RealtyTrac released data for July 2008 that shows that nearly 1 of every 5 US homes for sale is owned by a bank (a.k.a. "REOs").
I'm loving the data-crunching capabilities of the new MLS software so much that I thought I'd check on the percentage of Phoenix area homes for sale which are lender owned. There are 53,767 metro Phoenix area homes for sale today, and only 3,886 of them are coded "Lender Owned Property" in the MLS. So according to that, only 7.2% of Phoenix area homes for sale are lender owned.
That seems reasonably accurate, just based on the anecdotal mental evidence I gather by scouring the MLS daily for my seller and buyer clients. On the other hand, RealtyTrac's nifty color-coded map of foreclosure activity shows Phoenix is a hotbed of foreclosure activity (no surprise there).
The MLS data does suffer from garbage in, garbage out syndrome. If the listing agent doesn't check the little data box for "lender owned property" when they enter the home for sale into the MLS, it won't show up properly in user's searches.
I also checked for the number of short sale properties for sale - only 2.6%, or 1,413 homes. That seems low. Again, just based on my mental picture of the MLS based on the fact that I look at it daily. I suspect that many agents don't check the proper data box when entering their short sale listings into the MLS and the percentage is actually higher.
Regardless, I thought my readers would find this little statistical gem interesting. Want more statistical analysis of the MLS data that fits your situation? Call or email me.
- Month End Sales Stats for the Valley
- Monthly & Yearly Stats by my Broker, Jay Thompson
- All About Foreclosures
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