Scottsdale repo homes for sale still accounted for a significant portion of the total homes sold and the total inventory for sale at the end of May, based on figures released by realtors analyzing the Arizona Multiple Listing Service.
The overall list of repossessed properties in May featured 5,343 units, representing 15.9 percent of the 33,528 units available for sale in the MLS. REO units also were a dominant part of pending sales, as 4,056 units or 31 percent of the 13,041 pending contracts were bank owned.
Of the 7,880 sales agreements with contingencies, 244 units or 3.1 percent were foreclosures, and of the 8,392 homes sold in May, a total of 3,255 units or 38.8 percent were REO properties.
Because of the still high numbers and percentages of Scottsdale repo homes for sale, the price levels for homes sold and in contracts were still down. The average price for all foreclosure homes sold in May was $134,449, lower by 24.7 percent than the average price for all types of homes sold during the month, which was $178,593.
Over the period from April and May, the number of repo homes in Arizona jumped up by 12.1 percent to 6,112 units, and this occurred after falling by 20.6 percent over the period from March and April.
Job losses largely drove foreclosures in Arizona in May, as the unemployment rate jumped up to 9.6 percent from the April rate of 9.5 percent. The nationwide rate was 9.7 percent, a drop from the April rate of 9.9 percent.
Even though Scottsdale is an upscale tourist destination, it was still affected as even wealthier households cut back on their travel and recreation plans. As a result, distressed sales have been increasing in the area.
Of the nearly 34,000 homes on the MLS, more than 9,000 or 27 percent were listed for pre foreclosure or short sales. Also, if these distressed properties are not sold on time, eventually they become Scottsdale repo homes for sale.
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