REO, Short and Regular Sales in Phoenix for August

Posted by Janet Burns at 9/21/2009 4:23 PM
Categories: Phoenix Real Estate,Ahwatukee Real Estate
Tags: Phoenix Real Estate
Below is a chart that shows the percentage of sales that were bank owned/foreclosed, short sales, and regular sales. This will be an important trend to watch as we move forward with this market to see if there are any shifts in the type of homes being sold.

A bank owned/foreclosure home is one that the seller no longer owns – it has been taken over by the lender(s) who had a note on the home. Short sales are homes where the seller is negotiating with the bank to “forgive” a portion of the debt in order to avoid foreclosure.




August saw a decrease of 16% in the number of foreclosure sales, virtually no change in the number of closed short sale sales, and a 12% decrease in the number of “normal” sales. We will continue to watch this trend to see how monthly sales are changing from month to month.

 

As you make decisions related to the purchase or sale of a home, it is important that you understand how the current real estate trends will impact your decisions. I am available to help you monitor and interpret them to make sure that you are taking advantage of the current market whether you are selling OR buying.

 

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