Inventory continues to decline with only a 2.8 month supply of homes.

Phoenix Foreclosures

Foreclosures are being snapped up quickly, leaving only a 1 month supply of foreclosed homes.  There is talk of another wave of foreclosures later this summer- only time will tell. 

This is dedicated to the hounds that I foster. I received 2 new girls today- a Black and Tan  Coon Hound, a beautiful girl on the E-list- meaning she was ready to have a needle inserted into her veins and she would die.  I also  received a beautiful Red Tick Coon Hound today scheduled to receive a needle into her veins to make her die- but now she lives and is happy- Owner turn ins- “she needs more exercise”  “we are changing our lifestyle”   but I guess they do not care if they die. 

Are you looking for a lifelong companion- then please look to your local shelters. 

Here is a picture of these sweet girls

Great prices- sure- be prepared to make multiple offers on multiple properties- week after week.  If you are obtaining financing- you will be bidding against cash buyers.

If you want to offer below list price, you might as well stay home and enjoy the air conditioning.

Inventory continues to decline- thus the rule of supply and demand takes shape.  With inventory declining, prices will start to increase.

So if you think you are going to come to Phoenix and buy a 1500 sqft home for $60K that is move in ready- think again.

Here is a snapshot of Phoenix Foreclosures

Condolences to all their family and friends.

With the hot weather come reports of children being pulled from pools.

Remember to lock your pool gates, fence your pools, hide the phone and WATCH you kids around the pool and learn CPR. 

Apparently, Brad Pitt’s new baseball movie is hitting Phoenix in the next day or two for a couple of days of filming, and not surprisingly, they are trying to keep the exact location a secret.

So Brad- if you are looking for a great winter home- have your people call my people (ok-I do not have people) but call me and we can find you a great luxury home in Phoenix that is a great deal!

Who will get the house? 

Arizona has $121 million to hand out to potential home owners, that qualify, to buy foreclosed homes in the Phoenix Real Estate Market.

azcentral.com reports:

"Two months into the program, no one in Arizona has closed on a home yet. Several have qualified, however, and hundreds more have applied"

One of the stipulations of this program is that HUD requires lenders who took homes back through foreclosure to give buyers a 15 percent discount on the price.  This could be a problem when you have investors, paying cash, are will to pay market value of the already deeply discounted price.

Inventory continues to decline, multiple bids on foreclosures is the norm, with many being sold over list price. 

Additionally, just this weekend, hundreds of people bought foreclosures at the REDC Auction- these homes will never be available to those that meet the qualifications of the Stabilzation Program.

The money is apart of the governments Recovery Program and must be spent by 2011.  They may want to re-think asking the bank for an additional 15% price reduction.

The chart below shows the current trend in inventory of foreclosures in the great Phoenix Area.

Tables and charts from The Cromford Report using data from public records and  data licensed from the Arizona Multiple Listing Service (ARMLS).

Really- buyer lives across the country looking to relocate, loves the house, submits full price offer, does not know the seller, not even by name.

Now the seller’s lender wants, Name, Address, Date of Birth, and Social Security Number, and most likely will ask for the first born in coming weeks from the buyer.   Seller’s lender-think again.

Hey lender-do you want to sell, if not foreclose and reap the benefits-what ever they are.

Time to move on!!  Hey lender, I understand you love maintaining your foreclosed properties and by they way-you suck at homeownership. Maybe you should have qualified your buyers in 2005 and 2006.  Did you give loans on stated income?  Did you wink at the buyer and give them a loan.  Maybe it is time to take responsibility of your past actions, instead of punishing the very qualified buyer that you now have

“In April, about 19 percent of all Valley homes were purchased by investors, according to real-estate analyst Mike Orr.

He works with the Arizona Regional Multiple Listing Service and the Information Market to analyze real-estate data daily for the Cromford Report.

During the boom, investor purchases accounted for 35 percent to 40 percent of metro Phoenix’s record home sales.

Now, first-timers are the Valley’s fastest growing group of home buyers. One housing-market watcher believes first-time buyers soon will account for half of the area’s home sales.”

As you may well know- first time home buyers are in a prime position: Record low prices, record low interest rates and a sweet government incentive-the $8000 tax credit.

Here is an up-to-date look at statistics for single family homes in Phoenix.

Tables and charts from The Cromford Report using data from public records and  data licensed from the Arizona Multiple Listing Service (ARMLS).