I question the accuracy of it but, here it is, Inside Tucson Business reports that Distressed sales dominated 80% of 2011 housing market (in Tucson)
Was 2011 just one big year-long clearance sale? Due to an “over stock” of product and drastically reduced prices, about 12,800 homes sold last year, most of them in the distressed merchandise “bargain bin.”
“It’s reasonable that 80 percent of sales were distressed,” said housing analyst John Strobeck, owner of Bright Future Business Consultants.
In examining the data, Strobeck emphasized there is not a definitive process that pinpoints the exact number of distressed sales. However, there are various ways to dissect the data that results in a fair estimate.
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I can’t speak for the methods used by John Strobeck and Roger Yohem, who wrote the article, but I went ahead and searched the Tucson MLS and pulled the sales for the Tucson Metro in 2011 and came up with 12,789 residential properties sold - that’s everything, single family, condo, town home, mobile homes and tree houses. Which meshes up nicely with the total number of homes sold as reported in the ITB article. But when I extract the distress sales
(both short & foreclosure & yes the MLS does report short sales) from the 12,789, it shows that 6887 were distress sales. And that’s nowhere near 80%, in fact it’s 54%. So who you gonna believe.
Anyway, re: we got off easy, in the Tucson Foothills distress sales (both short and foreclosure) made up just 20% of all singe family home sales made through the MLS in 2011. Ok, but how about if we add everything to the mix - townhomes and mobile homes, condos & etc, – well, then it comes to 974 total sales, and 257 of them, or 26%, were distress sales.
we got off easy
see thefoothillsToday.com
to find your Foothills home
