Over 7,000 home sales were recorded in the Greater Phoenix Area over the last month, and just about 50% – or, 3,500 – of them were distressed properties. These “distressed properties” include both short sales and lender owned properties (also known as REOs, foreclosures, bank owned houses, et al.). After that much turnover, let’s look at how many distressed properties still exist and where the majority of them are located.
In our ongoing effort to post consistent and timely real estate market updates, here below is a Distressed Property Report from the Arizona Regional Multiple Listing Service (ARMLS), and my own short commentary afterward. For a frame of reference on these numbers, you may want to take a quick look at Doug Hill’s post last month, “Phoenix Area Real Estate Update – February 28, 2012.”
For an even closer look at Phoenix’s distressed housing market, click on the image above and you’ll be taken to a page with an interactive version of the map above, along with a map of just short sales, and a map of just lender owned properties. Here are two interesting trends I noticed while looking at the three maps.
1. The circles on the lender owned property map are significantly smaller and lighter-colored than they are on the short sale map. This means there are fewer lender owned properties, which account for only about 7% of the overall Phoenix housing market.
2. In the Downtown Phoenix area, and along the north-south stretch of the Loop 101, which passes by Chandler, Tempe, and Scottsdale, the percentages of distressed properties are especially low. This is most likely due to the more stable home values in these areas, and the greater percentages of long-term owners that live there.
Do you see any trends in the map above or have any questions about distressed properties in the Phoenix area? Post your questions and comments in the box below!