My post from yesterday revealed that, according to Arizona Regional MLS stats, 37.9% of all sales in the Phoenix Area were foreclosure-type sales. This is currently the highest in our history and marks over a year of steady increases in foreclosure sales.
This report covers 10 major cites (or at least cities made famous because of their foreclosures) in the Greater Phoenix Area. At the bottom of the post is a 10-city summary. This report shows several major statistics as noted by the column headings. The first three statistical categories show the "number and percentage" of listings that have sold each month in each city. The last 4 categories show the percentage of the "sold" homes that would fall under the "foreclosure" category. In other words, you would read this report as:
"There were 635 "active" homes for sale in June of 2008 in Ahwatukee. 105 sold, which is 16.5% of all homes listed for sale. Of the "active" homes for sale, 75 were foreclosures, or 11.8% of all homes for sale in Ahwatukee in June 2008 were foreclosures. 29 of those "sold" homes were foreclosures, meaning that 27.6% of all "sold" homes in Ahwatukee were foreclosures." (see note at bottom of post *)
See the remaining 7 cites and 10-city foreclosure summary:
* NOTE:
- MLS has 3 categories that Realtors can use: "Court Approval Required", "Lender/Corp Approval Required", and 'Lender Owned Property." This is not a perfect system for determining the number of foreclosure related sales, as corporate relocations are classified in the second category and divorce-forced sales can be in the first. Additionally, we must assume that the Realtor who input the listing did it correctly. However, for the purposes of trending, this information can be useful.
- This report was run for "single-family residences, townhomes, and patio homes (not condos or manufactured housing) that were at least 1,000 sq ft and sold for under $1,000,000 dollars (in Scottsdale under $1,500,000). Why did I use these criteria? Because I do a monthly report for Realty Times that deals primarily with "price," and I prefer to exclude the really "high and low" numbers to achieve greater accuracy. These numbers are calculated from the base numbers in that report.
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