Approximately 74% of all home sales in the current Phoenix/Mesa Arizona real estate market are either Short Sales or REO’s. The Arizona real estate market was the 5th hardest state hit in 2009 for foreclosures. Only Nevada, Florida, California and Michigan surpassed Arizona in all foreclosures. In May of 2010, our local MLS (ARMLS) showed the following home sales in Arizona.
- 49% Active Short Sales Listings up 137% from 2009
- 19% Pending Short Sales Listings up 200% from 2009
- 20% Closed Short Sales Listings up 246% from 2009
Obviously all of this is very troubling for the home owner. However, there are many useful internet sites available to answer questions you might have regarding selling your home in today’s distressed real estate market. A number of these web sites are listed below. Please take the time to browse the information provided within these web sites before making any decision regarding selling your home. Should you ever have any questions, please feel free to call us at 480-985-5442.
- hopenow
- www.hud.com
- www.makinghomesaffordable.gov
- freddiemac
- fanniemac
- efanniemac
- realtor.com
- Homesweetaz
We are hearing that the Arizona real estate market should be recovering by 2014. With this in mine, this is a great time to be a home buyer in Arizona. This is based on all of the homes being sold at bargain prices in the Valley. By 2014 many of these homes will have appreciated and these buyers will become home seller’s looking for a new home.
