I’ve said many times and still maintain this chart will show us when things begin to get back to normal. (When the tidal wave of bank-involved business ebbs and sellers can compete with each other, rather than with the banks.) Unfortunately, we’re not there yet…
Note: I’m pulling all new distressed listings from the MLS, regardless of their current status (active, sold, etc.) I’m looking at Single Family Detached homes in Maricopa County, with some sort of bank involvement – Short Sales, Pre Foreclosures, Auctions, and Lender-Owned properties. Numbers are believed to be accurate but not guaranteed.
Your watching & waiting Realtor,
Chris Butterworth
Chris Butterworth is: Realtor. Analyst. Husband. Father. Writer. Amateur Photographer. Triathlete. Soccer Dad. Big fan of technology, efficiency, and the Arizona Wildcats.
Other posts you might like:
{ 2 comments… read them below or add one }
Good input John, Thanks. I like seeing things pointing in the right direction, but I got suckered into believing after seeing the 6-month downward trend in the 2nd half of last year (see chart.) Now I don’t think we’ll see a real trend until 2nd half of next year. Here’s hoping I’m wrong!
Looking a bit further upstream, at least the overhang of pending foreclosures has been falling.
According the The Cromford Report, “Foreclosures Pending” has fallen from 50,168 the first week of March to 46,284 the first week of May. That’s the pretty good clip, a fall of 8% in 9 weeks.
I imagine we are a long way away from seeing fewer “Foreclosures Pending” translate into having fewer bank-owned listings, but it’s a trend in the right direction.