I’ve been playing with MLS data quite a bit lately, and I found an error in my Monthly Distressed Listings methodology. gasp! Turns out that many of the Short Sale listings are also tagged as Pre Foreclosure listings, which means my counts of New Distressed Listings are exaggerated a bit.
Good news is it shouldn’t have too big of an effect on the overall trends, ie: comparing one month to the previous months, but the net numbers will be lower.
Rather than combining all categories of ‘distressed’ listings into one big chart, I’m going to post a few different charts to more accurately reflect the changes in the market.
I apologize for any inconvenience this may have caused…
New Bank Owned Listings (new listings actually owned by the bank – think foreclosures and REOs.)
New Short Sale Listings (new listings, still owned by the ‘owner’, but needing the bank to take a short payoff because the home is worth less than the mortgage balance.)
New Bank Owned + Short Sale Listings (a combined look at the above charts – these are the new listings where the bank is going to take a loss on the property, and the best reflection of my former Distressed Listings chart.)
New Vacant Listings (new listings which are vacant homes. While not all vacant listings are distressed listings, I am including them because they represent a very large percentage of the overall market, and therefore provide some measurement of Distressed.)
I’m including Single Family Detached homes listed for sale in Maricopa County via the Arizona Regional Multiple Listing Service.
Questions, comments? Please let us know!
Your hates finding mistakes, but feels better once they’re corrected Realtor,