Phoenix Foreclosure Market Up: High Tide + Just The Short Sale Homes, Condos, Lofts, Land For Sale In Phoenix

[mEDITate-OR:
not see the extreme dislocation in the RE market in AZ...

First, note that the NEW increase is huge over last year,  and over the last quarter...
Second, note WHERE these are happening, not on the ground, but the price/mortgage levels.
Third, note where the dog is not barking..., in the "jumble RE loan +" price levels.
Fourth, note the short sale numbers.

What that tells U.S. is that the servicer/lender banks ARE taking back and listing the lowest priced home bcuz they can sell them.
And, while they are taking back higher priced homes they are NOT listing them, bcuz they can NOT sell them.
And, what the owners of those properties are forced to do is try to minimize their losses by seeking "short sales".

What MIGHT also be true is that the servicer/lender banks will be FAR more willing to approve high end short sales - they have little, if any, alternative.
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Here are Artur Ciesielski's comments and analysis:
--------   REO's:
Active bank owned homes are up: up nearly 84% over last year and 38% since last quarter.  Currently there are 8,544 foreclosed home for sale, but sales are up only 4% raising the total supply to double that of last quarter and putting some pressure on the market, including prices.
Most of the increase in inventory has been in the $200,000 and lower price range with 129% increase in the $100,000 or less.  The $500,000 plus price range had a 5% increase reports the Cromford Report.
------------  Short Sales:
The Phoenix market is now heavily saturated by short sale properties which are on the upswing as a percentage of the market and total now on average over 15,000 properties in Maricopa County.
They are also popular amongst buyers who are able to stick with the short sale process which does require a different approach then normal or even bank owned purchases.  Often the ability to persevere is rewarded with a good purchase.
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Phoenix Foreclosure Market Up: High Tide
http://www.phoenixmarkettrends.com/public/item/260764
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Just The Short Sale Homes, Condos, Lofts,
Land For Sale In Phoenix
http://www.phoenixmarkettrends.com/public/item/260659
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