Prescott Arizona area foreclosure market report as of 4-04-09
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Prescott Area Market Report
It’s getting old to say, BUT, the distressed real estate market in the Prescott area was busy on the listing AND closing sides this week. Identical to last week, eighteen new foreclosed or short sale homes came on the market, about one in every five homes being listed in the Prescott Arizona Area MLS system, and just over one half of the closings, or 12/25, were distressed sales in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt and the outlying areas of Yavapai County.
The difference between what newly listed traditional homes and Prescott foreclosed/REO and short sale properties per square foot remains large at a 39% discount compared to 40% discount last week.
The market down in the valley is continuing to show progress and that’s good news for us as many of them buy second homes and/or move to the Prescott area.
See: Metro Phoenix housing market finally emerging from ashes
| Foreclosed and short sale homes new on market in last 7 days* | |||||
| MLS | Address | City | List Price | SQFT | $/SQFT |
| 936662 | 17397 Trails End Rd. | Mayer | $39,900 | 940 | $42 |
| 936671 | 74 Friendship Road | Ashfork | $53,000 | 1,248 | $42 |
| 936692 | 1705 Kaibab Ln. | Chino Valley | $61,000 | 1,418 | $43 |
| 936567 | 4816 Carla Vista Dr | Prescott Valley | $79,900 | 1,440 | $55 |
| 936689 | 17430 Giddyup Lane | Dewey -Humboldt | $83,000 | 1,404 | $59 |
| 936691 | 17430 Giddy Up Lane | Dewey -Humboldt | $83,000 | 1,404 | $59 |
| 936668 | 12816 De La Cruz | Prescott Valley | $199,900 | 2,777 | $72 |
| 936589 | 8097 Jacque Drive | Prescott Valley | $149,000 | 1,893 | $79 |
| 936709 | 11111 Ironwood Ln | Dewey -Humboldt | $250,000 | 2,744 | $91 |
| 936710 | 1515 Essex Way | Chino Valley | $239,700 | 2,558 | $94 |
| 936583 | 3220 Siesta View St | Paulden | $250,000 | 2,551 | $98 |
| 936702 | 8062 Sable Way | Prescott Valley | $239,700 | 2,431 | $99 |
| 936654 | 1421 Bannon Pl | Chino Valley | $199,900 | 1,965 | $102 |
| 936536 | 10625 Dawn To Milky Wa | Prescott Valley | $389,900 | 3,691 | $106 |
| 936674 | 1120 Road 3 South | Chino Valley | $225,000 | 2,116 | $106 |
| 936538 | 5709 Bronco | Prescott Valley | $185,000 | 1,676 | $110 |
| 936694 | 6270 Bannie Mine Rd | Prescott | $133,000 | 1,184 | $112 |
| 936596 | 6505 Stratford Dr. | Prescott Valley | $234,700 | 2,041 | $115 |
| 936543 | 10044 Buck Haven Cir | Dewey -Humboldt | $289,900 | 2,425 | $120 |
| 936675 | 8872 Manley | Prescott Valley | $125,000 | 1,035 | $121 |
| 936672 | 3501 Meadowlark Dr. | Prescott Valley | $197,100 | 1,548 | $127 |
| 936588 | 1905 Oriental | Prescott | $239,900 | 1,812 | $132 |
| 936695 | 7485 Bridle Path | Prescott | $415,000 | 3,124 | $133 |
| 936676 | 18 Broadmoor | Prescott | $260,100 | 1,792 | $145 |
| 936549 | 750 Golden Hawk Driv | Prescott | $285,000 | 1,816 | $157 |
| 936658 | 7128 Grassland Court | Prescott Valley | $289,900 | 1,811 | $160 |
| # of Homes Listed: | 26 | ||||
| Average | $199,904 | 1,956 | $99 | ||
| Median | $212,450 | 1,814 | $104 | ||
| MLS Date: | 4/5/2009 | *Source: (PAAR) 110-670 | |||
To get more information about any of these listings or any others in Prescott, Prescott Valley, Chino Valley or Dewey-Humboldt areas, feel free to contact me, or you can search by MLS number, address, or lots of other ways in our Search Prescott MLS section.
| New Listing Stats Last 7 Days* | ||||
| REO/Short Sale Traditional | ||||
| New | 18 | 76 | 19% | of listings |
| List $/sqft | $98 | $153 | 39% | less |
| Pending | 12 | 10 | 55% | of listings |
| Closed | 13 | 12 | 52% | of listings |
| Sold $/sqft | $96 | $117 | 18% | less |
| DOM | 150 | 220 | 47% | longer |
| *Source: (PAAR) | ||||
The percentage of foreclosed/REO/short sale new listings on market remained the same at 19% this week. Last week 45% of the pending sales were REO or short sales, and this week they made up 55% of the deals going into escrow. The amount of REO/short sales that closed last week went from 44% last week to 52% this week. REO/short sales also sold about 47% faster than traditional resales.
See the full report on our main web site.
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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 [...]
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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. [...]