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Maracopa County Arizona Market Update - 10.15.2010

Maricopa County Arizona Market UpdateMaracopa 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.

 

  

Luxury Valley Home Registered TrademarkJane Daley, BA
Jeff Daley, PhD
Luxury Valley Homes - West USA
Scottsdale Real Estate Arizona
Our Luxury Valley Home Team
480-595-6412

Comment balloon 0 commentsJane & Jeff Daley, PhD • October 15 2010 05:40PM
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