Phoenix Housing – Recovery – Shadow Inventory For Real?

Arizona is taking off right now! Prices are up over 20% in Phoenix the last 12 months and the reason is because Arizona is such a great place to live. The weather.. for retirement.. entrepreneurs.. affordability.. and people that want to go to school.. So there’s a lot of different things in the Valley that make it a very good economy. If you are looking at investing in Arizona, it’s a phenomenal place right now! Many people here and a lot more are still moving here! We have low home prices still and the rental rates in Phoenix have gone up 18% in the last year! These things make it a super hot place to invest! If you want to invest here in Arizona, you can do it from anywhere in the world by clicking here to get started! 

 

“The actual lender owned inventory is tracked down to the individual parcel and is available to Cromford Report subscribers here. There are fewer than 5,900 residential properties, and this includes some 2,600 or so that are already listed as active, pending or temporarily off market on ARMLS. The idea that an inventory of 3,300 is being artificially held back by lenders is ludicrous. Even if by some miracle this inventory were to be placed on the market all at once, it represents less than 2 weeks supply and would have a negligible effect on prices. This number also includes homes that have been leased out to tenants by owners such as Fannie Mae and Bank of America. Miami and Phoenix should not be regarded as in similar situations. If we compare Florida and Arizona home loan delinquency, as reported by Lender Processing Services, we see that as of the end of May, Florida had 21.3% of its first home loans 30 or more days late or in foreclosure. The equivalent number for Arizona is 8.7%, which is below the national average of 11.3%. In addition there has never been any serious evidence that lenders have held back on foreclosing in Arizona except during very brief and well-advertised periods in 2009 and 2010. We have one of the lowest elapsed times between notice and trustee deed and a relatively low percentage of loans that are delinquent by 30 or more days but not yet in foreclosure (5.9%, which compares with a US average of 7.6%).” – Michael Orr(Cromford Report)

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One comment on “Phoenix Housing – Recovery – Shadow Inventory For Real?

  1. Pingback: Eminent Domain to Help Underwater Homeowners? | MyPadAZ

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