Here is a summary of the most recent data on foreclosures in Scottsdale and Phoenix. This information is from the Cromford Report, which is a highly respected real estate analysis. Everything is looking better and better for the local real estate market each month! As we close up 2011, I think we can look forward to an even better 2012!
1. The number of Active Notices of Default for residential properties as of the end of October 2011 were 21,903 units. This 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. The all time high was in December 2009 of 47,606 notices.
2. Residential foreclosures totaled 2233 during October 2011. This was down 454 units from September 2011. The all time high for foreclosures were in March 2010 at 5,451.
3. The number of bank-owned foreclosures is 10,451 vs. last month of 13,556. This is down 3015 units from last month! Last year at this time, there were 20,821 foreclosures during October of 2010, down 50%! 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.
Keeping you up to date on Scottsdale real estate market is my job. Please call me if you have any questions or would like to view some Scottsdale homes for sale. You can reach me directly at (602) 791-0536.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260