Tuesday, May 12, 2009

Recovery? Good news?

Last month I wrote 'Recovery?  Not yet.' after looking at the number of new bank-involved listings hitting the MLS each month.  I said at the time I would hold my predictions of recovery until we saw the numbers heading in the other direction.

Well, one month does not a trend make, but check this out:

(click on each chart to see a larger view)

DPLbyMonth

April was the best month we've had this year in terms of the tidal wave of new distressed properties hitting the market.  It looks even better on the "new listings by day" view (below); April was the first month where the upward trend reversed direction.

DPLbyDay

I'm pulling all new distressed listings from the MLS, regardless of their current status (active, sold, etc.)  I'm looking at Single Family Detached homes in Maricopa County, with some sort of bank involvement - Short Sales, Pre Foreclosures, Auctions, and Lender-Owned properties.

All data pulled from MLS and is assumed accurate but not guaranteed.

Your hoping this is the start of a trend, and not a one-time downward blip Realtor,

Chris Butterworth