As of the moment, there are 11,025 detached homes for sale. As I said this weekend, that’s essentially the same level we’ve been at for the past couple of months.
In January, according to the Arizona Regional MLS (add disclaimer of your choice here) …
- There were 4,247 closed sales, down roughly 10 percent from last January’s 4,682. Understandable, given the thinner inventory.
- Of those, 584 were sales of bank owned homes/foreclosures/REOs. Last year, there were 1,204 such sales.
- 823 of the sales were short sales. Last year, there were 1,407.
- Last year, 2,674 of the sales were listed at $150,000 or less. This year? 1,701.
So … bank owned homes, which a year ago constituted 25.7 percent of the closed sales, now only represent 13.8 percent. Short sales have fallen from 30 percent of the market to 19.3 percent. And where 57.7 of all sales were of sub-$150k homes a year ago, only 40 percent were below that mark this year.
Granted, Congress and the President likely can find a way to stop this trend with their bickering and misguided ideas (though one such concept, getting rid of the mortgage interest deduction, remains a pretty good idea … this coming from someone who enjoyed seeing it on his taxes.)
Given the few comparatively few bank owned homes reaching the market, I’d continue to argue that the shadow inventory never existed in any substantive number.