Phoenix Foreclosures — sales up in February 2010.
February had only had 28 days but residential sales were up 10% for short sales and bank owned homes and 14% overall in Metro Phoenix. Foreclosures continue to dominate in Metro Phoenix. Real estate residential sales increased from 5,812 in January to 6,613 home sales in February 2010. The reason continues to be last minute shopping for the tax credit fueled by low interest rates. This trend should continue throughout the next few months.
Read the chart in this manner: 6,613 homes sold in February in Metro Phoenix . Real estate defined as “normal” sales (not bank owned property or short sales) accounted for 2,463 sales, or 37.2% of the total. 4,150 sales were foreclosure related which comprised 62.8% of the total.
Year over year sales, commonly known as YOY (a common industry comparison standard), have been up for 21 consecutive months (not completely shown by the chart ). YOY essentially compares the sales in February 2010 to the sales in February 2009, the sales in January 2010 to the sales in January 2009, and so on. In other words, Phoenix real estate sales have consistently been improved from the previous year.
Phoenix foreclosures (bank owned or REO property and shorts sales) officially accounted for over 1/2 all sales in the Phoenix real estate market beginning in October 2008. They have surged as high as 75.9% but have yet to drop below the 50% mark. I have statistics that go back to June 2007. Contact me for more information.
My next post will evaluate the number of Phoenix foreclosure sales and their makeup in terms of how many were lender owned properties and how many were short sales.