Today’s Cromford Report on Lender Owned Properties shows a changing scene. Basically, bank-owned properties are selling at a very high rate, and new REO properties are not coming to market fast enough to meet demand. Prices have dropped pretty dramatically over the past two years. Maybe with this decreased inventory (listings), we will begin to [...]
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REO
Michael Orr, creator of the Cromford Report, was featured on the front page of the Arizona Republic yesterday. I’ve been an avid fan of Mike’s statistical reports and use his data often. Today, I asked if I could post his preliminary March report in full, and he gave his permission. As you will see, it’s chock [...]
I get a tremendous number of phone calls from buyer’s agents every day, all with the same two questions, over and over. “Is this property still available?” How many offers?” And the statistics say that we are in a seller’s market, at least when it comes to lender owned properties in Phoenix. We’ve dropped from a 4.7 [...]
photo credit: Dru Bloomfield – At Home in Scottsdale I’ve been pretty quiet on the blog-front this past month and a half. However, it’s been six weeks of massive action, and an introduction to the world of bank-owned (REO) properties, where the majority of home buying and selling appears to be occurring in the Phoenix metropolitan [...]
A quick update on the short sale and foreclosure situation in Scottsdale, courtesy of the Cromford Report. Compared to the rest of the Phoenix area, Scottsdale is in good shape. For instance, the Distress Index for Chandler is in the red zone at 49.3, and Phoenix is clocking in at 69.7. The only city that [...]
Bryan Jones over at the Talon Group emailed me the following spreadsheet with bank owned property statistics for many of the major cities that occurred during the month of October. City Total Sales REO Sales* % REO Sales* Median Price REO Price* Buckeye 137 88 64% $120,000 $114,500 Tolleson 73 45 62% $139,900 $130,900 Avondale [...]
