Pre-Foreclosures are still playing a major role in the Arizona housing market. The number of pre-foreclosures increased again in February, after experiencing a decrease in January to their lowest level since late 2008. This is just a sign that pre-foreclosures, or notice of trustee sales, are continuing to play a significant role in the Arizona housing market. The drop in pre-foreclosures in January had some housing market analysts hopeful that lenders were making headway in working with borrowers on loan modifications. Unfortunately, February numbers were at 7,604 pre-foreclosure notices compared to 6,762 in January, and increase of 842. The number of foreclosures fell in February to 4,271 from 4,452 in January, but the increase in pre-foreclosures for February typically means more foreclosures in the future. The only thing that could reduce the number of foreclosures is more loan modifications and short-sales.
Prices for both foreclosure home sales and resale home sales are
slightly moving upward according to data from NetValueCentral Inc.
They show the price per square foot of a regular resale home
climbing to $106.48 in February, which is the highest it has been in
seven months. The price per square foot of foreclosure homes
sold was around $80 in February, just slightly up from $78 recorded in
January. Foreclosure sales have dominated the
Valley's housing market lately, with only November and December having
more regular resale home sales than foreclosures. With
foreclosure sales outnumbering regular resales again in January and
February, and the number of pre-foreclosures up by almost 850 over
January, I don't see the trend ending any time soon. I would
short-sales, and foreclosures to continue to dominate the
Arizona housing market for at least another year or two.
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