Monday, March 14, 2011

Distressed Activity by Month – February 2011

Good news?  Well, a trend has to start somewhere…

This post will have a lot of easy to read charts, and then I’ll write up a couple thoughts at the end.  I hope you enjoy it..

(Click on any chart to see a larger version.)

Listings First – Here are the new distressed listings hitting the market each month going back to January 2009, broken out by different types and views.

Chart 1 - New Bank Owned Listings  - (new listings actually owned by the bank – think foreclosures and REOs.)

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Chart 2 - 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.  The bank will need to approve the sale.)

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Chart 3 - 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.)

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Chart 4 - 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.)

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Now the Sales - I’ve pulled all the homes sold since 1/1/2009 for Single Family Residences in Maricopa County, broken out by who owns them and who lives in them.

Chart 5 - Home Sales by Type of Owner

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Chart 6 - Home Sales by Type of Occupant

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I am including Single Family Detached Homes listed for sale (or sold) in Maricopa County via the Arizona Regional Multiple Listing Service.  These numbers are believed accurate but not guaranteed.

What does it all mean?

On the good news front, it looks like January’s spike in distressed listings might have been an anomaly, as February’s numbers continue the downward trend of the last few months.

On the not-so-good news front, February is the second month in a row where the number of new distressed listings is greater than the number of ALL sales.  Obviously the market can’t be getting better when there are more distressed listings at the end of the month than there were at the beginning.

Your still searching for the good news Realtor,

Chris Butterworth