Hey, folks … we’re number 1! From CoreLogic via Inman News:
Eight out of the 10 largest metro areas in the nation saw yearly declines in July, with double-digit drops in the Phoenix and Chicago metro areas. When distressed sales are excluded, half of the 10 metros saw yearly declines, with Phoenix again the hardest hit.
Bad news from homeowners. Bad news for traditional sellers. Great news for the bargain hunters, assuming you can beat out the other dozen people vying for many of the homes here in the Phoenix real estate market.
And this from the U.S. Bureau of Labor Statistics … Phoenix’s unemployment rate fell year-over-year in July to under 9 percent. Which is just good news in general for all involved, if you ask me.
Lastly, there’s this from our friends at Equity Title arguing that are shadow inventory isn’t so, well, shadowy …
- Active Notices of default for residential properties as of the end of July ’11 were 23,302 units. Down from last month of 25,286. This is the eighth month in a row that we have seen decreases in the number of Active Notices. Down from the all time high of December ’09 of 47,606.
- Foreclosures were at there all time high in March 2010 at 5,451. Residential foreclosures were 3,330 last month.
- The residential REO properties are sitting at 15,854 vs. last month of 17,278. Listed properties are approximately 3,400 units and pending plus AWC sales are 4,694. That tells us that there are approximately 7,760 properties that are foreclosed but not yet on the market.
No one seems to have much of a handle on the shadow inventory, to be honest (that’s why it’s called shadow inventory and not just inventory) … but if the true number only is fewer than 8,000 homes, a lot of people are wringing their hands for little reason.