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Exploring Affordable Repossessed Home Listings in Phoenix

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By : John Cutts    99 or more times read
Exploring affordable repossessed home listings in Phoenix now while they are still available in high numbers is a wise move as the percentage of foreclosure sales in the city is declining.

In May, foreclosure sales accounted for 33 percent of all home resales during the month, marking a substantial drop from 40 percent in March. This showed that home buyers are finding more nondistressed homes among the pre-owned listings. For most of 2009, foreclosure sales made up about 42 percent of all total house resales and these units were sold for about 15 percent lower than their listing prices.

The number of single-family homes that entered foreclosure in May also dropped over the month from nearly 3,500 in April to 3,200 in May. This marked a drop of 8.6 percent, but marked an increase of 16.7 percent from 3,000 units in May 2009. Despite the mixed trend, current repossessed home listings are expected to rise because of the new filings.

As sales of Phoenix bank owned properties slowed, the median price for single-family homes improved sharply from the May 2009 median of $130,000 to $144,000 in April and in May this year, a spike in price by 11 percent. The decline in sales of bank owned property listings affected total house resales, as the number of pre-owned homes sold in May dropped to just above 6,400 units, marking a drop of six percent from about 6,800 units in April and a nine-percent drop from around 7,000 units in May 2009.

The multifamily sector was the one still struggling as of May. A total of 470 condos and townhomes entered foreclosure, marking a sharp jump of 38 percent from the total in May 2009. This also pushed down the median price for townhouses and condos to $110,000 in May from $99,750 last year.

For those interested in bank owned properties in Arizona and in repossessed home listings in Phoenix, they are advised to pursue their purchases now as affordable foreclosures are still available in relatively high numbers.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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