The Phoenix Area Foreclosure Experts

Is it real?

A friend sent this to me. The photographer is unknown, but the bigger question is: is it real? My guess: NO, because you cannot see the cockpit cover. I think the pilot was pasted into the picture with photo editing software (unless, of course they are making convertible jet fighters these days.

Phoenix foreclosures -- March 2009 report

 Information on Phoenix foreclosures is contained in this 10-city report.

Phoenix area real estate market conditions March 2009

Below is a link describing the market conditions for the Phoenix area real estate market -- March 2009.  These market conditions cover 10 popular cities  within the Phoenix area real estate boundaries.  Click here for the March 2009 results.

Contact me if you need information on a city not in this report.

Short sales increase -- REO property dominates -- Phoenix foreclosures March 2009

5,783 of the 7,620 sold properties in the Phoenix area real estate market for March 2009 were foreclosure listings. Of those 5,783 foreclosure sales, 5,051 were REO property and 732 were real estate short sales. Therefore, 12.7% of Phoenix foreclosure sales (Valley wide) were real estate short sales in March 2009.

Short sales are becoming increasingly popular for a variety of reasons:

• Many realtors are using professional short sale negotiators.  Negotiators understand what it takes to push a short sale through.
• Realtors are understanding the short sale process better.
• Buyers are intrigued by some of the excellent deals on the short sale market.  Those who are willing to wait for a short sale can get a great deal.

I personally have listed and sold 2 short sale properties in the last 4-months and helped a buyer acquire one.

Phoenix foreclosures, real estate short sales, Phoenix area real estate

Phoenix foreclosures (Valley wide) dominate March 2009 sales

75.9% of residential sales were foreclosure properties in the Phoenix area real estate market for March 2009.  5,783 of the 7,620 listings that sold were foreclosure properties. Phoenix foreclosures are dominating the market.

Though March's percentage was a slight increase from February 2009's, the percentage of Phoenix foreclosure sales (Valley wide) has remained relatively stable over the last three months.  This is a change from the trend we saw starting in June 2007 and lasting until December 2008. Foreclosure properties during that time sold at a steadily increasing rate each month -- sometimes by a substantial amount.

This remains dismal news for "normal" sellers in the Phoenix area real estate market.  Phoenix foreclosures are getting the majority of the buyers.

Phoenix foreclosures, Phoenix area real estate, Phoenix Arizona foreclosures, Phoenix area real estate

Sales jump 38.9% in March 2009 - Phoenix area real estate

Residential sales in the Phoenix area real estate market for March 2009 jumped 38.9% higher than the previous month of February 2009. March 2009 sales in the Phoenix area were 7,620 -- compared to 5,486 in February of 2009. Many of the sales were due to foreclosure properties.

Another notable fact is that the year over year (YOY) sales are up for the 10th consecutive month. YOY is another way of saying that the sales in March 2009 were greater than the sales in March 2008.

One more notable fact: the year over year or over year (YOYOY) sales are up for the fourth consecutive month. I admit that I "made up" that last statistical category. But essentially it means that the sales in March 2009, February 2009, January 2009 and December 2008 were all higher than the same months for the last two years. You will see this on the chart indicated by the colors ( March is in grey, February is in yellow, January is in some color that looks like salmon, and December is in turquoise).

This is a long and skinny chart, but it's necessary to make these comparisons.

Phoenix area real estate, March 2009 sales in Phoenix, real estate statistics Phoenix

Cities with high percentage of foreclosure listings -- April 2009 -- Phoenix area real estate

Foreclosure listings were 43.2% of all active listings in the Phoenix area real estate market to begin April 2009. These cities were among the highest in the Phoenix area real estate market in terms of foreclosure listings as a percentage of total listings.

1. 74.8% -- Town of Maricopa (614 foreclosure listings/821 total listings)
2. 68.4% -- Queen Creek (891 foreclosure listings/1,303 total listings)
3. 65.5%-- Glendale (1,130 foreclosure listings/1,725 total listings)
4. 57.0% -- Phoenix (4,829 foreclosure listings/8,466 total listings
5. 53.7%-- Gilbert (970 foreclosure listings/1,806 total listings)

Click here to see last month's results.

REO property versus Phoenix area real estate short sale -- April 2009 -- active listings

Foreclosure listings were almost evenly divided between REO properties (bank owned) and real estate short sales to begin April 2009 in the Phoenix area real estate market. As the chart shows, 19,956 foreclosure listings were on the market -- 9,971 were REO property and 9,985 were real estate short sales.  Roughly speaking, that's just about an even 50/50 split.

This is a change from 12 to 18 months ago when short sales were not all that popular.  Many people are now trying to avoid foreclosure by the short sale route because it has a better impact on their credit.

"Days on market" report -- Phoenix area real estate market April 2009

Days on market (DOM) in the Phoenix area real estate market are 195 for "normal" listings and 122 for "foreclosure listings" to begin April 2009. Normal listings are still inching higher, while foreclosure listings are remaining fairly stable.  Foreclosure listings have been on the market 73 days less than normal listings to start April 2009.

Foreclosure listings drop two months in a row -- April 2009 Phoenix area real estate market

Foreclosure listings have now dropped two months in a row and comprise 43.2% of the listings in the Phoenix area real estate market.  Foreclosure listings are comprised of REO property ( bank owned) and real estate short sales. This is not a surprise considering that active listings in the Phoenix area real estate market have been on the decline for 4 months.

Read the chart this way: April 2009 began with 46,213 active listings in the Phoenix area real estate market.  This is a drop of 3,220 active listings from the beginning of March 2009.  19,956 of the active listings are foreclosure listings (REO property and real estate short sales), or 43.2% of the total actives in the Phoenix area real estate market.