I've been saying for awhile now that the housing recovery will not start until the number of bank-involved (distressed) homes on the market begins to shrink drastically, allowing regular "mom & pop" sellers to compete with one another rather than competing with the banks' fire-sale prices.
Today I pulled a list of the number of distressed properties hitting the MLS as new listings for each month so far this year. This is without regards to whether the properties sold &/or closed escrow. Simply new listings by month.
The 2nd chart breaks the new listings out by day to better account for the varying number of days in each month.
(click on each chart to see a larger view)
All information pulled from the MLS system and is deemed accurate but not guaranteed.
I'm counting distressed properties as those with some form of bank involvement, including short sales, auctions, pre-foreclosure, and/or lender-owned properties. These results are for Maricopa County only, and include single family detached homes only.
Unfortunately we're headed in the wrong direction. I'll make my official Recovery Prediction when we see these numbers pointing the other way.
Your searching for silver linings (and the truth) Realtor,