RealtyTrac recently released its March 2008 U.S. Foreclosure Market Report. This report shows foreclosure activity — which is not just the number of homes foreclosed. It includes default notices, auction sale notices and bank repossessions.
Nationally, foreclosure activity was up 5% from February 2008. In Arizona, foreclosure activity dropped 5% from February.
Here are the Top 10 states for foreclosure activity rate:
Phoenix made another appearance on an unglamorous “Top 10” list.
Forbes has just compiled a list of “America’s Worst-Selling Housing Markets” (Based on price growth and sales rates). Phoenix comes in 3rd, in the company of half of south Florida.
Of course this isn’t cheery news. But if you are a buyer, given the inventory levels in Phoenix, and the historically low mortgage interest rates, it might be a good time to consider purchasing a home.
If you need to sell a home, do not despair. Yes. prices are off from the historic run up of 2005 – 2006. But properly priced and marketed homes are still sold on a daily basis. Be prepared for aggressive offers and lots of competition, but depending on your circumstances, it is still quite possible to sell your home.
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We actually have neighbors who are in Phoenix right now home-shopping. The Austin, TX values have stayed pretty strong – they are cashing out and relocating.
Sandy – there are tons of choices for your friends, I’m sure they’ll find something!
I spent 20+ years in Austin and call it home. Love that town!
Your photography is beautiful! *Loved* the pic of the kid kissing Mommy’s pregnant tummy!
Sandy – Hello from Austin Texas. You should tell your friends to call Jay. I have been reading his blog ever since I came across it. He is the most knowledgable realtor in Nevada hands down.
Jay-
Congrats on being in the top ten. The real question is this: can you sustain it? Ohio has been LEADING the forclosure field in most terms for years and years. So, welcome to the club, lets’ see how long you stay in it.
~Chris
Sadly we are number one. But there is a silver lining. Investors and even first time home buyers are making a comeback. Who wouldn’t want some cheap Las Vegas real estate? Strip properties are still doing ok. The only thing still stagnant are million dollar homes.
I am glad to see that Sarasota is not on the list. However, we are just an hour south of #4 Tampa.
By the way, great blog Jay.
Marc
Ouch we hit #7 in Chicago. Our market is actually slower this year then last from what we are seeing. Being labeled a “declining market” changed everything. Market was doing fairly well until everyone had to come up with an additional 5% down payment.