Phoenix Real Estate Market Update – October 2011

Hello Everybody!

I’m bringing you some News You Should Know: Foreclosure Data from the Cromford Report & The Information Market. It is my belief that these sites offer you the best, most reliable and real numbers about our local Phoenix, AZ. current housing market.

Read info below for Cromford/Information Market Numbers:

Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.

• At the end of September 2011, there were 22,301 Active Default Residential Properties. This is down from the previous month when there were 22,733 Active Default Residential Properties. This is the 10th consecutive month that we have seen decreases in the number of Active Notices. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.

Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee’s Deed.

• Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. Last month, there were 2,689 Foreclosures. This is up slightly from the previous month.

REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).

• There are currently 13,556 Residential REO Properties – vs. last month when there were 14,480. There are approximately 3,053 REO Properties listed in the MLS, with an additional 3,412 REO Properties that are in Pending Status in the MLS. This means that there are approximately 7,091 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.

Cromford Report Chart Ending October 2011

Related posts:

1. Phoenix Arizona Real Estate Market Summary for March 2011
2. Phoenix Real Estate Market Update – April 2011
3. Distressed Properties Make Up Almost Half of US Housing Market
4. Homeowners – Please Help Your Short Sale Real Estate Agent Help You!
5. Phoenix Metro Area Price Range Statistics for March 6th 2011

Tags: cromford, foreclosure, foreclosure data, foreclosures, housing market, notice of trustee sale, phoenix az, phoenix real estate, reo properties, residential properties, trustee sale