Foreclosure Data Equity Title

Hello –
I’m bringing you some News You Should Know: Foreclosure Data through the end of March 2013Click on the link to take you to the chart that supports the narrative and/or watch the video explanation.
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Here is the Take Away:
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 March 2013, there were 9,194 Active Default Residential Properties. This is down from the previous month when there were 9,750Active Default Residential Properties.  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. InMarch 2013, there were 901 Foreclosures. This was down by 79 units fromFebruary.

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

  • At the end of March 2013, there were 4,597 Residential REO Properties – vs. the previous month when there were 4,713. This is down by 116 REO units – from last month! In March 2012, there were 7,408 REO Properties – so we are down by 38% from then. There are approximately 933 REO Properties listed in the MLS, with an additional 1,470 REO Properties that are in UCB and Pending Status in the MLS. This means that there are approximately 2,194 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.

Sales:

  • Short Sales currently represent approximately 14% of the total sales for Maricopa County
  • REO Sales currently represent approximately 11% of the total sales for Maricopa County
  • Normal Sales now represent 75% of the total sales – the highest point in the last 5 years!

Prices:

  • Valleywide, prices have increased by 46% since the market low in August 2011.
  • Properties that were previously underwater, may no longer be!

Thanks to Equity Title Sarah Moran

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