assume that what is missing....
will not cost you anything.
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JGBHimself
Feb-20 @ 10:28 PM
It was "ICKy" of you to point out my needing to do more research.
What we did look at, however, was Mike Ord's Cromford Report that pointed out to all of U.S. that at the beginning of 2011 most - over 75% - of properties at foreclosure sales were taken back by the lender. And, as we all know, later listed with the MLS.
However, at the end of 2011 that had almost totally stopped. And, the purchases of foreclosed homes by Third Parties - aka, all cash investors - was greater in number and almost 100% of all sales.
At the same time Mike also pointed out that MLS listings for REOs had dropped from about 8,000 to 2,000 - suggesting to me that the only thing left out there were upper priced foreclosures. Which would also explain why the lenders were not foreclosing on them any more, or taking any more of them back into their REO inventories.
To some that might suggest that, since there are no more REO foreclosures listed on the MLS RE market, that the ONE (1) home you used to support your research, probably could not have been an REO.
To others that might also suggest that if ALL of the least expensive homes being sold now are ONLY sold to all cash investors @ the foreclosure sales, and none from the MLS any more, that over 20% of all home sales are simply NOT reported by the MLS - and all of them are the lowest priced homes.
Now we know how "ICKy" it is to think about, but do you know what happens, statistically, when you remove the bottom 20% of the lowest priced homes from "The Average" sales price?
Well, as every single Realtor, and almost every RE "analyst" not only can, but has been telling you - the average prices are suddenly climbing !!!
So, just as your ONE (1) home sale, and all of Those People are telling U.S.: "Now MUST be the time to buy !!!"
But, don't blame ME if your new home turns out to be worth less than you now going to pay for it.
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JGBHimself
Feb-18 @ 2:06 AM
Ms. C, there are two undertows that you did not mention.
For the areas most hard hit by foreclosures, and most underwater, the "all cash buyers" and the banksters feeding them only as fast as they are buying them, have agreed upon a "minimum AZ price" that is now giving those areas a "floor". That floor is not about to change, up or down, now.
For homes that were priced higher than the bulk of the foreclosed homes, there have been few if any buyers - not even for the banksters foreclosures. Those owners are still deeply underwater, and if they want to "buy a buyer" they have to take a huge loss - sometimes having to come up with cash out of their own pocket to buy down their existing mortgages.
Banksters are not currently foreclosing on those homes, for two reasons: first, if they do, they cannot sell them; and two, they will have to "book" that loss, find cash somewhere else to satisfy the FDIC that they are not BK, and then even pay out money to "maintain" - as in protect them from being trashed - them.
Just bcuz you can't hear those "dogs" barking..., does not mean that they do not have their heads down between their paws, whimpering/crying..., each month, all the way to their bank/lender.
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JGBHimself
Feb-18 @ 1:51 AM
Yes, of course. You see they borrowed the money for you to build the jails to house the criminals that you wanted arrested, and some sent off for the rest of their lives to prison.
The problem is that those bonds contain protection for the lenders that require local and state official to raise taxes if it is necessary to pay in full the current amount due.
Be careful what you ask for, bcuz you just got it.
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JGBHimself
Feb-18 @ 2:32 AM
Oh, and when AZ decided that they could not charge developers or builders for the infrastructure - roads, water & sewer, fire stations, schools, police stations and local courts, and shopping strip mall intersections - to provide "services" to those subdivisions that did, & those that never got built...
you and your government had to borrow the money to build them, for them.
Sadly, when the subdivisions & malls never got built, or never got filled up; and the foreclosures emptied the ones that did;there is no body left to pay the taxes to pay back the bonds. Except for you.
So, once again, YOUR taxes must be raised to pay off bond obligations that YOU created in order that huge profits could be made by developers and builders - before they went BK, of course - while you paid their bills for them.
The Good News, for you, is that all of it is not due today.
The Bad News, for you, is that they are 20-5 year revenue bonds, issued at then very high interest rates, not at current very low rates.
And, if you cannot or refuse to pay your taxes, they can and will foreclose on you and sell your property - to pay for YOUR real estate growth bills.
Just at we all know that mortgage borrowers are morally obligated to pay off all of their mortgage debts..., YOU are legally obligated to pay off those RE debts that you created for someone else. Have a nice day.
Sadly, when the subdivisions & malls never got built, or never got filled up; and the foreclosures emptied the ones that did;there is no body left to pay the taxes to pay back the bonds. Except for you.
So, once again, YOUR taxes must be raised to pay off bond obligations that YOU created in order that huge profits could be made by developers and builders - before they went BK, of course - while you paid their bills for them.
The Good News, for you, is that all of it is not due today.
The Bad News, for you, is that they are 20-5 year revenue bonds, issued at then very high interest rates, not at current very low rates.
And, if you cannot or refuse to pay your taxes, they can and will foreclose on you and sell your property - to pay for YOUR real estate growth bills.
Just at we all know that mortgage borrowers are morally obligated to pay off all of their mortgage debts..., YOU are legally obligated to pay off those RE debts that you created for someone else. Have a nice day.
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| CITY | MEDIAN VALUE 2011 | MEDIAN VALUE 2010 | PERCENT DROP |
| Ahwatukee | $154,700 | $165,600 | -6.6% |
| Avondale | $76,300 | $83,700 | -8.8% |
| Buckeye | $69,300 | $74,800 | -7.4% |
| Carefree | $406,800 | $409,900 | -0.8% |
| Cave Creek | $309,500 | $315,000 | - 1.75% |
| Chandler | $127,700 | $136,600 | -6.5% |
| El Mirage | $53,500 | $56,800 | -5.8% |
| Fountain Hills | $204,600 | $206,000 | -0.7% |
| Gila Bend | $26,800 | $30,100 | - 11% |
| Gilbert | $143,00 | $143,00 | - 5.6% |
| Glendale | $72,100 | $81,000 | -11 % |
| Litchfield Park | $131,300 | $141,300 | - 7.1% |
| Mesa | $91,500 | $100,700 | -9% |
| Paradise Valley | $833,500 | $828,250 | - 0.6% |
| Peoria | $108,700 | $118,700 | -8.4% |
| Phoenix | $69,000 | $78,300 | -12% |
| Scottsdale | $220,500 | $227,000 | -3% |
| Sun City | $69,500 | $77,700 | -10.5% |
| Surprise | $91,100 | $96,600 | -5.7% |
| Tempe | $107,500 | $124,500 | -13.7% |
| Tolleson | $32,700 | $33,000 | -0.9% |
Bad news on Phoenix area home valuations
but next year may be better
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