Prescott Arizona Area Foreclosure News

Times are still tough in the Prescott area residential real estate sector, but the foreclosure market is looking up. While real estate prices, as a whole, have plummeted, prices of foreclosuresin most states are going up, according to the foreclosure listing site Foreclosuredataonline.com.

The company reported that foreclosure sale prices in Arizona saw the biggest increase, where averages went up 15.51 percent to $285,257 during the first three days of November, compared to a listing average of $246,944 during the entire month of October.

Other states saw a smaller increase, but an increase nonetheless. Foreclosure prices in California rose 1.83 percent, Nevada saw a 1.45 percent increase, and Texas foreclosure prices jumped 1.27 percent, according to Foreclosuredataonline.com.

Statistics from Foreclosuredataonline.com also showed that foreclosure prices were down in only three states when comparing the current November average with October’s average.

While Maine saw a 1.88 percent decrease in foreclosure sale prices, West Virginia’s foreclosure price fell 0.72 percent, and Washington State a slight slump of 0.6 percent.

Supply and demand might have something to do with the overall increase in foreclosure prices nationwide. As the rate of foreclosure slows, a smaller number of foreclosed houses are available in the market. With prices still below fair market value, but climbing every month, foreclosures are also being looked at as investments.

According to Foreclosuredataonline.com, keeping up with current numbers in order to track trends is important because the real estate markets are still volatile.

If you are looking to buy property in Prescott, Prescott Valley, Chino Valley or Dewey-Humbolt, now may be the time to buy.  With prices bottoming out in the Phoenix market, according to the AZ Republic, the Prescott market is on the same path.

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