July 25th 2008
Good Afternoon! Those Callaways report that the total REO/Bank Owned properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 6616. Of these, there are 427 properties in the Northeast Phoenix and Scottsdale areas. The total REO/Bank Owned properties pending and in escrow is 2875. Of these, there are 206 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Foreclosed/Bank Owned properties have just come on the Northeast Phoenix/Scottsdale market:
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July 24th 2008
Good Morning! Those Callaways report that the total REO/Bank Owned properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 6513. Of these, there are 418 properties in the Northeast Phoenix and Scottsdale areas. The total REO/Bank Owned properties pending and in escrow is 2885. Of these, there are 210 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Foreclosed/Bank Owned properties have just come on the Northeast Phoenix/Scottsdale market:
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July 23rd 2008
Good Afternoon! Those Callaways report that the total REO/Bank Owned properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 6439. Of these, there are 423 properties in the Northeast Phoenix and Scottsdale areas. The total REO/Bank Owned properties pending and in escrow is 2875. Of these, there are 201 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Foreclosed/Bank Owned properties have just come on the Northeast Phoenix/Scottsdale market:
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July 22nd 2008
Good Afternoon! Those Callaways report that the total REO/Bank Owned properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 6399. Of these, there are 418 properties in the Northeast Phoenix and Scottsdale areas. The total REO/Bank Owned properties pending and in escrow is 2852. Of these, there are 196 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Foreclosed/Bank Owned properties have just come on the Northeast Phoenix/Scottsdale market:
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July 21st 2008
Good Afternoon! Those Callaways report that the total REO/Bank Owned properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 6355. Of these, there are 421 properties in the Northeast Phoenix and Scottsdale areas. The total REO/Bank Owned properties pending and in escrow is 2866. Of these, there are 201 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Foreclosed/Bank Owned properties have just come on the Northeast Phoenix/Scottsdale market:
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July 18th 2008
Good Afternoon,
There is a dramatic change taking place in the Central Arizona real estate market with respect to foreclosures. Total sales of bank owned properties (aka REO’s) as reported each month represent the culmination of an oftentimes lengthy process, one that each of these homes has gone through.
First, the homeowner finds themselves unable to make the current mortgage payment. Some of these owners find a solution and are able to catch up and become current again.
Second, once the homeowner is anywhere from 3 to 6 months (sometimes more) behind, a foreclosure notice is filed setting a sale or auction date. During this period some homes are redeemed (brought current) and some are sold through a short sale process where the lender agrees to accept less than the balance owed providing the homeowner receives no proceeds at closing.
Third, the home is sold at auction. Sometimes an investor bids on the property, but most often in the current market, the only bidder is the bank who holds the mortgage. Once the bank owns the property it must go through an evaluation process, remaining occupants must be dealt with and then the property is listed with a real estate agent. Finally the real estate agent markets the property until a buyer is found and the property closes.
One can see in the following chart that the monthly closings represent only those homes which have completed all these steps. They do not reflect all the homeowners and mortgages in distress.
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July 18th 2008
Below is a graph representing the foreclosure rates from January 2007 through June 2008. Note that this is the monthly closings and does not reflect all the homeowners and mortgages in distress.
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July 18th 2008
Good Afternoon! Those Callaways report that the total REO/Bank Owned properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 6302. Of these, there are 420 properties in the Northeast Phoenix and Scottsdale areas. The total REO/Bank Owned properties pending and in escrow is 2851. Of these, there are 198 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Foreclosed/Bank Owned properties have just come on the Northeast Phoenix/Scottsdale market:
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July 17th 2008
Good Afternoon! Those Callaways report that the total REO/Bank Owned properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 6142. Of these, there are 422 properties in the Northeast Phoenix and Scottsdale areas. The total REO/Bank Owned properties pending and in escrow is 2843. Of these, there are 196 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Foreclosed/Bank Owned properties have just come on the Northeast Phoenix/Scottsdale market:
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July 16th 2008
Good Afternoon! Those Callaways report that the total REO/Bank Owned properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 6153. Of these, there are 415 properties in the Northeast Phoenix and Scottsdale areas. The total REO/Bank Owned properties pending and in escrow is 2816. Of these, there are 191 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Foreclosed/Bank Owned properties have just come on the Northeast Phoenix/Scottsdale market:
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