Taking a queue from San Diego Realtor Kris Berg, I looked at the active listings of properties around the East Valley requiring some form of lender approval as compared to those not requiring lender approval. In addition to Tempe, Mesa, Chandler, Gilbert, and Scottsdale, I threw in all of Phoenix as another benchmark.
As with Kris’s charts, red is good, blue is bad. I think they’re fairly self-explanatory. I’m also glad I live in Tempe, although Scottsdale comes in a bit better.
For the purpose of this analysis, “Lender Approval” means any home designated in the MLS as a short sale, pre-foreclosure, lender approval required, or lender owned. This is about as fine as I can cut it since many properties have multiple designations (or none) depending on how the agents entered them.
Data is from the Arizona Regional Multiple Listing Service as of 11/18/08, and information is deemed reliable but not guaranteed.
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Its crazy how many short sales are on the market out there in Phoenix! Almost half the homes!!! Thats just nuts, and I’m sure it is getting worse since this article was written. Working Florida Short Sales are the only way we can make a living down here in these trying times! Just wish the lenders were quicker to approve them!
Mike Linkenauger
First Coast Realty Associates
Jacksonville FL Condos for Sale