Phoenix Market Views
Bank Repossessions Drop To A 44-Month Low
Foreclosure activity continues to concentrate over just a few states.
According to foreclosure-tracker RealtyTrac, November’s foreclosure filings fell 3 percent as compared to October, and 14 percent from November 2010.
“Foreclosure filing” is a catch-all term for the various “action steps” throughout the foreclosure process. The grouping comprises default notices, scheduled home auctions, and bank repossessions.
As in most months, though, foreclosure activity remains concentrated by state. More than half of last month’s bank repossessions can be traced to just 6 states.
- California : 14.8% of all bank repossessions
- Florida : 12.7% of all bank repossessions
- Texas : 7.0% of all bank repossessions
- Georgia : 6.9% of all bank repossessions
- Arizona : 6.7% of all bank repossessions | Phoenix REO’s For Sale
- Michigan : 6.3% of all bank repossessions
Meanwhile, with just 5 repossessions, South Dakota topped the list of states with the fewest bank repossessions in November. The Mount Rushmore State accounted for just 0.009% of REO nationwide in a month in which bank repossessions dropped to a 44-month low point across the United States.
The drop in REO is coming at a tough time for today’s Phoenix home buyers. Distressed properties are in high demand — mostly because they sell at steep discounts.
According to the National Association of REALTORS®, distressed homes accounted for 28 percent of all home sales in October. As fewer bank-owned homes become available, though, there will be fewer “deals” to be had.
Especially as the broader housing market continues to signal its recovery.
If you plan to buy a bank-owned foreclosed property, do your research first. As supplies drop, the price for foreclosed homes throughout Arizona relative to non-distressed homes may rise, rendering REO properties less of a relative “value”.
Before you write a contract, therefore, talk with a licensed real estate agent. There’s plenty of foreclosure data available online but, when it’s time to buy, you should have an experienced agent on your side.
Incoming search terms:
- phoenix az apartment market
- bank repossenoins phenoix
- multifamily market phoenix
- phoenix arizona apartment market
- phoenix remains at the top for apartment investors
- State with fewest banks
Recent Small Multifamily Sales In Greater Phoenix
There is not doubt about the active small multifamily market in Greater Phoenix. Investors are out there looking for a limited amount of properties.
Inventory of 2-4 unit apartments is about half that of last year and investor activity is up.
As of this post there are 142 active 2-4 unit apartment for sale in Maricopa County ranging from a triplex for $24,600 to an overpriced fourplex at $375,000 which has been on the market forever.
In the last 30 days.
51 properties sold.
Top 5 Multifamily Sales
- 4352 N. 36th St. 4 units at $215,000
- 2109 W. Colter Ave. 4 Units at $189,000
- 4356 N. 36th St. 4 Units at $184,000
- 401 W. 5th St in Tempe. 4 Units at $177,000
- 1146 E. 2nd in Mesa. 4 Units at $165,000
30 properties are AWC – mostly short sales.
62 properties are Pending – indicating that the next 30-45 days will have high sold numbers.
Incoming search terms:
- 4 unit apt for sale in phoenix
- 4 unit apartments for sale
- 4 unit apartments for sale in az
- arizona apartment unit for sale
A Look At The Small Multifamily Market In Metro Phoenix
(Graph by: PhoenixMarketTrends)
We’re currently revamping Arizona Apartment Investor into a new design, actually it’s been in the works for a while: until it’s completed shortly some updates will be located at PhoenixMarketTrends.com, like the most current look at the triplex and fourplex market in Greater Phoenix. I chose only triplexes and fourplexes because I happen to like this size, it’s easy to buy and sell: it can be done so via a residential loan like FHA, VA or conventional, these are purchased by investors and owner occupant/investors and they are a good gauge of the small multifamily market.
Please continue reading here.
