The Foreclosure Data through the end of April 2013. Share this information with your Buyers or use it at open houses! Print, Post, Save and Email this information – everyone wants to know about Real Estate and what’s happening in our market. Be the knowledgable source for your clients!
Here is the Take Away:
Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.
- At the end of May 2013, there were 7,786 ACtive Default Residential Properties. This is down from the previous month when there were 8,534 Active Default Residential Properties. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.
Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee’s Deed.
- Foreclosures hit an All-Time, one-month high in March 2010 with 5, 451. In May 2013, there were 997 Foreclosures. There was only a small change from April.
REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).
- At the end of May 2013, there were 3,777 Residential REO Properties – vs. the previous month when there were 4, 114. This is down by 337 REO units. In May 2012, there were 6, 169 REO Properties – so we are down by 39% from then. There are approximately 863 REO Properties listed in the MLS, with an additional 1,137 REO Properties that are in UCB and Pending Status in the MLS. This means that there are approximately 1,777 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.
Sales:
- Short Sales currently represent approximately 12.3% of the total sales for Maricopa County
- REO Sales currently represent approximately 9.6% of the total sales for Maricopa County.
- Normal Sales now represent 78% of the total sales – the highest point in the last 5 years!
Prices:
- Valleywide, prices have increased by 50% since the market low in August 2011.
- Properties that were previously underwater, may no longer be!
If you have any questions, feel free to contact any of our Business Development Managers across the valley! We are here to help you with any marketing materials and to help grow your business!