Thursday, August 25, 2011

July 2011 Foreclosure Stats with maps

Let me first get something off my chest – I HATE being the bearish guy.  I’d much rather be the optimistic, glass is half full, light at the end of the tunnel guy.  But I’ve been reading some local blogs, and even a national article or two, telling me Arizona is at the bottom and the market is ready to rebound.  Unfortunately, I just can’t buy into that.  (Well, we may be at or near the bottom from a pricing standpoint, but I don’t see a rebound anytime in our near future.)

Here are some graphs worth considering:

(all graphs courtesy of realtytrac.com)

National July 2011 Foreclosure Rate Heat Map, by state

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Nationally, 1 in every 611 houses is in foreclosure.  Here are some top states:

  • Nevada:  1 in every 115
  • California:  1 in every 239
  • Arizona:  1 in every 273
  • Florida:  1 in every 396
  • Michigan:  1 in every 417
  • Colorado:  1 in every 665

.

Arizona July 2011 Foreclosure Rate Heat Map, by county

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  • Pinal: 1 in every 200
  • Maricopa: 1 in every 239
  • Yavapai: 1 in every 298
  • Pima: 1 in every 314
  • Coconino: 1 in every 635

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Maricopa County July 2011 Foreclosure Rate Heat Map, by city

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  • Laveen:  1 in every 22
  • Queen Creek: 1 in every 37
  • Buckeye: 1 in every 50
  • Surprise: 1 in every 74
  • Gilbert: 1 in every 119
  • Peoria: 1 in every 173
  • Phoenix: 1 in every 257
  • Glendale: 1 in every 262
  • Scottsdale: 1 in every 375

I think these charts are another useful tool for gauging the state of the market.  We’ll see the market begin to heal, in earnest, when we see the foreclosure rates drop, and then when the banks eventually put fewer homes on the market as REO properties.  But we’re not there yet.  In fact, these charts tell us we aren’t anywhere close to being there yet..

Your sad but honest Realtor,

Chris Butterworth