Foreclosure Homes by State Data Showed Arizona Still in Trouble

Foreclosure homes by state numbers showed that Arizona, along with Nevada and California, is one of the U.S. states still knee-deep in the ongoing housing market crisis. Despite the seemingly bleak condition of the region's housing market, some industry analysts believe that foreclosures and home prices are flattening; which is considered positive given the current status of the region's home market.

The number of Mesa foreclosure homes and distressed properties in Phoenix, Scottsdale and other key markets of Arizona has remained elevated. However, analysts are seeing some areas with prices of homes easing or remaining flat from last year, while inventories of distressed dwellings continue to drop in other markets. For the whole state, filings for pre-foreclosure properties dropped in April, while certain local areas continue to post higher buying activities in the past few months.

In Scottsdale, areas along Loop 101 are reportedly posting increased home buying activities. In this area, a total of 155 housing sales were recorded for this year up to the month of April, with less than a third of the total sales accounted for by AZ foreclosure homes. Local realtors revealed that bank owned property inventories in various markets of Scottsdale are diminishing and houses are getting sold much quicker, particularly those dwellings that are move-in ready.

With Arizona having some of the highest number of foreclosure homes by state, realtors stated that they did expect prices to tumble in the region. Recently though, some positive developments are being seen in the market, particularly in terms of prices. As an example, realtors reported that a bank owned house at Frank Lloyd Wright Boulevard was recently sold after nine days of getting listed for a price of $268,000.

The most surprising part of the transaction, real property agents revealed, was that the selling price of the property was 5.5% higher than its listing price. In a time when one can find bargain foreclosures offered at almost half their original prices, paying for a rate that is higher than the listing price is indeed unusual. Realtors further reported that houses getting sold a bit higher than their listing prices are starting to become quite common in some sections of Scottsdale.

Most local realtors though, admit that the Arizona housing market is still in a downturn and that it will take a lot of time for it to recover, particularly since foreclosure homes by state figures are predicted to rise again in the coming months. However, they stated that any increase in prices will be much welcomed.