Pre-Foreclosures still playing a major role in the Arizona housing market

Real Estate Agent with Diverse Solutions Realty License # SA577557000
Pre-Foreclosures are still playing a major role in the Arizona housing market.  The number of pre-foreclosures increased again in February, after experiencing a decrease in January to their lowest level since late 2008.  This is just a sign that pre-foreclosures, or notice of trustee sales, are continuing to play a significant role in the Arizona housing market.  The drop in pre-foreclosures in January had some housing market analysts hopeful that lenders were making headway in working with borrowers on loan modifications.  Unfortunately, February numbers were at 7,604 pre-foreclosure notices compared to 6,762 in January, and increase of 842.  The number of foreclosures fell in February to 4,271 from 4,452 in January, but the increase in pre-foreclosures for February typically means more foreclosures in the future.  The only thing that could reduce the number of foreclosures is more loan modifications and short-sales.

Prices for both foreclosure home sales and resale home sales are slightly moving upward according to data from NetValueCentral Inc.  They show the price per square foot of a regular resale home climbing to $106.48 in February, which is the highest it has been in seven months.  The price per square foot of foreclosure homes sold was around $80 in February, just slightly up from $78 recorded in January.  Foreclosure sales have dominated the Valley's housing market lately, with only November and December having more regular resale home sales than foreclosures.  With foreclosure sales outnumbering regular resales again in January and February, and the number of pre-foreclosures up by almost 850 over January, I don't see the trend ending any time soon.  I would anticipate pre-foreclosures, short-sales, and foreclosures to continue to dominate the Arizona housing market for at least another year or two.
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         Contact Troy Erickson, Realtor®, Diverse Solutions Realty

                                Licensed Residential Realtor® in Arizona at 602-295-6807

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This post is for informational purposes only and should not be construed as legal advice. If you desire specific legal or tax advice, please consult the appropriate professional. The opinions expressed here represent my own and not those of my employer. Troy Erickson will not be held liable for any errors, ommissions, accuracy, validity, currentness, suitability, completeness; or any losses, injuries or damages arising from its display or use.


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