I get the question almost every day. How’s the market. There are a lot of different ways to decipher the data…but I have always looked to the Cromford report to help get to the meat of the information.
First a term you need to know. Notice of Default (NOD). In the simplest of terms…this is the legal document issued to inform the borrower that the payment terms they have agreed to have not been met. This is a very good indicator of how many homes are headed into the foreclosure pipeline.
The below numbers are according to Mike Orr, founder of the Cromford Reports. This data may indeed be indicative of a recovery:
Active Notices of default for residential properties as of the end of March 2011 were33,955 units. Down from last month of 37,533. Down from the all time high of February 2010 of 46,634.
Foreclosures were at there all time high in March 2010 at 5,451. They remain steady at between 3,000 to 4,500 units per month.
The residential REO properties are sitting at 19,861 vs. last month of 20,076. Listed properties are 5,750 units. That tells us that there are approximately 14,000properties that are foreclosed but not yet on the market.
What is encouraging about this? It shows the number of new notices have declined. If this trend continues it will definitely prove recovery is underway. In any case this is encouraging!
As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL! Go to Metro Phoenix Homes and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!
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