Prescott Arizona area foreclosure market report as of 7-04-09
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Prescott Area Market Report
Happy post 4th of July weekend! It was booming here in Prescott last week with Combo Deluxe at Jersey Lilly’s, the rodeo and the parade. Too much fun!
After last week’s barrage of thirty nine foreclosed or short sale homes, sixteen new listings came on the market last week. They made up about one in every five homes being listed in the Prescott Arizona Area MLS system.
While the previous week was a record, sixteen listings is still one of every 5 homes coming on the market in the MLS.
There were also 67 traditional listings that came on the market last week at an average of $147 per square foot. Compare that to the $89 per square foot average for the homes below. Which ones do you think will sell faster?
Short Sales: 2/16 are short sale listings (see yellow highlight). Let’s hope that banks are getting the message that short sales can save them time and money compared to a foreclosure.
Thinking about a purchasing a short sale? Read these tips so you don’t waste your time:
10 questions for Prescott AZ short sale brokers
| Foreclosed and short sale homes new on market | |||||
| MLS | Address | City | List Price | SQFT | $/SQFT |
| 939190 | 2635 Bumpy Lane | Paulden | $92,900 | 2,128 | $44 |
| 939209 | 19720 Indian Hills Dr | Black Canyon City | $85,000 | 1,440 | $59 |
| 939079 | 3191 Queen Street | Prescott Valley | $65,000 | 1,056 | $62 |
| 939087 | 4067 La Jolla Drive | Prescott Valley | $143,600 | 2,250 | $64 |
| 939225 | 809 Hopi Trail | Dewey -Humboldt | $175,900 | 2,256 | $78 |
| 939191 | 3512 Needles Drive | Prescott Valley | $106,900 | 1,235 | $87 |
| 939017 | 2531 Reed Rd | Chino Valley | $168,500 | 1,863 | $90 |
| 939207 | 2360 Gambels Ridge Dr | Chino Valley | $133,000 | 1,426 | $93 |
| 939219 | 13055 Tijuana St | Dewey -Humboldt | $115,900 | 1,220 | $95 |
| 939163 | 4735 Miner Road | Prescott Valley | $130,000 | 1,362 | $95 |
| 939078 | 4135 Val Verde Way | Prescott Valley | $178,000 | 1,798 | $99 |
| 939073 | 883 Pulsar | Chino Valley | $165,000 | 1,617 | $102 |
| 939183 | 5180 Diamond Dr | Prescott | $169,500 | 1,651 | $103 |
| 939200 | 120 Wind River Drive | Dewey -Humboldt | $189,900 | 1,800 | $106 |
| 939066 | 864 Road 4 North | Chino Valley | $219,500 | 1,787 | $123 |
| 939182 | 11707 Hacienda Hts | Dewey -Humboldt | $183,600 | 1,484 | $124 |
| # of Homes Listed: | 16 | ||||
| Average | $145,138 | 1,648 | $89 | ||
| Median | $154,300 | 1,634 | $94 | ||
| MLS Date: | 7/10/2009 | *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.
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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. [...]