Arizona Drops out of “Foreclosure Top 10”
HousingWire reports that foreclosure filings dropped almost 16% in July 2013 from June, and are down about 50% over the same time last year.
This data confirms what most Arizona Realtors and real estate analysts already knew — the Arizona real estate market is in full recovery mode.
Solid appreciation has created a market that’s a mix of sellers who now find they have sufficient equity to sell, others who seek to sell so they can move up before the mid- and upper-tiers of the market take off again, and some who list their homes way over market value just to see if they can “get lucky.” I refer to these sellers as ‘fishermen.’
Demand in Greater Phoenix real estate continues to outstrip supply, which adds loft to our upswing market. As long as interest rates remain low and as long as cash-buying investors continue to prowl the waters like hungry sharks, the trend should continue.
I don’t foresee any immediate significant changes in market supply, though I do predict we’ll see inventory rise slowly as builders are able to more fully ramp up production and as more and more Phoenix home sellers establish positive equity positions.
While nobody has a crystal ball to lend true clarity to the future of the Phoenix housing market, I can make one prediction with certainty: Very few Phoenix real estate agents, home buyers, or home sellers will be unhappy to see a continued drop in short sale and foreclosure rates!