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Phoenix foreclosures exceed 41% of active listings-January 2

 
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PostPosted: Sun Jan 17, 2010 5:11 am    Post subject: Phoenix foreclosures exceed 41% of active listings-January 2 Reply with quote

Active Phoenix foreclosures exceeded 41% of all homes for sale to begin January 2010. This information is seen in the orange color on the first chart. I've defined Phoenix foreclosures as both bank owned property and real estate short sales, though;short sales are typically considered to be "pre-foreclosure." This is the first time since April 2009 the percentage has exceeded 40%, as the months of May through December 2009 averaged 38%.


image depicting Phoenix forclosures - January 2010


The primary reason for the higher percentage is the increase in bank owned properties, as indicated in blue on the second chart. 5,380 bank owned Phoenix foreclosures mark the highest level since May 2009. Is this the beginning of more bank owned properties on the market? It does appear so, as the second chart indicates a four month increase. 2010 marks the year that many of the 5/1 adjustable rate mortgages will have rate increases and many interest only loans will revert to principle and interest loans. Expect Phoenix foreclosures to increase during 2010, but the effect will not be as devastating as was felt in 2007 and 2008 with the 3/1 ARMS. Having said that, the state of the economy in 2010 will probably have a greater effect than adjustable rate mortgages if unemployment continues on its current course.


image of Phoenix forclosures stats


Another statistic not shown by these charts is the number of days listings are currently on the market. The normal listings (not Phoenix foreclosures) on the market have been there for an average of 183 days. Phoenix foreclosures have been on the market for average of 106 days. The latter number would be smaller if not for the extended sale time of short sales.


The second chart indicates 5,380 bank owned properties (38.9% of all Phoenix foreclosures in red) and 8,445 short sales (61.1% of all Phoenix foreclosures in green). Watch for further increases in 2010 for both categories of Phoenix foreclosures.


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