It’s certainly true that I’ve devoted more space lately to reporting on the doings of distress sales in the foothills. So is that because there’s been an increase in activity in distress sales, or is it because, for some reason, I’m just devoting more space to them.
Here’s the short sale & foreclosure activity for the last 30 days in the Tucson Foothills;
5 short sales sold for an average/median of $505,800/$300,000
7 foreclosures sold for an average of $492,986/$385,000
And in the same 30 day period ONE YEAR AGO;
5 short sales sold for an average of $277,600/$262,000
8 foreclosures sold for an average of $445,109/$355,000
aha, so no real change in the number of sales, but sold prices have sure shot up. Why?, because more higher priced homes are ending up in short sale & foreclosure. And, therefore, because in general I devote more space to reporting on the upper end of the market than the lower, I’m now devoting more space to distress sales.
And distress sales continue to be very popular with buyers.
In the last 30 days, while short sales & foreclosure accounted for approximately 10% of the single family homes available for sale in the foothills, they accounted for
31% of the homes sold.
So while normal home sales are down, distress sales are doing just fine, and as a result they are grabbing a larger share of sales. And that’s even with all the negative press they’ve gotten recently on top of the freezing of foreclosure sales by certain lenders. What does that tell you.
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