Home prices in Phoenix area up 20 percent in past 12 months

Home prices in Phoenix area up 20 percent in past 12 months

March Foreclosure Information

Read info below for Cromford/Information Market Numbers:

Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.

• At the end of March 2012, there were 16,947 Active Default Residential Properties. This is down slightly from the previous month by 384 units when there were 17,331 Active Default Residential Properties. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.

Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee's Deed.

• Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. Last month, there were 1,982 Foreclosures. This was down by 123 units from February.

REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).

• There are currently 7,408 Residential REO Properties - vs. last month when there were 7,909. This is a drop of 501 REO units in one month! In March 2011, there were 19,681 REO Properties - so we are down by 60% from then. There are approximately 1,458 REO Properties listed in the MLS, with an additional 2,125 REO Properties that are in Pending Status in the MLS. This means that there are approximately 3,825 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.

Market Activity | Arizona Regional Multiple Listing Service (ARMLS)

Market Activity | Arizona Regional Multiple Listing Service (ARMLS)

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