Updates on Phoenix Housing Market

Some quick market updates to share with you all…

  • Active Notices of trustee sale for residential properties as of the end of March’13 were 9,194 units. Down from last month of 9,750.  Down from the all time high of December ’09 of 47,606.
  • The residential REO properties are sitting at 4,597 vs. last month of 4,713. Down slightly by 116 units from last month! March of 2012 there were 7,408 REO properties, down 38%! Listed REO properties are approximately 933 units and pending are 1470. So the total REO in MLS right now is at 2403. That tells us that there is approximately 2194 properties that are foreclosed but not yet on the market.
  • Residential Foreclosures were at there all time high in March 2010 at 5,451. Residential foreclosures were 901 last month. This was down by 79 units from February.
  • Short Sales Represent approximatley 14% of the total sales and REO’s are down to 11%. Normal Sales is at the highest point in the last 5 years. They represent 75% of total sales!!
  • Pretty much all REO including HUD homes are for owner occupied buyers. Investors’ offers will not be considered in the first 2 weeks the properties being put on the market.
  • Minimum spec homes are available on the new homes market. Builders are increasing asking prices at every release of new lots.
  • Despite it is already the seller’s market, mortgage interest rates are still low.

 

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