As has become the custom the last month, this one’s going to be a two-parter. Full report for all of the cities in the Valley will come later this afternoon.
Today’s big story? Bank owned homes are moving and moving fast … there were 1,131 closed sales of REO homes in the Phoenix real estate market over the past 30 days. Match that against current inventory of 4,256 bank owned homes and you have an absorption rate of 3.76 months.
Put another way, if nothing else came to the market, all of the bank owned homes would be sold in less than four months’ time.
Of course, bank owned homes are coming to the market all the time. REO inventory has not dropped appreciably since I started tracking the numbers separately a couple months ago. But the sales have been accelerating, staving off the assumed wave of destruction that was to hit the market when as foreclosures increased.
It still could happen if the buyers disappear but these days the opposite is taking place – buyers who have sat on the sideline waiting for homes to become affordable again are finding that has happened. You only need to know where to look.
Back with more later …[tags]Phoenix real estate, bank owned homes, absorption rate[/tags]