Real Estate Analysis
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
A Review of Several Phoenix Real Estate Investment Related Articles
Some investment related articles we did at PhoenixMarketTrends.com
This is a case study of a condo purchased by an out of town investor. It was a lender owned property taken from a plain dirty place to a wonderful inviting home.
There are several ways to search for multifamily properties, here and at Phoenix Market Trends and we review them here.
I like this post because I believe you have to be responsible for you own assets and that includes real estate, though your involvement may be limited, but it needs to be there.
Multifamily is now in a many year low. You can find properties priced at the same levels at the 1980′s. That’s just extraordinary and there is a clear reason for it. Just the same, there are very good reasons why well purchased multifamily properties will do well in the future, maybe even the near future.
Incoming search terms:
- phoenix property investors case study
Investment Articles From PMT
While this weblog is particulary focused on multifamily and our partner weblog is mostly residential we publish general investment articles that are not specific to multifamily there.
Some of the latest articles include.
1. Investment Strategies: Don’t wait to buy real estate, buy real estate and wait!.
Time is on the side of real estate investors, but only if they have real estate in the portfolio.
2. The location and investment return expectations.
You can’t change the location so pick it carefully. Your investment performance and source of the return will depend on it.
3. Making a move into real estate investing.
It’s not a plunge but a step by step walk.
