It is my belief that, The Cromford Report & The Information Market, offer you the best, most reliable and real numbers about our housing market.
Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.
• At the end of December 2011, there were 18,347 Active Default Residential Properties. This is down by 1662 units from the previous month when there were 20,009 Active Default Residential Properties. This is the 13th consecutive month that we have seen decreases in the number of Active Notices. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.
Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee’s Deed.
• Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. Last month, there were 2,714 Foreclosures. This was up by 279 units from November.
REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).
• There are currently 9,010 Residential REO Properties – vs. last month when there were 9,870. This is a drop of 860 REO units in one month! In December 2010, there were 18,889 REO Properties – so we are down by 47% from then. There are approximately 1,956 REO Properties listed in the MLS, with an additional 2,477 REO Properties that are in Pending Status in the MLS. This means that there are approximately 4,577 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.
If you have any questions or would like to meet with me to discuss market conditions or your real estate needs please give me a call at 602-321-1693 or send an e-mail to susan@susantalarico.com
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