Foreclosures still playing a big role in Arizona resale home sales

Real Estate Agent with Good Company Real Estate License # SA577557000

 Foreclosures still playing a big role in Arizona resale home sales.

Distressed homes helped overall sales of single family homes in November reach 8,335.  This turns out to be a 28% increase from November of 2008, but down 16% from October 2009.  Jay Butler, director of realty studies at ASU, "predicts another wave of foreclosures could hit after the first of the year because of the... weak job market and... that homeowners are having a tough time paying their mortgages."  

About 61% of November resale single home sales involved foreclosures, with 36% resulting from new foreclosures and the remaining 25% resulting from previously foreclosed homes that were sold again.  The median price of homes sold in foreclosure fell another 5% in November to $145,500.  In November 2008, the median price of homes sold in foreclosure was at $155,100.

Some good news is the same monthly report from Arizona State University showed that the median price for traditional home sales rose 2%, up to $143,000.  However this was 12% lower than in November 2008.

So, foreclosures still make up over 60% of monthly sales, are continuing to fall in price, and there seems to be more foreclosures in Arizona on the horizon.  

You tell me if this is a good sign or not.  Perhaps it depends on whether you need to sell, or need to buy?

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Show All Comments
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I am sorry to read about the foreclosures. I hope more homeowners can be helped in 2010.

Dec 11, 2009 09:12 PM #1
Carol Hanson Sheehy
Prudential Florida Realty - Naples, FL

We were one of the first areas to be hit by the economy and we still have our share of foreclosures, but we really believe better times are ahead!  Here is to the new year!

Dec 11, 2009 10:53 PM #2
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Gita - I agree, it is very unfortunate for those homeowners who have struggled to do the right thing.

Carol - We have been hit very hard by this in Arizona, and it is going to take some time for us to recover.  The higher the highs, the lower the lows.

Here's to a better new year for all!

Dec 12, 2009 04:44 AM #3
Scott Hoen - Carson City, NV
COO, Monarch Title Company 714-270-9607

Short sales and the expediting of short sales is what will be in the news in 2010.  Lenders will probably get more agressive and better and responding quickly to a short sale.  In So Cal -- Wachovia and Wells are getting more agressive and easier to work with.

Dec 12, 2009 05:12 AM #4
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Scott - I read a recent article here in AZ as well that lenders are finally starting to realize that short sales are better than foreclosures, and they are working on expediting the process.  They are even starting to pre-approve sales prices.

Dec 13, 2009 04:03 PM #5
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