Any changes in the market in the last 6 months?
Thursday, February 18, 2010
Share it:
We have all been waiting patiently for the flood of foreclosures that were supposed to be put on the market when the gvt/banks lifted a moratorium on foreclosures.
There was supposed to be a huge wave in November, then it became December, then January.... Now its February and foreclosures arent easy to come by...
Well that's an exaggeration, there are alot of foreclosures out there, but the super smokin deals are far and few between.
As of today, 2/18/2010:
There are 35,336 properties on the market in the Phoenix Metro Area.
Of the 35,336 properties, only 5,350 are foreclosures!!
Of the 35,336 properties, 9,323 are shortsales!!!
Here are the latest graphs from Net Value Central. Remember these are only stats for Maricopa County. Also, I have created a chart for properties that are REO (Bank Owned) and not listed. This would be the "Shadow Inventory" that we have heard everyone talking about. Currently there are 16,310 parcels that are owned by the lenders and not listed. Only 5067 of them are Single Family Residence. The largest chunk is vacant land.
Actual notices filed, but not yet foreclosed on, is slightly less than 54,000 units. Please note: This means that there will be lots and lots of Short Sales in the next year. The banks don't seem to be foreclosing on these properties
Posted by Brian on 09:43 PM •
(3) Comments •
(0) Trackbacks •
Permalink •
Email This Post
