2011

Happy New Year's - 2012

New Year’s Eve (woo hoo!)  New Year’s Day (gowl games!)  New Year’s Resolutions (uh oh.)


I wrote extensively about setting and achieving goals a couple years ago. (part 1, part 2, part 3, part 4.)


But for today, I thought this chart says it all.


Happy New Year’s, Everyone.  I’ll see you next year.




by visually via














- Chris Butterworth

It's Construction Time (again)

Ahhh. The last week of the year. Time for reflecting on things past and setting goals and direction for the next year. And for our long-time readers, this is usually a good time to revamp our website's layout & design!



Personally, I think it's been a little stale around here lately, and we've both been a bit less than energetic with our writing over the last couple of months... So let's mix things up!

Seriously, I'll be making some changes over the next couple of weeks - sidebars, buttons, widgets, colors, theme.. "a little ham & eggs coming at you", as the great Ron Burgundy would say. Bear with me, and if you notice anything goofier than normal, please let me know.

Thanks,

Chris Butterworth

Distressed Activity by Month – November 2011

THE GRAPH HAS INVERTED!  There are some significant changes to the graphs this month.  Finally!  (my thoughts below the charts)

(Click on any chart to see a larger version.)

Listings First – Here are the new distressed listings hitting the market each month going back to January 2009, broken out by different types and views.

Chart 1 - New Bank Owned Listings  - (new listings actually owned by the bank – think foreclosures and REOs.)

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Chart 2 - New Short Sale Listings (new listings, still owned by the ‘owner’, but needing the bank to take a short payoff because the home is worth less than the mortgage balance.  The bank will need to approve the sale.)

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Chart 3 - New Bank Owned + Short Sale Listings  (a combined look at the above charts – these are the new listings where the bank is going to take a loss on the property, and the best reflection of my former Distressed Listings chart.)

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Chart 4 - New Vacant Listings  (new listings which are vacant homes.  While not all vacant listings are distressed listings, I am including them because they represent a very large percentage of the overall market, and therefore provide some measurement of Distressed.)

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Now the Sales - I’ve pulled all the homes sold since 1/1/2009 for Single Family Residences in Maricopa County, broken out by who owns them and who lives in them.

Chart 5 - Home Sales by Type of Owner

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Chart 6 - Home Sales by Type of Occupant

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I am including Single Family Detached Homes listed for sale (or sold) in Maricopa County via the Arizona Regional Multiple Listing Service.  These numbers are believed accurate but not guaranteed.

What does it all mean?

Chart 1 – New Bank-Owned listings are falling off the chart.  Finally!  From over 5,000 in March, 2009, to consistently between 2,000 and 3,000 for the last year, to the last few months being under 2,000.  And now we’re approaching the 1,000 mark.  This is great news.

Chart 4 – New Vacant Listings are also trending steeply in the right direction.

Chart 5 – November was the first month in well over 3 years where there were more sales of traditional / equity owned homes than bank-owned homes!

Now, before we get too carried away and think the market has recovered, there are still some sobering numbers in the above charts:

Chart 1 – there are still more than 1,000 new foreclosures hitting the market each month.  That’s a lot of people losing their home.

Chart 4 – 3,500 new listings are vacant; that’s not the sign of a normal market.

Chart 5 – I’m willing to wager that 2/3 (or more) of the equity sellers are investors who bought foreclosures a couple/few months ago and are selling the homes today.  These aren’t the regular mom & pop families selling their home in order to go buy a larger or smaller home down the street.

Chart 6 – There are still far more vacant than occupied homes changing hands.  Again, this isn’t the sign of a market which has recovered.

Overall, we’re definitely headed in the right direction.  Fewer bank-involved listings will translate into fewer vacant listings and fewer investor buyers down the road.  This month marks a big step forward in the right direction, but there are many more steps to be taken..

Your feeling a little more optimistic today Realtor,

Chris Butterworth

Maricopa County Sales Charts – November 2011

This month’s charts look good, especially for this time of year.  # of Sales is down a little bit, but that’s just seasonality – it’s actually higher than it was a year ago.  In addition, Average Sales Price and Average $/Sqft are trending upwards, while Average Days on Market is trending downward.  All good signs.

Here’s a look at the recent trends county-wide.  I’m pulling a rolling 13-month history so we can see the last year’s trends plus a comparison of this month to the same month last year..

Specific Zip Code reports are now available!  If you’d like to see how the sales activity in your zip code compares with the county as a whole, just click here to sign up, and you’ll receive your zip code report via email each month.

and now, on to the reports.  (click each chart to embiggen)

Number of Homes Sold by Month

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Average Sold Price

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Average Price per Square Foot

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Average Number of Days on Market

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** The data for all these charts represents Single Family Homes sold in Maricopa County via the MLS.  All data was pulled from the Arizona Regional Multiple Listing Service, and is thought to be accurate but is not guaranteed.  Please do not make any life-changing decisions based solely on the information contained herein.

Questions, comments, suggestions?  Please give us a call/email anytime – we’d love to hear from you!

Your keeping an eye on the trends Realtor,

Chris Butterworth

Distressed Activity by Month – October 2011

I like the look of these charts!  (Best trending we’ve seen in 3 years..)

This post will have a lot of easy to read charts, and then I’ll write up a couple thoughts at the end.  I hope you enjoy it…

(Click on any chart to see a larger version.)

Listings First – Here are the new distressed listings hitting the market each month going back to January 2009, broken out by different types and views.

Chart 1 - New Bank Owned Listings  - (new listings actually owned by the bank – think foreclosures and REOs.)

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Chart 2 - New Short Sale Listings (new listings, still owned by the ‘owner’, but needing the bank to take a short payoff because the home is worth less than the mortgage balance.  The bank will need to approve the sale.)

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Chart 3 - New Bank Owned + Short Sale Listings  (a combined look at the above charts – these are the new listings where the bank is going to take a loss on the property, and the best reflection of my former Distressed Listings chart.)

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Chart 4 - New Vacant Listings  (new listings which are vacant homes.  While not all vacant listings are distressed listings, I am including them because they represent a very large percentage of the overall market, and therefore provide some measurement of Distressed.)

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Now the Sales - I’ve pulled all the homes sold since 1/1/2009 for Single Family Residences in Maricopa County, broken out by who owns them and who lives in them.

Chart 5 - Home Sales by Type of Owner

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Chart 6 - Home Sales by Type of Occupant

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I am including Single Family Detached Homes listed for sale (or sold) in Maricopa County via the Arizona Regional Multiple Listing Service.  These numbers are believed accurate but not guaranteed.

What does it all mean?

Although it’s painfully slow, the charts show we’re definitely moving in the right direction.  (especially the listing charts.)

Chart 1 shows the first time we’ve had less than 1,500 new bank-owned listings hit the market.

Chart 3 shows the 2nd time we’ve had less than 4,000 new bank-owned plus short-sale listings.

Chart 4 shows the first time we’ve had less than 4,000 new vacant listings.

And on the Sales side, Chart 5 shows the type of seller was more evenly distributed than we’ve had since I started tracking this stuff in early 2009.

So, we’re on the road to recovery.  How long the trip will take is still anyone’s guess…

Your happy to see we’re heading in the right direction Realtor,

Chris Butterworth

Maricopa County Sales Charts – October 2011

Here’s a look at the recent trends county-wide.  I’m pulling a rolling 13-month history so we can see the last year’s trends plus a comparison of this month to the same month last year.

While the number of homes sold is following its seasonal trend downward in the fall, it’s still up 17% from the same month last year, indicating continued strong sales volume.  This is echoed by the Average Days on Market chart, which shows homes are selling 10 days faster than they were at this time last year.

Specific Zip Code reports are available!  If you’d like to see how the sales activity in your zip code compares with the county as a whole, just click here to sign up, and you’ll receive your zip code report via email each month.

and now, on to the reports.  (click each chart to embiggen)

Number of Homes Sold by Month

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Average Sold Price

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Average Price per Square Foot

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Average Number of Days on Market

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** The data for all these charts represents Single Family Homes sold in Maricopa County via the MLS.  All data was pulled from the Arizona Regional Multiple Listing Service, and is thought to be accurate but is not guaranteed.  Please do not make any life-changing decisions based solely on the information contained herein.

Questions, comments, suggestions?  Please give us a call/email anytime – we’d love to hear from you!

Your keeping an eye on the trends Realtor,

Chris Butterworth

Market Update through the end of October 2011. Please note that the Valley Wide graph represents all of the MLS.

(you can click on the chart to see a bigger version)

This chart shows you the percentage of distressed properties that are being listed and sold.

  • Short Sales represent 29% of the Closings for October (compared to 26% in September)

  • Short Sales represent 37% of the active Listings currently on the market.

  • Distressed Sales (Short Sales and REOs combined) accounted for 64% of the total sales for October.

  • The listing success rate for Short Sales is 60.0%!

Phoenix area housing statistics

Here are a few charts from the Cromford Report website that show the most current statistics on the Phoenix-area housing market. All figures are for metro Phoenix Arizona through the first 10 days or so of November 2011, and all types of housing (condo, detached home, patio/town home) are included.

These are charts for Days on Market and total dollar Volume of home Sales.

 

[caption id="attachment_9649" align="alignnone" width="300" caption="Days on Market, metro Phoenix AZ, Nov 2011"][/caption]

 

[caption id="attachment_9650" align="alignnone" width="300" caption="Total Volume of Sales, metro Phoenix AZ, Nov 2011"][/caption]

On the top graphic, you can see that time on market -- an indicator of both sellers picking the right price and buyers wanting to buy -- is dropping. That's generally a good thing, and it's watched as an overall indicator of market health. Three to six months on the market is considered about "normal"; more is a buyer's market, less is a seller's market.

The red line chart on the bottom graphic shows the typical bump in sales activity in the summer. But the blue line chart to the right shows that sales volume is higher year-over-year than this time last year. In other words, our summer sales growth left us at a higher point that this time last year, selling more homes overall.

Our buyers are writing multiple offers before getting one accepted, but sellers are still generally willing to pay closing costs.  What have you been seeing when you're shopping for homes? How many offers are you writing on homes before you get one accepted? Are sellers still willing to pay buyer's closing costs? We'd like to hear your feedback, please leave a comment.

 

Email Question – How much fixing up is too much?

Question:

Is it worth putting in some work on the houses or should I just run away? How much fix up is too much?

Answer:

There isn't an exact science about how much is too much.  It's all very personal and very dependent on the ability (financial, emotional, and hammer-swinging) of the person doing the work.

The only obvious truth is that the cost of the home plus the cost to improve it should be less than the value of the home after it's improved.  In other words, if you can buy a different home in the neighborhood for less than the cost to buy & fix up this one, you should just buy the already fixed up one instead.  Unless (and there seems to always be a caveat), the home you want to fix up is perfect in some other way and can't be match by any other - lot size/location is the most common reason.

Another thing to consider is capital.  You can spend $50,000 more on a home and only have to come out of pocket with a couple thousand dollars for the additional down payment; the remainder can be financed (assuming you qualify for the increased mortgage).  However, your fix-up costs will most likely need to be paid for with cash.

Ideally you can find a home that looks a little run down, which keeps the home on the market longer and depresses its list price, but which only needs inexpensive, cosmetic fixing up.  Flooring, paint, and fixtures fall into this category, as well as giving the landscaping some TLC without having to entirely re-landscape the yard.

Countertops and cabinetry go a long way towards freshening up the kitchen and bathrooms.  But this can sometimes cause a domino effect - your vision for the right cabinets will be best complimented with new appliances, countertops, flooring, and an update to the ceiling - now we're talking real dollars!

That's a long answer.  The short answer to your short question is:  it depends.  You can get a great deal on a home if you're willing to do the work, and the harder the work the better the deal.  But you need to be able to do the work as inexpensively as possible (the goal after all was to save money), and you need to have the cash available to do it.

Does that help at all?

Sincerely,

Your looking for value Realtor

Chris Butterworth

Are the ‘assessed value’ and market value related?

In short, the answer to this question is “no”.

Disclaimer: this answer applies to metro Phoenix, Arizona in the year 2011, where I work as a full-time Realtor. If you’re reading this long after publication or from another location, please consult a professional in your area. In other words, I am a Realtor but I am not your Realtor… yet. Wanna hire me to be YOUR Realtor? Click here.

Lots of buyers want to use the Maricopa County Tax Assessor’s “Assessed Value” to justify why they should be able to buy a particular house for less than the listing price.  This is especially common among folks who are engineers, attorneys or other Type-A’s.

Listen up, Type-A’s! I feel your pain. I understand your need to get your hands on hard data, statistics, charts, graphs, etc.  Thing is, the market value of houses has to do with 1 thing, and only 1 thing: what are other buyers currently paying for other, similar homes?

Here’s a very brief comps analysis on a particular HUD home currently listed for sale in North Phoenix. To begin, this is the tax assessor’s notice of valuation on the home. For tax year 2011 the assessed value is $147,500:

Capture, tax assessor valuation on 1727 E Blackhawk (click to enlarge image)

This home has 2,425 square feet built in 1995 with a pool in the backyard, and the lot backs up to mountain preserve. The home is currently listed for sale at $240,000.

Whoa, tax assessor says only $147,500. What gives?!?  Here’s the comps on 4 sales within the past 60 days of the same size and similar condition homes in the subdivision:

Capture, CMA on 1727 E blackhawk (click to enlarge image)

Notice that all 4 of these homes were on the market for less than 40 days before finding a buyer – the market’s moving pretty fast. One home has yet to close, and it’s included as a possible indication of where prices are headed. Look at the column titled “SP” for “selling price”. Comps on this home range from $235,000 to $276,500.

In other words, other buyers have very recently paid between $235,000 and $276,500 for very similar homes in similar condition, located very close by. Therefore, the market value on this home is somewhere in the mid-$200,000s. If you make an offer of $147,500 you will be wasting your time.

Don’t fall into the trap of looking at the assessed tax valuation when trying to judge how much a house is “worth”. It’s worth what buyers are willing to pay for it. Get yourself a competent Realtor (hey, I know what of those… wait, I am one of those; hire me!)

Thanks for reading; come back soon!

Most expensive REO

Here it is, folks, the most expensive REO bank owned foreclosure home currently for sale in the metro Phoenix, Arizona MLS database. For a mere $18 million, this estate can be yours.

18mil EF

Seven bedrooms and 10 bathrooms, and over 17,000 square feet of living space. The home boasts two swimming pools, a billiard room, 3 family rooms, a theater room with actual movie-house projection system and seats that move with the movie action. Garage space for 21 cars. Home has an exercise room and a piano room, 2 libraries, and it’s own solar electric generating station.

The closets in this place will suit turn anyone into a clothes horse…

18mil closet218mil closet1

The house sits on 5 acres in Paradise Valley, on prestigious Mockingbird Lane.  Want to see it in person? Shown by appointment only; bank references required prior to showing. That’s Realtor-speak for “show me the money before I show you the house.”

18mil HALL18mil ENTRY

18mil POOL218mil POOL1

18mil LIBR

And, proving that even the excessively wealthy have sense of humor, at the entrance to this home’s theater room, Zoltar from the movie Big.

18mil THEATER

AMC Esplanade 14 movie theater will re-open as posh Fork & Screen

fork and screen logoBiltmore-area movie-goers have undoubtedly noticed that the  AMC Esplanade 14 movie theater at 2512 E Camelback Road has been closed down this summer.  In August, the Esplanade will reopen as the latest site of AMC’s newest concept, the upscale Fork & Screen.

With this renovation, AMC is trying to attract the posh “dinner and a movie” crowd to the Biltmore location. The new movie venue will offer luxe décor, top-shelf cocktails, wait staff and bartender service and even private suites in which to watch the movies.

Oh, and for all you jobseekers out there, AMC is currently hiring wait staff, bartenders, back-of-house people (dishwashers, cooks, etc), and even a theater manager. Search available openings on CareerBuilder.com, using the employer name “TD-AMC Dine-In Theatre”.

Sources & Links for this story:

http://www.amctheatres.com/dinein/forkandscreen/

http://blogs.phoenixnewtimes.com/jackalope/2011/05/amc_esplanade_14_fork_screen.php

Desert Ridge Area – Market Snapshot

Today I thought I’d pull some numbers, charts & graphs for the Desert Ridge area, to see where the activity really is.

Overall Activity

  • # of Sales, 1/1/11 – 6/30/11:  404
  • # of Current Listings:  253
  • Months’ Inventory:  3.75

Overall it looks like homes are selling at a brisk pace; 3.75 months’ inventory is generally considered a seller’s market.

Activity by Price Range

Sales are heaviest in the $100,000 - $300,000 range, accounting for 276 of the 404 total sales (68%).

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Listings are spread out a little more, although the $100,000 - $300,000 range still accounts for the largest share (62%).

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Seller’s Market?

Combining the Sold and Active data to look at Months’ Inventory by Price Range, I was surprised to see a fairly consistent inventory, at least for the prices < $600,000.

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The market is just as hot between $400k - $600k as it is for homes < $200k, while it’s a little softer in the middle range of $200k - $400k.  And forget about it once you get above $600k; the market deteriorates quickly.

My guess is that the sub-$200k market is being driven by investors & distressed activity, and the $400k - $600k market is made up of owner-occupied and second-home buyers snapping up formerly million-dollar homes, while the traditional mid-range move-up market is the soft spot in the middle.

Next time I’ll dig even deeper to see if my hunch is right.  In the meantime, please give us a call if you want to see a particular neighborhood or have any other questions.

Your turning data into information Realtor,

Chris Butterworth

California says "no" to lender lawsuits after short sales

Holy cow! The California legislation just passed a law preventing banks and other lenders from suing homeowners for unpaid mortgage balances after the lender agrees to a short sale. (hat tip, Kris Berg of the San Diego Castles blog). The way I read it, the new California law also prevents the lender(s) from requiring the homeowners to pay a lump-sum settlement at the short sale closing.



[The California legislature just passed into law] Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. ....  Both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units.

Click here for Reuter's coverage of the event


Click here for a roll-call vote tally of the California Senate, to see who voted for, and against


Will it ever happen here, in metro Phoenix? Don't count on it. Politically, Arizona is far more "red" than California. Some years we're purple, but we've got a very, very long way to go until we're as blue as California.


Note to Arizonans:  Arizona does not have a law on the books yet that protect homeowners in these kinds of situations. In Arizona you can be sued by your 2nd lender for the unpaid 2nd mortgage balance, for up to several years after a short sale, even if the lender gave permission for the short sale! So what should you do if you're underwater, considering a short sale, and have a 2nd mortgage or equity credit line/loan? Call an attorney! Call or email me and I'll be happy to refer you to the attorneys who handled my short sale.


 

Maricopa County Sales Charts – June 2011

Here’s a look at the recent trends county-wide.  I’m pulling a rolling 13-month history so we can see the last year’s trends plus a comparison of this month to the same month last year.

These charts are showing trends which are more obvious than I’ve seen in awhile:

First of all, the number of sales is through the roof!  We’ve noticed this activity across just about every slice of the data – sales are up, way up.  Maybe that’s because…

Prices are down.  Notice the average sales price and the average price per square foot are down 11-12% from this time last year, although both have been holding steady over the last 6 months, and have even shown a slight uptick in recent months.

In addition, Days on Market is trending downward after hitting a high mark earlier this spring.

Taken together, this tells me we’ve hit a market-clearing sweet spot for investors.  The current prices allow investors to buy distressed homes, fix them up, and rent them out for enough money to generate acceptable profits.  Good news in that prices shouldn’t fall any further; bad news in that prices can’t rise either – as soon as the numbers stop creating profits the investors will stop buying.

Looks like we’re stuck in a holding pattern for the time being, but at least it’s a holding pattern that’s clearing vacant homes out of neighborhoods.

Specific Zip Code reports are now available!  If you’d like to see how the sales activity in your zip code compares with the county as a whole, just click here to sign up, and you’ll receive your zip code report via email each month.

and now, on to the reports.  (click each chart to embiggen)

Number of Homes Sold by Month

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Average Sold Price

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Average Price per Square Foot

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Average Number of Days on Market

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** The data for all these charts represents Single Family Homes sold in Maricopa County via the MLS.  All data was pulled from the Arizona Regional Multiple Listing Service, and is thought to be accurate but is not guaranteed.  Please do not make any life-changing decisions based solely on the information contained herein.

Questions, comments, suggestions?  Please give us a call/email anytime – we’d love to hear from you!

Your keeping an eye on the trends Realtor,

Chris Butterworth

Distressed Activity by Month – June 2011

Each month I pull these charts together, and each month I hope to see obvious trends showing fewer distressed listings hitting the market and more sales of owner-occupied homes.  Unfortunately, the trends I’m hoping for have not yet materialized…

Here are the charts showing the distressed activity by month – listings and sales – since the beginning of 2009.

(Click on any chart to see a larger version.)

Listings First – Here are the new distressed listings hitting the market each month going back to January 2009, broken out by different types and views.

Chart 1 - New Bank Owned Listings  - (new listings actually owned by the bank – think foreclosures and REOs.)

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Chart 2 - New Short Sale Listings (new listings, still owned by the ‘owner’, but needing the bank to take a short payoff because the home is worth less than the mortgage balance.  The bank will need to approve the sale.)

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Chart 3 - New Bank Owned + Short Sale Listings  (a combined look at the above charts – these are the new listings where the bank is going to take a loss on the property, and the best reflection of my former Distressed Listings chart.)

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Chart 4 - New Vacant Listings  (new listings which are vacant homes.  While not all vacant listings are distressed listings, I am including them because they represent a very large percentage of the overall market, and therefore provide some measurement of Distressed.)

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Now the Sales - I’ve pulled all the homes sold since 1/1/2009 for Single Family Residences in Maricopa County, broken out by who owns them and who lives in them.

Chart 5 - Home Sales by Type of Owner

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Chart 6 - Home Sales by Type of Occupant

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I am including Single Family Detached Homes listed for sale (or sold) in Maricopa County via the Arizona Regional Multiple Listing Service.  These numbers are believed accurate but not guaranteed.

What does it all mean?

I’d like to have an obvious, black & white answer for you, but I don’t; these charts are a bit confusing.  Sales of owner-occupied homes are up – that’s great!  But sales are up across the board – vacant homes, bank-owned homes, short sales…  It seems more likely the investor-buyers just have a bigger appetite right now.  There’s also some seasonality showing up, with repeated peaks in the summer months.

And on the listing side, we’re still adding almost 5,000 new bank-involved listings each month.  We’re certainly not heading towards a normal market at that rate.  I’m just keeping my fingers crossed that the purchase pace continues to be higher than the listing rate – as long as the new listings are getting absorbed, we’re simply buying time until the banks run out of new listings.  Hopefully that happens over the next year or two & we’ll watch the listings wind down in our charts.

Your watching & waiting Realtor,

Chris Butterworth

The difference between Bank Owned, Foreclosure, REO, and Short Sale

July 2011. This is an update and reprint of an article from June 2008. Reprinted because, sadly, it's still relevant. Updated because things in real estate are always changing. This information pertains to metro Phoenix, Arizona in 2011. If you're reading this from another locale or long after the publication date, please consult a professional in your area. We are Realtors, but we are not your Realtors; get local, professional advice.

REO, a.k.a. Foreclosure, a.k.a. Bank Owned -- the bank has already foreclosed and the former homeowner is long gone. In Arizona, there is no "Redemption Period" after a foreclosure during which the former owner can reclaim the home. Once the bank has foreclosed on an owner, it's game over. The bank owns this house outright and is selling it, almost always using a Realtor and an MLS listing. (There are extremely rare situations where a bank forecloses and doesn't obtain clear title to the home. How rare? In a combined 13 years of practice in metro Phoenix, we at ThePhoenixAgents have seen this happen once.).


Pre-Foreclosure - Treat these as "Short Sales".


Short Sale - In this case, a homeowner is trying to sell at today's prices which will not completely pay off his/her mortgage, and seller won't or can't bring enough money to the closing table to pay off the mortgage. The seller's lender will be left with a short payoff, hence the name.  If the seller can't get his/her lender's approval of the short sale, the sale will not happen.


Short Sales are sometimes great bargains for buyers, but these homes are frequently sold without any disclosures about condition, and are almost always sold As-Is. Buyers can inspect the house but Sellers/Lenders won't do any repairs.


Then, there's the Short Sale Waiting Game. Lenders are overwhelmed, they were never set up to operate a real estate brokerage in the first place, and will probably take a month or more to even acknowledge receipt of a Buyer offer. Total wait time can vary wildly depending on which bank you're dealing with. What are "normal" wait times? I've seen 2 to 9 months, with a personal record of 13 months from offer to closing (30-day escrow).


Want More Info? See all posts in our Short Sale category, or our Foreclosure category. Get even more information, and search for area short sale and foreclosure homes.