wishfully think that things were better than they are...
While there may be a slight decline in foreclosures, as banks/lenders decide not to flood the market.
However, the number of short sales has skyrocketed.
The RE market cannot absorb both...!
So, not only are the Banks/lenders getting more money from short sales than they would from a completed foreclosure.., then get the money NOW.
With that Good News..., comes some really Bad News...
the number of strategic defaults has also skyrocketed.
And, with them the banks/lenders do NOT get the money..., sweetee.
While they do save the foreclosure expenses...
they still now "own an empty home".
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Arizona foreclosures fall by 15%
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ASU: Local home prices up 5.5% in '10
Townhouses and condos, however, remain in precarious straits
with 1,100 receiving notice of trustee sales in both March and April.
In March 2009 there were fewer than 700 foreclosures notices sent out.
The median price of townhouses and condos was $95,000 in April
as compared with $116,500 in April 2009
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U.S. home prices drop by $25 billion
- Phoenix by 33%
Phoenix was the fourth-hardest hit city on the list
with 33 percent of the listed homes experiencing a price cut.
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Phoenix wages plummeted in 2009
Wages for private-sector workers in the Phoenix area
plummeted 2.4 percent last year
after rising 3.5 percent in 2008,
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Phoenix construction costs drop,
but show signs of stabilizing
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