Scottsdale Foreclosures Drying Up Quickly

There are fewer and fewer foreclosures in Scottsdale these days. Some people just don’t believe it because of the hype in the media about looming foreclosures. Well, statistics don’t lie. It is a simple fact that there are drastically less Scottsdale and Phoenix foreclosures now than there has been any time in the past 5 years.  Residential Foreclosures in Maricopa County were at there all time high in March 2010 at 5,451. Residential foreclosures were 1647 last month. That is less than half. The trend is clear – less and less foreclosures every month. The number of foreclosures in April was down by 316 units from March.

The number of residential foreclosures properties in Maricopa County is 6,711 vs. last month of 7,408. Down 697 units from last month! That is a huge jump down.  April of 2011 there were 19,322 REO properties. That is down 65% in one year!

What does this all mean? There simply aren’t enough foreclosures for everyone who wants to buy a foreclosure. The typical foreclosure gets multiple offers within the first 5 days and there is ultimately a bidding war. The banks drag their feet on accepting offers in an attempt to garner more offers in the meantime. Homebuyers are turning to normal resales as a result. Normal Sales is at the highest point in the last 5 years. They represent 56% of total sales currently.

Have any questions about Scottsdale real estate market? Call Carmen Brodeur at (602) 791-0536.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
(602) 791-0536
Carmen@TopScottsdaleHomes.com
www.TopScottsdaleHomes.com