Maracopa County Arizona Market Update - 10.15.2010
It has been rumored that short sales are getting more difficult to get closed, and that the lenders' willingness to postpone foreclosures has waned considerably, and it appears that now we have the proof.
In the month of September, short sale closings fell from the previous market share of 32%, to 24% of closings for the month.
As was predicted, sales for the month of September were down by approximately 8%, however, pending sales for the month of October are up in just about every market segment across the Valley. Valley wide absorption is at 20%.
Unless you're Rip Van Winkle, you've heard that B of A has reversed it's decision to only halt foreclosure sales in states with judicial foreclosure and has decided to stall foreclosures in all 50 states. It is also reported that some other lenders have followed B of A's lead. Oddly, some agents with B of A REO accounts have not yet heard anything directly from B of A regarding this decision or what they plan to establish for future policies, making it very unclear what type of impact this could have on the market.
Current Conditions in the Phoenix Market:
- There are 32,161 single family detached listings currently active in MLS. That is an increase of 361 listings from last week.
- There are 39,614 total listings currently active in MLS, including condos, town homes, patio homes and lofts.