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Lowest Foreclosures Rate Registered in Phoenix Area



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By : Scott Zahid    99 or more times read
Foreclosure market is in turmoil for some time now, but since the last two months, the housing market has experienced plethora of problems arising from every corner. This is evident from figures that reveal slowdown in the Phoenix area. Everyone who is involved and related to the Real Estate market is under strict scrutiny. By the end of September, the housing market showed some positive signs of improvement, but after the "Robo-signing" fiasco, the Real Estate market has only seen a downturn.

A recent report from Jay Butler, associate professor at the W.P. Carey School of Business at the Arizona University, revealed that Phoenix area, in the State of Arizona, experienced the lowest foreclosure rate in the month of November compared to other months in year 2010 and 2009. In November, Phoenix registered sales of only 6,845 houses. The sum is a combined total of foreclosed and resale of detached home. Number of delinquent houses that were sold totaled up to 2095, which dipped from 2985 from last year.

The figures show a 30 percent decrease since April 2009. The number of foreclosed properties plunged from 3,400 in October to 2,095 in November this year. The median prices also lowered last month. The average sale price was $134,000 down from $143,000. That is a dive of $9000. These statistics are only for traditional resale houses. Apart from this, from 500 in October this year and 400 houses last year November, only 300 condominiums houses were sold last month. Condominium houses median price fell from 105,000 to about $75,000.

There are several reasons for this slowdown, which includes uncertainty about the housing market and foreclosure processes, continuation of moratoriums, availability of title insurance, weakening willingness of people and investors to buy such properties, and legal and federal investigations. In addition, new lender procedures and processes, strict new underwriting rules, and regulations, increasing unemployment and underemployment, decreasing economic state countrywide and seasonal slump in property sales are causing more problems.

There are speculations on Arizona population being stagnant; this has raised concerns in the housing market. Due to which, investors have already started to pull out of the Arizona Real Estate market. If slowdown continues in the same way in 2011, it will not only affect the foreclosure market, but the overall Real Estate market in Arizona.
Original Post: http://www.mostlyforeclosures.com/blog/foreclosures-rate-phoenix-area.html on MostlyForeclosures.com, your source of foreclosure houses.

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