Phoenix Foreclosures Sales November 2009

The Phoenix foreclosures "sales %" dropped to a 12 month low in November 2009. 60.2% of all residential sales were foreclosure type sales. Phoenix foreclosures are defined as bank owned (REO, or real estate owned) properties and short sales.

That chart indicates that 7,586 residential properties were sold in the Phoenix real estate market in November 2009. 3,018 (or 39.8%) were normal sales while 4,568 (60.2%) were Phoenix foreclosures. The last time the percentage was near 60% was last December 2008. The peak in the sale of Phoenix foreclosures was 75.9% in March 2009. They have continued on a slow and consistent decline since that time.

Although the actual number of sales for Phoenix foreclosures follows the same basic trend as the %, the highest number of foreclosure sales was in May 2009. The number of foreclosure sales has decreased for two primary reasons: 1.) there are less foreclosures for sale and 2.) the price gap between normal sales and Phoenix foreclosures has shrunk, making normal sales more attractive than they have been in a long time.

Here's a look at how several cities in the Phoenix real estate market compared to the 60.2% average for all Phoenix foreclosures :

• Maricopa - 69.8%
• Glendale - 64.4%
• Phoenix - 63.6%
• Nov 09 - 60.2%
• Mesa - 59.7%
• Queen Creek - 57.8%
• Gilbert - 52.7%
• Chandler - 52.2%
• Scottsdale - 47.9%
• Tempe - 41.1%
• Ahwatukee - 39.5%

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Phoenix Arizona Foreclosures - December 2009

Active Phoenix Arizona foreclosures increased to begin December 2009. Foreclosures are defined as both bank owned properties and real estate short sales. The increase was 803 properties in the Phoenix real estate market from November 2009.

The increase has been mounting since July 2009 when the total foreclosure-type properties were 11,868. You can also see by the chart that July 2009 had one of the lowest totals of Phoenix Arizona foreclosures in the last 18 months. The total increase in foreclosures since July has been 1,474 (seen in yellow). However, the percentage of foreclosures in the Phoenix, Arizona area compared to total listings has remained at the 38% level over the last six months (seen in red).

The physical condition of many Phoenix Arizona foreclosures has been improving over the last six months. In many cases the banks have been more liberal in spending some money to improve the looks and functionality of their foreclosures.

You can also see by that chart is that the increase in Phoenix Arizona foreclosures has been similar to the increase in the total active listings. In other words, the increase in listings is due primarily to the increase in foreclosure listings - not any increase in "normal" listings.

The second chart illustrates a breakdown of foreclosures in the Phoenix Arizona real estate market. The breakdown is between bank owned properties, also known as REO property, and real estate short sales. Phoenix foreclosure listings totaled 13,342 to begin December 2009. 4,816, or 36.1% are bank owned properties. 8,526 are real estate short sales, or 63.9% of all Phoenix area of foreclosure listings.

Real estate short sales continued to gain popularity in the Phoenix, Arizona area. Click here to search Phoenix Arizona foreclosures.