Active Listings – Owned By Banks:

Pending Listings – Owned By Banks:

Monthly Sales of Homes That Were – Owned By Banks:

I’d also like to comment on Michael Orr’s post titled Shadow Inventory from May 23rd.  On that day he addressed the rumors that the banks are going to flood the market with all the extra bank owned homes they are holding back.  The article is well worth the read.  Here are some of the statistics from it…

All numbers are for Maricopa County Only:

18,386   Total Number of Homes Banks Own
- 5,213   Active Bank Owned Listings in ARMLS
- 7,170   Pending Bank Owned Listings in ARMLS
- 477      Temporarily Off the Market in ARMLS
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5,526     Unaccounted for Bank Owned Homes

5,143 Bank Owned Homes SOLD in the month of May 2009

Since the banks extra inventory is only a 1 month supply, “flood” or “tsunami” would be incorrect classifications.

Please read the entire article here – get password here.  For an example of how you can use the valuable information from the Cromford Report, check out this post by Dru Bloomfield RE: the Phoenix Real Estate Market.

Talk is circling the office about starting a new series on the blog.  It would be a Monday posting of greater Phoenix real estate market updates.  The decision has yet to be made as to the frequency of said series, however with any new series comes the need for a new creative name.  This is where you come in.  Any ideas?