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Foreclosure Filings Decrease in January
Realty Trac, a compnay that monitors default notices, scheduled auctions and bank repossessions (REO) in counties across the U.S., stated that filings were down 17% from a year ago. This marks the third straight month of under 300,000 filings following a period of 20 months with higher numbers. Though they had originally predicted that foreclosures would be on the rise, procedural reviews have slowed the process.
In Maricopa Arizona, the inventory of available homes has been on the decline since mid September in spite of the fact that there are still a large number of distressed properties "in the works". A review of the 30,60,90 days delinquent list tells me that many homeowners will eventually short sell their home or lose it to foreclosure. In addition, a large number of homes that have already been foreclosed on have not yet been placed on the market. What exactly will happen with this "shadow" inventory remains to be seen.
We are currently experiencing our annaul surge in buying activity, mostly driven by seasonal buyers (snowbirds) and unless the lenders begin to release this backlog of inventory competition for homes will be fierce. Though this is keeping values steady, I can't help but wonder what ... more

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