Foreclosures
June 15th, 2009This article addresses the shadow inventory supposedly being held back by lenders. I’ve seen several articles on this subject but this one has quotes specific to Arizona.
LINK: Yahoo – Arizona Foreclosures
Arizona is now in the news and not in a good way. The latest figures from RealtyTrac.com show that during the first quarter Arizona had the second highest rate of foreclosure actions in the nation, trailing only Nevada. One out of every 54 Arizona homeowners received a foreclosure notice during the first three months of the year………
Gloria Handley, a real estate agent in Chandler with RE/MAX Achievers, says that across the state there have been roughly 20,000 home sales so far this year. Of that number, she estimates that 75 percent were lender owned or short sales…….
What the numbers from Arizona and elsewhere generally don’t say is that while bank-owned properties make up a growing percentage of the homes available for sale, banks are actually keeping large numbers of properties off the market.
A study by RealtyTrac compared homes held by banks with homes actually listed on local MLS systems. The result? RealtyTrac’s senior vice president Rick Sharga estimates that only 30 percent of bank-owned properties are listed and that 600,000 to 700,000 foreclosed homes nationwide are being held off the market by lenders………
