Prescott Arizona area foreclosure market report as of 4-25-09
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Prescott Area Market Report
Eleven new foreclosed or short sale homes came on the market, about one in every seven homes being listed in the Prescott Arizona Area MLS system, and one fifth of the closings were distressed sales in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt and the outlying areas of Yavapai County. This is two weeks in a row that foreclosure activity is down.
But we’re not out of the woods yet. This week there were 117 Notices of Default (NOD) filed with the County Assessor…in about 104 days, we’ll see most of them come on the market as REOs.
The difference between what newly listed traditional homes and Prescott foreclosed/REO and short sale properties per square foot remains large at a 30% discount.
Last year Prescott had the distinction of becoming an MSA and our first report was to be listed as the 25th MSA in the nation with foreclosures as a percentage of our households according to RealtyTrac.
See: Prescott area is 25th in foreclosures nationwide for Q1 2009
| Foreclosed and short sale homes new on market | |||||
| MLS | Address | City | List Price | SQFT | $/SQFT |
| 937210 | 361 Lobo Ln | Chino Valley | $74,900 | 1,312 | $57 |
| 937200 | 9665 Catalina | Prescott Valley | $129,000 | 1,296 | $100 |
| 937239 | 7323 Greenscape View | Prescott Valley | $168,500 | 1,610 | $105 |
| 937167 | 7235 Lobo Way | Prescott Valley | $189,000 | 1,748 | $108 |
| 937140 | 1765 Tamarine | Chino Valley | $224,900 | 2,044 | $110 |
| 937114 | 5600 Roadrunner | Prescott Valley | $179,900 | 1,577 | $114 |
| 937125 | 6800 Sunset Ct | Prescott Valley | $189,500 | 1,630 | $116 |
| 937199 | 7464 Plateau Ridge | Prescott Valley | $149,900 | 1,269 | $118 |
| 937109 | 8600 Howling Lane | Prescott Valley | $249,900 | 2,098 | $119 |
| 937176 | 731 Highland Circle | Chino Valley | $187,900 | 1,536 | $122 |
| 937137 | 15950 Appletree Lane | Dewey -Humboldt | $324,500 | 2,404 | $135 |
| # of Homes Listed: | 11 | ||||
| Average | $187,991 | 1,684 | $109 | ||
| Median | $187,900 | 1,610 | $114 | ||
| MLS Date: | 4/25/2009 | *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.
| Weekly Activity Stats | ||||
| REO/Short Sale Traditional | ||||
| New | 11 | 69 | 14% | of listings |
| List $/sqft | $109 | $145 | 43% | less |
| Pending | 18 | 10 | 64% | of listings |
| Closed | 4 | 17 | 19% | of sales |
| Sold $/sqft | $92 | $131 | 30% | less |
| DOM | 188 | 206 | 10% | longer |
| *Source: (PAAR) | ||||
The percentage of foreclosed/REO/short sale new listings on market decreased from 18% to 14% this week. Last week 33% of the pending sales were REO or short sales, and this week they made up 64% of the deals going into escrow. The percentage of REO/short sales that closed last week went from 26% to 19% this week. REO/short sales sold about 92% faster than traditional resales.
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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. [...]