Pre-Foreclosures still playing a major role in the Arizona housing market

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Real Estate Agent with Terra Solis Realty, LLC www.ChandlerRealEstate.weebly.com DRE# SA577557000
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 anticipate pre-foreclosures, short-sales, and foreclosures to continue to dominate the Arizona housing market for at least another year or two.
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Topic:
Real Estate Market Trends
Location:
Arizona Maricopa County Gilbert
Groups:
Addicted to Active Rain
City & State: Listings and Market Reports
Foreclosure Talk
Market Reports
Posts to Localism
Tags:
arizona preforeclosures
arizona foreclosures
arizona short sales

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Troy Erickson

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