Tuesday, April 12, 2011

Distressed Activity by Month – March 2011

A quick look at the distressed sales and listing activity shows nothing new this month.  Distressed sales are up a bit from the last few months, as are distressed listings.  But neither is out of line with anything we’ve seen over the last couple of years.  More of the same…

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?

The good news:  Owner-occupied homes and traditional sellers shows significant increases.

The bad news:  So did everything else.  More bank-involved listings, more bank-involved sales.

One day we’ll see this distressed activity subside.  We’ll dance in the streets and claim the market is ready to get back to normal.  That day isn’t today, and doesn’t look like it’ll be next month either.

Your could probably type this post without seeing the charts if things don’t change soon Realtor,

Chris Butterworth