We’re going the two-part route again … full city-by-city stats will follow later this afternoon. Ahead of that, this bit of chilling news …
Inventory continued to fall but sales fell off as well over the preceeding 30 days. Bank owned properties represent one in every 7.45 active single-family listings in the Maricopa County. Sales of bank owned homes, however, represent one in every three sales.
Someone asked online a couple of months ago, “how do you compete with a bank owned listing?” The answer, price your home like an REO. That’s where the market is right now.
[tags]Phoenix real estate, bank owned homes[/tags]