Short Sale Information In The Phoenix Locale
We wanted to speak to you today about the information that we are seeing in the distressed Phoenix market. This screen shot is the Phoenix short sale marketplace. All of those green dots signify the number of foreclosures we have waiting to be sold. What is not exposed are the houses that have been served notice of defaults. These are only homes that the bank is trying to resell.
The media says that the marketplace is getting better and we are seeing more sales. Nevertheless, we are not seeing an increase in the marketplace. There are presently more than 37,000 active listings with approximately 17,000 pending sales and just over 7,000 that have sold.
If you break down this into the three separate types of listings, REOs, Short Sales, and ordinary sales, the figures are not good. There are approximately 7200 active foreclosure REO’s on the marketplace. Short sales lead the distressed market at 11,000 listings. The normal sales outweigh both categories with more than 19,000 normal listings. Still, the huge majority of these normal listings are overpriced.
Of the pending sales, a very minute fraction of those are normal sales. The REO and short sale pending sales are a bit slower as it takes the bank four to seven months in some cases to close the sale. As long as the REO’s and short sales increase we will see depreciation in the marketplace. The majority of our sales, more than 65%, are coming from the troubled marketplace.
I list foreclosure and short sale homes and we have seen the lenders make available more foreclosure houses to the marketplace. They want to move their inventory and will possibly be flooding the marketplace.
It is a great time to buy, but you have to be calculated about it. Contact us today!
Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona
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