Chino Valley, or Dewey-Humboldt, click here.
Tags: foreclosures down, phoenix area market 
Categories: Arizona Foreclosure News, Foreclosure Market Report| | 
Thanks for your comment, Robert. I think if you read the entirety of my blog you will see that I try to post the current news and views about the market. You are welcome to post your analysis of what the market will do. My readers welcome input from all sides.
Thank you! This is just what I was looking for. Keep up the great work!
[...] How to help speed up a short sale tips [...]
Great blog post. The media will never pick up on this because it is more complicated than a soundbite.
If I may add that with the number of outstanding loans that are scheduled to reset in the next couple of years, decreasing home values and stricter lending guidelines, the rate of foreclosures are on track to peak in 2010. Short sales have become a growing niche for Real Estate Agents to sell homes before they become bank owned.
short sales | short sales education | short sales success
1/3 on the market are foreclosed or short sales – wow. It’s nice that you research this information. The agents who represent home sellers prob don’t share that info with buyers. Take care.
Dear Patrick,
Great article! I agree with you. I also would like to add couple more alternatives to those homeowners who want to stay in their homes.
There are two products those aren’t widely knowing and common in the market place. Trsutee Foreclosure Delays and Loan Re-Write.
Did you know that Homeowners are illegally being foreclosed on especially in Trustee States?
In Judicial Foreclosure states, a judge reviews the legality of the foreclosure proceedings to ensure the homeowner is being protected against greedy lenders and yet still the lenders are not properly following the foreclosure laws correctly (see this article: http://www.nytimes.com/2009/08/31/nyregion/31judge.html?_r=2).
In Trustee States, lenders employ a “third party” trustee company to replace the legal function of a judge and orchestrate the foreclosure process. If banks are not legally foreclosing when they know a judge reviews the case what do you think they are doing when they only have to go through a trustee that they pay? And what is more interesting, the trustee company is liable for the foreclosure proceedings but who is going after the trustee companies to review the legality of these foreclosure packages? You guess it! Yes, No one is..!
Did you know that a loan Re-Write program has the ability to reduce homeowner’s current loan balance down to the current market value at prime + 3%?
Here is an example: You owe $500K on your home but it is only worth $350k. Investors will bulk purchase the note from your current lender and re-write it back to you at $350k, saving you (the homeowner) over $150k!
I hope this helps!
To find out more about our services you may want to visit http://ASNDinc.com/
Yamen Elasadi
yamen@ASNDinc.com
Arizona Unemployment Trends – September 2009
Arizona Unemployment Trends Visualized as a Heat Map:
Arizona Unemployment in September 2009 (BLS data)
http://www.localetrends.com/st/az_arizona_unemployment.php?MAP_TYPE=curr_ue
versus Arizona Unemployment Levels 1 year ago
http://www.localetrends.com/st/az_arizona_unemployment.php?MAP_TYPE=m12_ue
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
This is good news… Foreclosure market needs movement to make more money and start leaving this situation
that’s good to hear. when you are experiencing foreclosure, you need the help of reliable real estate agents. when you are looking for them you may visit this site:
REALTOR
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
Hi!. Thanks for the blog. I
Hello, possibly this posting could be off topic but anyhow, I’ve gone surfing about your site and it looks genuinely great. It’s obvious that you know your topic and you appear passionate about it. I’m constructing a new blog plus I’m attempting to make it look good, and also present the best quality content. I
Considering, finding the right foreclosure home is the most essential step involved while buying a foreclosure some research should be done ahead of time before finding the most affordable home.
[...] See: Why short sales aren’t always a good deal. [...]
[...] Considering making an offer in today’s distressed home marketplace in Prescott or Prescott Valley? See: Top 10 tips to win the REO multiple offer game. [...]
[...] Foreclosures are still cranking in the U.S [...]
[...] 31% of Phoenix area home sales are foreclosures in March down from 51% in Feb [...]
[...] How to help speed up a short sale tips [...]
[...] See: Why short sales aren’t always a good deal. [...]
[...] Considering making an offer in today’s distressed home marketplace in Prescott or Prescott Valley? See: Top 10 tips to win the REO multiple offer game. [...]
[...] See: Why short sales aren’t always a good deal. [...]
[...] Considering making an offer in today’s distressed home marketplace in Prescott or Prescott Valley? See: Top 10 tips to win the REO multiple offer game. [...]
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
[...] See: Why short sales aren’t always a good deal. [...]