The Phoenix Area Foreclosure Experts

Metro Phoenix Foreclosure sales -- Phoenix area real estate market -- June 2009

6,608 Metro Phoenix foreclosures sold in June 2009.  The total sales were 9,358 making Metro Phoenix foreclosures 70.6% of all sales in the Phoenix area real estate market. As you can see by the chart, the percentage of Metro Phoenix foreclosures has decreased over the last several months.  This trend seems to be in direct proportion to the decreasing inventory of Metro Phoenix foreclosures and the decreasing price of normal sales.  The decreasing price of normal sales is encouraging more home buyers to pass on foreclosures and pick up normal sales at a more competitive price.

Read this chart in this manner: 9,358 properties sold in the Phoenix area real estate market during June 2009.  6,608 were Metro Phoenix foreclosures -- or 70.6% of all properties sold in the Phoenix area real estate market during June 2009.

Active Metro Phoenix foreclosures July 2009 -- REO property versus real estate short sale

July 2009 began with 11,868 Metro Phoenix foreclosures on the Phoenix area real estate market.  The supply of bank owned (REO) properties has gotten low when compared to former levels.

Read the chart in the following manner: July 2009 began with 11,868 Metro Phoenix foreclosures on the MLS (residential). 4,716 of those (39.7%) were REO properties and 7,152 (60.3%)  were real estate short sales.

The chart indicates a rather dramatic shift with Metro Phoenix foreclosures. As mentioned in a previous post:

The two main contributing factors to the decrease in Metro Phoenix foreclosures are: sales that have doubled since January of 2009 and the moratorium that prevented lenders from foreclosing on properties during the six-month period ending on June 1st.

Days on market (DOM) report for Phoenix area real estate market -- July 2009

July 2009 began with 20,052 "normal" (non-foreclosures)  residential listings on MLS for the Phoenix area real estate market.  Those listings have been on the market for an average of 201 days, bringing the number of consecutive months for the average to be over 200 days to "3."

July 2009 began with 11,868 Metro Phoenix foreclosure listings on the Phoenix area real estate market. Metro Phoenix foreclosures are comprised of bank owned properties (REO) and real estate short sales. Those listings have been on the market for an average of 115 days.  This is the first time in six months that figure has an dropped to under 120 days.

Metro Phoenix foreclosures continue to shrink to start July 2009

Metro Phoenix foreclosures have continued to shrink over the last five months.  There are currently 11,868 Metro Phoenix foreclosures for sale in the Phoenix area real estate market as of July 1, 2009.

The two main contributing factors to the decrease in Metro Phoenix foreclosures are: sales that have doubled since January of 2009 and the moratorium that prevented lenders from foreclosing on properties during the six-month period ending on June 1st.

Read the chart in this manner: on July 1, 2009 there were 31,920 residential listings in the Phoenix area real estate market.  That's a decrease of 2,558 from June 1, 2009.  There were 11,868 Metro Phoenix foreclosures representing 37.2% of all active listings in the Phoenix area real estate market.

Metro Phoenix foreclosures in the Phoenix area real estate market.

Home prices begin to rise in Phoenix -- April and May 2009

For the first time in two years home prices are going up in the city of Phoenix. Pay particular attention to the far right-hand column in this chart that's labeled "$$ sq ft"  (price per square foot).

You'll see that the price per square foot increased from $66-$68 from March to April of 2009.  I did not write about this last month because -- face it -- it's only one month. However, you'll also see that the price per square foot increased from $68-$71 from April to May 2009.  Again, not earth shattering news, but it is the first time this has happened in 2 years.

Read the chart in this manner: May 2009 began with 7,035 active listings in the city of Phoenix.  May 2009 finished with 2,212 of those listings being sold, which is 31.4% of all active listings in the city of Phoenix.  This sales rate is equal to 3.2 months of inventory on hand.  The average size of a sold home was 1,701 square feet.  The average price was $121,169 -- which equals $71 per square foot.  Note that the average days on market was 117 days.

If you're new to this blog and wonder why I place more emphasis on price per square foot-- click here.

Metro Phoenix foreclosures May 2009 -- cities with highest percentage foreclosure sales

The following five cities ranked among the highest in terms of percentage of sales that were of Metro Phoenix foreclosures:

• 86.8% -- Glendale (466 Metro Phoenix foreclosures/537 total sales)
• 84.9% -- Town of Maricopa (265 Metro Phoenix foreclosures/212 total sales)
• 81.6% -- Phoenix (1,804 Metro Phoenix foreclosures/2,212 total sales)
• 77.0% -- Queen Creek (371 Metro Phoenix foreclosures/482 total sales)
• 70.3% -- Gilbert 317 Metro Phoenix foreclosures/451 total sales)

Phoenix area real estate May 2009-- report card on Metro Phoenix foreclosures

Metro Phoenix foreclosures continue to dominate sales in the Phoenix area real estate market.  Here is a report card for may 2009:

Metro Phoenix foreclosures

Metro Phoenix foreclosures June 2009

Here is a list of five cities in the Phoenix area real estate market that have the highest percentage of Metro Phoenix foreclosures:

• 70.1% -- Town of Maricopa (305 Metro Phoenix foreclosures/435 listings)
• 62.1% -- Queen Creek (517 Metro Phoenix foreclosures/832 listings)
• 55.7% -- Glendale ( 587 Metro Phoenix foreclosures/1,283 listings)
• 49.5% -- Phoenix (2,882 Metro Phoenix foreclosures/5,826 listings)
• 42.9% -- Mesa (925 Metro Phoenix foreclosures/2158 listings)

 

Click here to see my top five list from M.ay 2009.

Metro Phoenix foreclosures May 2009 -- REO property versus real estate short sale

Real estate short sales continued to gain on REO property (bank owned)  in the Phoenix area real estate market during May of 2009.

Read the chart in this manner: 6,896 sales during the month of May were Metro Phoenix foreclosures.  5,862 were REO property, or 85% of total Metro Phoenix foreclosure sales.  1,034 sales were real estate short sales, or 15% of total Metro Phoenix foreclosure sales. Refer to my last post for the total sales in the Phoenix area real estate market.

This is a trend that has been gaining steady momentum for the last 18 months.  Previously, many people snubbed their noses at real estate short sales because they were much more difficult to buy. REO property is much easier to acquire because the sales cycle is similar to that of a normal sale. Difficulties included three to five months sales times, lack of feedback from the banks holding the notes, and rejections of offers after buyers had waited for extended periods of time.

Currently, more people are interested in real estate short sales because they are becoming a larger part of the market.  Excluding them would be to ignore 23% of all active listings for sale in the Phoenix area real estate market.  Banks are trying to be more proactive with their handling of real estate short sales.  The numbers of short sales continue to rise each month as more homeowners are trying to avoid foreclosure.

Metro Phoenix foreclosures continue to dominate residential sales -- May 2009

73.9% of all residential sales in the May 2009 Phoenix area real estate market were comprised of Metro Phoenix foreclosures. Metro Phoenix foreclosures have accounted for more than 50% of all residential sales in each of the last eight months.

Read the chart in this manner: 9,330 residential properties sold in May 2009 in the Phoenix area real estate market.  6,896 of those properties were Metro Phoenix foreclosures, or 73.9% of all sales.  Metro Phoenix foreclosures are comprised of REO property (bank owned) and real estate short sales.

We will have a look at the makeup of Metro Phoenix foreclosures in the next few postings.