Lender Owned Properties (REO)
Of the monthly sales reported in Maricopa County,
the single family detached resale home sales reported through ARMLS for the month of December 2008, 56% of the listings were noted as "Lender Owned," up almost 10% from last month.
Sorry to report to all the homeowners that our property resale values ARE based on foreclosure prices, also known as REO, or Lender owned.
