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Foreclosure Homes List Accounts for Almost Half of Arizona Sales

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By : John Cutts    99 or more times read
Properties under foreclosure homes list accounted for almost 50% of the total number of housing units sold in Arizona last year. The region was second among the 50 U.S. states in terms of foreclosure sales in 2010. Meanwhile, nationwide foreclosure sales percentage declined from a year ago, but was higher than 2008 figures.

Houses under Phoenix foreclosure listings and distressed home listings from across Arizona accounted for 49% of the total number of residential properties sold during 2010. The state was second only to Nevada, which posted a 57% foreclosure sales last year. Despite the high number of foreclosed property sales, local housing industry analysts are seeing some positive signs for Arizona as the figure declined from the 2009 peak of 54%.

The fourth quarter of 2010 contributed to the almost 50% foreclosure sales of the state for the full year as Arizona foreclosures listings accounted for 59% of all residential purchase transactions completed during October-December 2010. The figure represented an increase from the 2010 third quarter, when 54% of total home sales were attributed to foreclosures. Nationwide, the percentage has declined from the previous year, but remained higher than 2008 levels.

Residential properties at foreclosure homes list got 26% of total U.S. housing sales last year, down from the 2009 level of 29%. However, it was still much higher than the 23% recorded in 2008. A total of 831,574 REO and foreclosed properties were sold in the U.S. during the full 2010 period.

The volume of properties under list of bank foreclosures that were sold last year represented a decline of 31% when compared with 2009. Although the percentage of distressed property sales for last year was higher than the percentage recorded in 2008, the 2010 sales volume still represented a decrease of 14% from two years ago. The impact of distressed properties on non-foreclosed home sales remained significant though, as non-foreclosure sales dropped last year by 19% when compared with 2009 and posted a decline of 27% compared with 2008.

Real estate analysts stated that properties in foreclosure homes list will continue to impact the non-foreclosed housing market and it will take some time for the inventory to ease down. Prices of homes are expected to remain low in 2011, mainly because of foreclosure oversupply.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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