The foreclosure market inventory is slowly shrinking and we have seen some appreciation in home prices in the sub $150k market here in Arizona recently!
Active Notices of default for residential properties as of the end of September ’11 were 22,301 units. Down from last month of 22,733. This is the 10th month in a row that we have seen decreases in the number of Active Notices. Down from the all time high of December ’09 of 47,606.
Foreclosures were at there all time high in March 2010 at 5,451. Residential foreclosures were 2689 last month. This was down 710 units from August.
The residential REO properties are sitting at 13,556 vs. last month of 14,480. Listed properties are approximately 3,053 units and pending plus AWC sales (homes recently under contract with contingencies) are 3412. That tells us that there is approximately 7,091 properties that are foreclosed but not yet on the market.
Contact me today to discuss the housing market in a particular area of Arizona. It certainly varies by location and price range.
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