The news that just came out of the Phoenix market is that foreclosures are down as percentage of sales, but we have not seen that so far in the Prescott area, where the distressed real estate market in the Prescott area was once again busy on the listing AND closing sides this week.
Seventeen new foreclosed or short sale homes came on the market, about one in every six homes being listed in the Prescott Arizona Area MLS system, and just over one half of the closings, or 10/18, were distressed sales in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt and the outlying areas of Yavapai County.
The difference between what newly listed traditional homes and Prescott foreclosed/REO and short sale properties per square foot remains large at a 42% discount.
The market down in the valley is warming up too and that's good news for us as many of them buy second homes in the Prescott area. One of the factors driving buyers in the affordability of homes as they go down the 2001 prices.
See: NAR Housing Affordability Index at Record Low: Good news for Prescott buyers!
The percentage of foreclosed/REO/short sale new listings on market dropped from 19% to 17% this week. Last week 45% of the pending sales were REO or short sales, and this week they made up 48% of the deals going into escrow. The amount of REO/short sales that closed last week went from 44% last week to 56% this week. REO/short sales also sold about 9% faster than traditional resales.
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