The Phoenix foreclosures "sales %" dropped to a 12 month low in November 2009. 60.2% of all residential sales were foreclosure type sales. Phoenix foreclosures are defined as bank owned (REO, or real estate owned) properties and short sales.
That chart indicates that 7,586 residential properties were sold in the Phoenix real estate market in November 2009. 3,018 (or 39.8%) were normal sales while 4,568 (60.2%) were Phoenix foreclosures. The last time the percentage was near 60% was last December 2008. The peak in the sale of Phoenix foreclosures was 75.9% in March 2009. They have continued on a slow and consistent decline since that time.
Although the actual number of sales for Phoenix foreclosures follows the same basic trend as the %, the highest number of foreclosure sales was in May 2009. The number of foreclosure sales has decreased for two primary reasons: 1.) there are less foreclosures for sale and 2.) the price gap between normal sales and Phoenix foreclosures has shrunk, making normal sales more attractive than they have been in a long time.
Here's a look at how several cities in the Phoenix real estate market compared to the 60.2% average for all Phoenix foreclosures :
- Maricopa - 69.8%
- Glendale - 64.4%
- Phoenix - 63.6%
- Nov 09 - 60.2%
- Mesa - 59.7%
- Queen Creek - 57.8%
- Gilbert - 52.7%
- Chandler - 52.2%
- Scottsdale - 47.9%
- Tempe - 41.1%
- Ahwatukee - 39.5%
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