Here is my monthly update on the market for Phoenix and Scottsdale real estate:
1. Active Notices of default for residential properties as of the end of October 2011 were 21,903 units. That is down from last month of 22,301. This is the 11th month in a row that we have seen decreases in the number of Residential Active Notices. This is significantly less than the all time high of Active Notices of Default in December 2009 of 47,606.
2. Foreclosures were at their all time high in March 2010 at 5,451. Residential foreclosures were 2233 last month which is under 50% of the peak. This was down 454 units from September.
3. Residential greater Phoenix and Scottsdale foreclosure properties are sitting at 10,451 vs. last month of 13,556. Down 3015 units from last month! October of 2010 there were 20,821 foreclosure properties. We are currently down 50% for the number of foreclosures on the market! Listed properties are approximately 2,713 units and pending are 3195. That tells us that there are approximately 4,544 properties that are foreclosed but not yet on the market.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260