Foreclosure Properties | Buying Arizona Real Estate

Here they come: Bank Owned Mansions, foreclosed luxury properties

It was only a matter of time.

As of this writing, in the million dollars and over market there are now 57 foreclosed, lender owned luxury homes – some bonafide mansions – for sale now in metropolitan Phoenix (including Scottsdale and Paradise Valley). Luxury estates recently valued near 10 million dollars, being sold in the mid 3’s!!!

Yes, [...]

Sales Trends 2010 thru February

Information provided via email from WWW.ACTIVEFUNDINGGROUP.COM

Jan-10
Total Closings
5575

Sales price
No. sales
% of total

0-100,000
2219
39.8027%

101-200,000
2154
38.6368%

201-400,000
998
17.9013%

401-750,000
253
4.5381%

751-1,001,000
47
0.8430%

1,001-2,000,000
56
1.0045%

2,001-5,000,000
21
0.3767%

5,001-10,000,000
1
0.0179%

Feb-10
Total Closings
6635

Sales price
No. sales
% of total

0-100,000
2482
37.4077%

101-200,000
2557
38.5381%

201-400,000
1157
17.4378%

401-750,000
300
4.5215%

751-1,001,000
62
0.9344%

1,001-2,000,000
48
0.7234%

2,001-5,000,000
20
0.3014%

5,001-10,000,000
2
0.0301%

Supply as of 3-4-2010

Total no. actives 35110

List price
No. Active listings
Supply (in months)

0-100,000
8034
3.42

101-200,000
12064
5.47

201-400,000
8321
7.64

401-750,000
3493
12.63

751-1,001,000
3253
59.69

1,001-2,000,000
2133
41.02

2,001-5,000,000
763
37.22

5,001-10,000,000
82
27.67

Over 10,000,000
25

List price
Av. Days on market

0-100,000
85

101-200,000
107

201-400,000
135

401-750,000
188

751-1,001,000
234

1,001-2,000,000
258

2,001-5,000,000
361

5,001-10,000,000
369

Over 10,000,000
377

Summary

Over 78% of sales occur in the $200k and under category

Over 90% of sales occur in the $400k and under category

In summary, [...]

The Phoenix Real Estate Weekly 3/05/2010

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Director Business & Career Development
Keller Williams Arizona Realty
www.PacellaGroup.com

For the past year, we have seen consistently month over month that 93-94% of all properties selling in our market are listed under $400,000. That is still holding true.

As we know, the number of foreclosures listed has decreased, but the number of [...]

Loss Mitigation Programs

An interesting email I received from Stan Van Dyk of Cash Funding Options:

Hi All:
Today, I’m going to show you how the government’s
moratoriums and loss mitigation programs have affected
foreclosures and shadow inventory.

Shadow inventory is made up of all the properties that are
in foreclosure or headed toward foreclosure that haven’t
hit the market yet. There are 7 [...]

The Phoenix Real Estate Weekly 1/29/2010

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Director of Business & Career Development
Keller Williams Arizona Realty

Here we go! The moment we’ve all been anticipating! Would we see the traditional rise in pending sales anticipated to begin the third week in January annually, or would the “shadow inventory” of foreclosures flood the market?

The results are in. According [...]

The Phoenix Real Estate Weekly 1/22/2010

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Director Business & Career Development
Keller Williams Arizona Realty
(602) 908-7177
www.pacellagroup.com

The forecast for the Phoenix market is still optimistic. We are seeing the traditional swell of inventory that would be typical in January with inventory increasing, and pending sales decreasing, however; if you compare our current inventory with January of 2008 [...]

FHA waives the 90 day flip rule

I received a nice email from Michael Neill of American Alliance Mortgage Company with the following fantastic news:

BREAKING NEWS!!!!!FHA WAIVES 90 DAY FLIP RULE

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

Measure to help bring stability to home values and accelerate sale of vacant properties

In an effort to stabilize home values and [...]

The Phoenix Real Estate Weekly 12/31/09

Courtesy of Barb Savoy-Pacella, ABR, CHMS
Director of Business Development
Keller Williams Arizona Realty

Happy New Year!

To view homes for sale, or for additional information about the Phoenix, Arizona market, visit www.PacellaGroup.com.

What a difference one year makes!

As we reflect on 2009 and anticipate 2010 here are some things we know:

* 94% of all properties that sold in 2009 [...]

The Phoenix Real Estate Weekly 12/18/09

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Keller Williams Arizona Realty
www.PacellaGroup.com

The Federal Reserve has concluded their final meeting of 2009. It appears that for the time being, the Federal Funds Rate will not be increasing. However, the mortgage backed security program currently in place that has kept rates artificially low will come to an end in [...]

The Phoenix Real Estate Weekly 12/11/09

Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Keller Williams Arizona Realty

As the Market Turns!

* Sales volumes are up 66% over the same time period last year.

• Pending sales are up 79% over the same time period last year.

There has been an interesting pricing trend over the past month. We have been observing the average price per [...]

Buying Arizona Real Estate

Search Web

Search Blog

Recent Comments

Sponsored Links

Akismet

Polls