Tuesday, August 23, 2011

How many REOs are selling in metro Phoenix?

From our own local God of Statistics, Mike Orr of CromfordReport.com, a breakdown of the market share of each type of home, as of August 16, 2011.



REO sales across Greater Phoenix (all types) averaged $59.26 per sq. ft. (down 0.9% from July 16). They gained market share, moving from 43.9% to 44.2%.

Pre-foreclosures and short sales averaged $73.78 (up 3.1%). Short sales and pre-foreclosures were the losers this month, moving from 24.1% to 23.2% after a strong spike at the end of June.

Normal sales averaged $105.32 (down 3.6%) and they gained a little market share, moving from 32.0% to 32.6% of sales.

Definitions


REO = (other) Real Estate Owned -- these are foreclosure homes where bank has already repossessed the house from the former owner. In Arizona, there is no "redemption period" after the foreclosure wherein the former owner can reclaim the house.


Short sale = owner still owns the house, is probably facing foreclosure, and is trying to sell at today's market prices which will not pay off the entire mortgage balance(s). This seller must get his/her lender's approval on the sale or the sale will not happen.


Equity sale = this is a "regular" sale where the owner owns the house free and clear, or at least has equity in the home. This homeowner - if he has a mortgage - can sell at today's market values and still pay off the mortgage in full.



Need more information?


Need more info? Want to talk to a  professional about your housing options? Contact us by phone, email or text. We're licensed, professional Realtors in metro Phoenix and are happy to help you with no sales pitch and no high pressure sales tactics.


Heather Barr - 602-999-8831 or NorthPhxAgent@gmail.com
Chris Butterworth - ButterDad@gmail.com