Greater Phoenix Distressed Property Report - Greater Phoenix Short Sales and Pre-Foreclosures
November 2010
For November Greater Phoenix experienced only a small increase in active short sales and pre-foreclosures. There was also saw a small drop in monthly closed short sales. In fact there was a very similar number of closed short sales both last month and for the same month in 2009, suggesting that 1,250 per month is a "normal" number of short sales. A 2.6% rise in average sales pricing per square foot looks unlikely to be sustained since the average price per square foot for pending listings fell by 2.1%. It also means that the average pricing of active short sale listings is now BELOW the average pricing of closed transactions. This suggests that many of these active listings are priced more aggressively than the lenders are likely to accept. Listing agents are trying hard to compete with the lender owned properties that are attracting the most attention from buyers.
Information provided by Fidelity National Title and Mike Orr of The Cromford Report - Fidelity Cromford Market Trend Reports.
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Zenja Darabnia
Direct: 480.223.3594
eFax: 480-302-7859
Email: zenja@arizonahomes411.com
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