Phoenix foreclosures remained relatively constant for yet another month. The drop in the total number of listings was only 587 listings from March 1st to April 1st in Phoenix. Foreclosures (bank owned or REO properties and short sales) dropped 345 listings. The big news expects to be the total number of homes sold for March 2010. Home sales may reach the 9,000 mark, making March the largest residential sales month since last July.
Read the chart this way:
"Residential listings in The Phoenix area totaled 34,461 to begin April 2010, a drop of 587 from March. 14,087 of those listings are foreclosure listings in Phoenix. Foreclosures make up 40.9% of the total listings.
Talk of "shadow inventory" still looms on blogs and in the news.
The second chart shows the breakdown between the normal listings and the foreclosure listings in the Phoenix area. Read the chart this way:
"20,374 listings are "normal listings that have been on the market for an average of 172 days. 14,087 listings are foreclosure listings that have been on the market an average of 102 days."
Short sales have dragged that number higher as bank owned homes slip off the market much sooner than short sales in Metro Phoenix. Real estate with short sales continues to be an adventure.
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