Fifteen new foreclosed or short sale homes came on the market, about one in every six homes being listed in the Prescott Arizona Area MLS system, and one quarter of the closings were distressed sales in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt and the outlying areas of Yavapai County. This shows a marked decrease from last week’s numbers.The difference between what newly listed traditional homes and Prescott foreclosed/REO and short sale properties per square foot remains large at a 40% discount.News has been mixed last week with positive housing numbers coming out of California and the Phoenix area, but news of more foreclosures on the horizon as load modifications fail and banks are removing moratoriums on foreclosures. Watch this space for more info!The percentage of foreclosed/REO/short sale new listings on market increased from 17% to 18% this week. Last week 48% of the pending sales were REO or short sales, and this week they made up 33% of the deals going into escrow. The percentage of REO/short sales that closed last week went from 56% last week to 26% this week. REO/short sales sold about 92% faster than traditional resales.See the full report on our main web site.You can get this report sent to you via email. Sign up here.
The Flood is about to come.... I am not sure of the process in Ariz. but how many Notices of Default were filed.? That is the number to follow. I just met with a client and he told me that San Diego County had just got the highest number of NOD in History.
This is a case of the client knowing as much about the market as I do. This is what we all need to know. Looking at a weeks worth of results could cloud the view of the entire market. We are far from being out of the woods.
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This is a case of the client knowing as much about the market as I do. This is what we all need to know. Looking at a weeks worth of results could cloud the view of the entire market. We are far from being out of the woods.