Maricopa Arizona Housing Market Weekly Update – 14FEB
I won’t go into much detail on the numbers this week as the trending for Maricopa Arizona homes has remained the same. You can refer to my comments on my updates from the previous past few weeks if you have not been following this blog on a weekly basis.
ACTIVE: 651, down from 688. Another decline of over 5%.
ACTIVE SHORT SALES: 275, down from 284. Still awaiting the influx of new short sales from distressed home owners.
ACTIVE LENDER OWNED: 275, down from 284.
AWC (short sales that received offers): 208, up from 194
PENDING: 307, up from 283
CLOSED: 36, relatively flat from 44. Buyer activity remains strong, though I had expected it begin to “take off” this week. Since most closings are on a 30-45 days cycle from when an offer was accepted, we are just now getting into the period that corresponds to buyers making offers following the Holiday season. I expect these numbers to begin to rise as the seasonal buying activity is now in full force.
AUCTION HOMES: 21, down from 24
SUMMARY: As stated above, this is more of the same. There is still no sign of the lenders beginning to release their backlog of homes (shadow inventory). In addition, even though the 30,60,90 day delinquent list continues to grow, Maricopa Arizona homeowners have not yet “pulled the trigger” on short selling their homes.
Common sense would dictate that the lenders would release some of their inventory while the “snowbirds” are in town. But we are talking about lending institutions here and common sense and good business practices are not in their vocabulary!
View the entire spreadsheet here Monthly home data
