Six weeks into the new year and there are 484 single family homes for sale and 42 of them are either short sales or foreclosures - and they’re running neck n’ neck -
21 short sales/21 foreclosures – which makes distress sales a grand total of 8.7% of the total homes for sale in the Tucson Foothills market. Nothing to sneeze at, but nothing to get terribly alarmed about either. Unless of course you are one of them.
31 are priced from $0 to $599,999 (31 of 268 total for sale = 11.5%)
7 from $600,000 to $999,999 (7 of 124 total for sale = 5.6%)
4 from $1,000,000 & up (4 of 92 total for sale = 4.3%)
The % of distress sales is up slightly in the lower and middle price ranges and down a tad in the upper range, that’s vs. last month - slim pickins in short sales and foreclosures in the Tucson Foothills
And the average/median list price of this group is $545,730/$393,600 -
up more than a tad from last months tally. So we’re seeing, for the moment anyway, a higher grade or at least a higher priced crop of distress sales. But we’re also seeing approximately the same number of distress sales that we’ve seen since I started keeping track of them about 18 months ago.
And despite all the talk and reports of its existence, we’ve yet to see that deluge of shadow inventory darken our skies. The reason that was usually given for lenders not releasing the shadow inventory was because they didn’t want to overwhelm the markets and put a further drag on prices. OK fine, but from the beginning foreclosures have been a relatively small piece of our market. And other than inching up somewhat in price, I still don’t see any evidence of that changing.
so where the heck is the shadow inventory
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