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Distressed property report

HI,

The market is quite interesting right now.  As I have previously reported, many properties are getting mulitple offers, usually over list price.  The is a lot of activity and it can be quite frustrating for a buyer now.  Especailly one who needs to move quickly.

Last year, the difference between market share of short sales and foreclosures crossed over from more foreclosures to more short sales.  Distressed properties still make up approximately 2/3rds of the market, but the share among the distressed properties is disproportiantely high with short sales.  People who previously would have stayed away from a short sale are now offering on them, simply because there are more choices. 

ARMLS has come out with a new distressed property report that shows, by zip code, the number of short sales and foreclosures in each area.  Additionally it provides a percentage of the total market share for distressed properties.  This report shows the numbers as of April 30, 2012.

As an example, my home zip code of 85050, shows 71 short sales and 9 foreclosures active on the market.  These together comprise 66% of all active listings.  Obviously, the numbers vary per zip code, but it will provide you an idea of what is going on with the market mix right now.  You can see the report here.

Adam Tarr PC
Citywide Real Estate
www.WeAreAZRealEstate.com

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