Phoenix Foreclosures have continued to disappear, as reported in our Housing Tracker for almost 2.5 years, and the news has recently been all over the media. The days of doom and gloom are fading from memories as real estate investors reduce their ROI (return on investment) expectations or find other areas where foreclosure still abound.
Home owners are benefiting the most as they see their equity steadily rise. Many more homeowners are considering selling their homes as values are higher than in the past 4.5 years. See our price per square foot chart: Price per Square Foot in Phoenix Area MLS.
Price per SF has risen to $108 in January 2013, up from $85 last January and $81 in January 2011. Year-over-year performance is frequently used by investors seeking to measure whether home prices, investments, or companies are improving or worsening. For example, a business may report that its revenues have increased for the third quarter on a year-over-year basis for the last three years. This means that revenues at that company in the third quarter of year three were higher than revenues in the third quarter in year two, which were higher than revenues in the third quarter of year one.
Curious about the current Phoenix Foreclosures inventory? Click on the below link:
SEARCH PHOENIX FORECLOSURES
From the AZ Republic:
For the past five years, Phoenix foreclosures have been one of the most important indicators to track metro Phoenix’s housing market. Not anymore.
Both Phoenix foreclosures and Phoenix foreclosure starts have fallen back to levels not seen in the region since 2007. In January, lenders took back 1,339 houses, according to the Information Market. During 2009-11, monthly foreclosures regularly topped 4,000 and often climbed above 5,000.
Foreclosure starts, or notice of trustee sales as they are known in Arizona, totaled 2,245 last month. In March 2009, lenders moved to begin foreclosure proceedings on a record 10,105 homeowners.
“Phoenix Foreclosures are not the driving force in Phoenix’s housing market anymore,” said Tom Ruff, real-estate analyst with the Information Market, which was purchased by the Arizona Regional Multiple Listing Service in August. “There’s not another big wave of Phoenix foreclosures coming. There’s no shadow inventory. Foreclosures will decline to new lows in a few years.”
He said current Phoenix foreclosures are against homeowners who bought during the housing boom. Anyone who bought after 2009 has equity and doesn’t have a subprime loan because of tougher lending standards.
The new leading indicator for metro Phoenix’s housing market: how many homeowners are no longer underwater and can sell for a profit now.
See the full article at:
http://www.azcentral.com/business/realestate/articles/20130204foreclosures-no-longer-driving-force-valley-market.html
We've been reporting on Phoenix foreclosures for 5 years.
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