My Realtor friend, Jay Thompson, has a great post breaking down the metro Phoenix real estate market into bank-owned (foreclosed), short-sale (pre-foreclosure) and private-sale (normal).
The bank-owned market is currently tighter than the bark on a tree, only 1.5 months supply according to Jay’s chart.
The other two markets are not tight by any stretch.
Nevertheless, with such a tight supply of bank-owned properties, we will likely see the end to the free fall in home prices in metro Phoenix, Arizona. However, that doesn’t mean the median price for non-bank-owned homes won’t continue to fall.
John Wake
Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.
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