[mEDITate-OR:
miss out on some stunning new numbers being "outed" in Arid-zone-Ah...
Once again
provides U.S. with great charts & graphs about the Phoenix RE market.
First, they show U.S. how much larger the short sale sector of the RE market now is in AZ.
Short sales and pre-foreclosures are 40% of the active market now. That's up from 28% last year.
It is now the dominant active player in the market. REO's make up 13% of the active properties.
Look for this trend to continue especially for sold properties
where REO's are still the dominant player with 41% of the market share
compared to 22% for short sales.
While the share of foreclosed homes has been going down, the share of short sales is up.
Note:
bcuz short sales are priced BETWEEN foreclosures and current RE market prices, and take time...
they are MUCH larger in listings than they are in "closed sales"...
there is a LOT more negotiations going on in that RE market segment
andbecause both the underwater loans and the unemployed loans now KNOW that there will be NO help coming...
both the short sales, as the first alternative..., and then "strategic defaults" as a second..., no pun intended...
are going to increase, dramatically, for the rest of this year.
Second, while the RE market in AZ is peaking...
that is caused by the home buyer credit more than anything else.
Third, the HBC is over..., gone, kapoot, fine', down the tubes...
but, look at the last chart and SEE it...
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How is the short sale market in Phoenix for April 2010
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In April the market was exceptionally busy, as busy as any previous peak
and with a record number of pending homes awaiting to close.
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The tax credit is coming to an end and the market will be more open for investors to purchase properties.
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