As you can see by this chart from The Cromford Report, the number of pending listings for the Phoenix metro area in the first two weeks of January (see circled area) are higher than the same period in any other year except 2005. This is bucking the national trend towards lower pending sales.
In the Phoenix area, pending home sales are predominatly distressed homes (bank owned and short sales). As reported by Cromford,
More than 60% of the homes sold through MLS in December were lender owned properties and another 11% were pre-foreclosures or short sales. Only 29% of sale were “normal” transactions. This trend is expected to strengthen further in January because lender owned properties comprise 65% of pending sales. Among active listings: 52% are normal, 21% are in pre-foreclosure or short sales, and 27% are already owned by a lender.
If you are interested in bank properties, my website home search will show you all available bank and short sale MLS listings. Just select the the foreclosures search criteria in the left side menu.
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{ 3 comments… read them below or add one }
The lender owned home sales is a unbeliveable number.
This needs to change. Are ther still many more homes on short sale that will end up on this list soon?
Richard, I’m sure we will continue see short sales moving into foreclosure, adding to the number of lender owned. Out of about 43,000 single family homes for sale in the Arizona Regional MLS, about 9,000 are short sales and 11,000 lender owned. Short sales are typically less than 20% of total sales per month, the bulk are lender owned.
Rod, I hope what I am starting to see is going to go around everywhere. We are picking up, it is of course the early spring market. However, the money is coming in from the Fed. and we can see buyers out. The deals are tough but they are coming. Rates are good and getting better for mortgages. I hope it helps cleans out your inventory.
Richard