After reading the article at AZCentral.com, Valley home-sales reports are at odds, I decided it was time to get a handle on the foreclosure situation in Scottsdale.
According to the City of Scottsdale’s Building Resources Department, as of the first quarter of 2008, there are an estimated 242,650 residents, 81,410 single family homes, and 38,310 multi-family homes (which I am interpreting to be condos and townhouses).
Using Maricopa County tax record information, I’ve discovered that, as of today, 970 properties in Scottsdale zip codes are in the foreclosure process. This number is high, since major portions of one zip code (85254) are actually located in the City of Phoenix boundaries. So when I calculate the number of properties in Scottsdale that are in foreclosure, I come up with an estimate of under 1%, actually in the range of .7-.8%.
When you compare this figure to some of the statistics that have been published elsewhere showing that Phoenix has been one of the hardest hit areas in the nation, Scottsdale looks like a pretty stable real estate environment, doesn’t it?
Granted my figures are relatively unscientific, but I have gathered them from the most reliable resources that I have access to. If you have any questions, or comments, be sure to leave them below.
2 responses so far ↓
1 A Real Estate Correction // May 20, 2008 at 7:04 am
[...] Scottsdale Real Estate Foreclosure Update [...]
2 Tyler Osby // May 20, 2008 at 7:13 am
Good stuff! That sounds like a pretty low number compared to other statistics I’ve seen lately. Hopefully things stay strong!
Unfortunately there are still many more ARM mortgages that will be adjusting.
I also believe the LIBOR will continue to rise, increasing the cost of those ARM mortgages. In MY opinion, we haven’t seen the worst of it yet. Unfortunately.
Now I feel like Debbie Downer.
In other news, it’s gorgeous outside!
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