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Tag Archive: Foreclosure
Greater Phoenix Arizona Real Estate Market Report – May 2010
There’s a lot being written about the Phoenix Real Estate market as analysts and practitioners try to describe or predict what’s happening.
In my opinion, the market is sputtering on the price front but continues a brisk pace on a volume basis. To me any month with greater than 9000 closings is an outstanding month. May of 2010 was only the 15th month with over 9000 closings in the last 9 ½ years-that’s 113 months if you’re counting. June will probably be the 16th month with a chance of being the 4th month over 10,000 and possibly the highest month on record (The current #1 is June of 2005 with 10,252). All those ‘beat the tax deadline’ closings will motivate buyers and lenders to “get’em closed” this month.
Pendings and AWC’s continue high with 12,400 and 7700 respectively; that’s over 20,000 properties currently in escrow. Life without a tax credit won’t start until next month and then we’ll see how an unsubsidized real estate market reacts.
So to review May: 9100 closings-with only 20 business days in the month; 37% or 3350 were Bank Owned (REO’s); Short Sales (SS) accounted for 22% or 2000 closings. The real story with SS’s is the 4100 in Pending status and the 7100 in AWC status. When these 11,000 properties currently in escrow close, the percentages will have changed dramatically. Go to our blog for a Mike Orr report on Short Sales courtesy of Old Republic Title. Mike does a great job providing details on SS’s by analyzing them from both a supply and demand point of view, breaking them down by zip code. Also he compares SS’s to REO’s by price range. It’s a good report to refer to, if you have an appraiser or bank that needs information about SS’s specific to a zip code.
Another new statistical report came out this month called STAT. ARMLS provides the report and they have an advanced predictor of prices. You can get this report from your flexmls dashboard or click right here.
Also in our Real Estate Market section you will find our chart tracking Tom Ruff’s foreclosure numbers. The chart shows that New Notices of Trustee Sales are down 21% for the first 5 months of 2010 compared to 2009; Completed foreclosures are up 16% ; Pending Foreclosures are down 13% since the first of the year; and the biggest change is 70% more Cancelled in 2010 than the first 5 months last year. The current number of Bank Owned properties in Maricopa County is 16,301, which is made up of 5200 Active listings; 3850 are Pending; and the balance of 7250 are waiting to be marketed.
November Foreclosures Drop
Tom Ruff’s newsletter hit email boxes Friday afternoon. As you may know Tom provides the tax data including the foreclosure figures to iMapp, the ARMLS tax provider. He is such a credible source that we happily republish his Information Market report. We’re just glad he allows us to…
Subject: Novembers Numbers
November notice of trustee sales, new notices entering the foreclosure process, fell 25% from October numbers, actual foreclosures, down 16% over the same time span. New home monthly median sales price rises for the third consecutive month. Interest rates for new mortgages drop, loan applications rise. That’s the good news. Are these honest statements, yes. Are they a true reflection of the overall market, no. I only wanted to make the point that it’s not all bad news out there, there are some positive signs. Let’s see what Michael Orr and The Cromford Report have to say.
October’s Real Estate Market in Maricopa County
Tom Ruff, The Information Market, sent out his October report for Maricopa County yesterday. As always, it’s well worth the read.
Subject: October Foreclosure Numbers
I went to Halloween party Friday night as Tom the housing analyst, I was asked by the host to leave, said I was scaring the guests.
OCTOBER NUMBERS: October’s foreclosure numbers are in and they’re full of lies, so many in fact that you would think they were running for public office. If you’re following foreclosure numbers closely, please keep this in mind as you read different reporting services. October notices hit their all time high with 8,503; 1,056 more than September. The lie, 874 of these recordings were new recordings on previously recorded notices. This is the first month we’ve seen a reportable number of duplicate filings. October numbers should have been closer to the “attempt to plateau” number we’ve described in past mailings, somewhere around 7500. Unique notices in October totaled 7638. Monthly cancellations jumped to 3516 nearly doubling September numbers, the reason, intervention. Think of this month’s cancellation notices as a child behaving badly and a parent yelling “timeout”.
September's Real Estate Market in Maricopa County
Here is the latest report from Tom Ruff with the The Information Market.
Subject: September Foreclosure Number
It’s October and elections are just around the corner, with that spirit in mind I’d like to attract attention to myself by attacking Zillow. I know it’s popular within the real estate community to attack Zillow, but quite frankly they deserve it. They have a beautiful product, their IT department could be the best, however, their understanding of data, and their valuation models are less than desirable. Zillow currently displays Trustee Deeds as the most recent sale, and in turn, uses this number, which 95% of the time is the opening bid amount of a failed auction, to determine the home’s present value. Don’t believe me, look for yourself. Their model is not only naive, it’s dangerous. I should have been a politician, let’s talk specifics.
John Hall associate Marc Gastineau in the news.
The Phoenix Business Journal recently contacted Marc Gastineau for this article.
They contacted him because of his niche of working with foreclosed properties. Here is how they describe him:
Marc Gastineau, an agent with John Hall & Associates in Scottsdale, is focusing much of his time on finding qualified buyers to take advantage of bank-owned properties, mostly through an aggressive Internet strategy.
They continue with some quotes:
“We’re finding them in droves,” Gastineau said. Though many are investors, he said, “We’ve got a handful of first-time buyers. Interest rates are still reasonable.”
The articles continues with some of Marc’s interesting experiences along with perspectives from others in the industry. All of which concur it is a great time to be a buyer in the Phoenix real estate market.
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