The Changing Face of Single Family Real Estate

Transcription

1 February 24, 212 Single Family Property Trends in Maricopa County The Changing Face of Single Family Real Estate Lenders prefer alternatives to taking back foreclosed property January 212 residential numbers show alternatives trend Lenders prefer short sales and investors sales rather than taking back property Lenders recording less foreclosure notices By Fletcher Wilcox V.P. Business Development Real Estate Analyst Grand Canyon Title Agency, Inc Fletcher Wilcox, Grand Canyon Title Agency, Inc

2 Lenders Prefer Short Sale Over Taking Back Foreclosed Property In January 212 there were 1,392 single family short sales compared to 1,317 single family foreclosures. This was the fourth straight month in which there were more short sales in Maricopa County than foreclosures (properties going back to the lender). Back to Lender Compared to Short Sales Data from NetValueCentral and ARMLS Jan Jan-1 Jan-11 Back to Lender Compared to Short Sales Data from NetValueCentral and ARMLS Jan-12 short sales short sales Note: ARMLS stands for Arizona Regional Multiple Listing Service, Inc. Fletcher Wilcox, Grand Canyon Title Agency, Inc. [email protected]

3 Lenders Prefer Investor Sale Over Taking Back Foreclosed Property In January 212, 1,571 properties were sold to investors at the foreclosure auction compared to 1,317 being taking back by the lender. This was the fourth month in a row that lenders sold more single family properties to investors at trustee's sale auctions (foreclosure auctions) than the number of foreclosures (properties going back to the lender). When a property is auctioned at the trustee's sale one of two actions take place: The property is purchased by a third party or goes back to the lender. Most of the third party purchases are investors, so I call these purchases investor sales. Back to Lender Compared to Investor Sales (third party) Data from NetValueCentral Jan-9 Jan-1 Jan-11 Jan-12 Back to Lender Compared to Investor Sales (third party) Data from NetValueCentral investor sales investor sales Fletcher Wilcox, Grand Canyon Title Agency, Inc. [email protected]

4 Combining The Number Of Monthly Short Sales With Investor Sales When combining the number of monthly short sales with monthly investor sales (third party sales), these two categories combined since 211 have been more than the total number of foreclosures. The table below shows in January 29 for every one short sale plus investor sale there were four and a half foreclosures. In January 212 for every one short sale plus investor sale there was less than one foreclosure. January 29 January 21 January 211 January 212 Foreclosures Short Sales + Investor Sales Ratio of Foreclosures to Short Sales + Investor Sales 4.6 to to to to 1. Back to Lender Compared to Short Sales plus Investor Sales (Third Party) Data from NetValueCentral and ARMLS short sales plus investor sales 1 Jan-9 Jan-1 Jan-11 Jan-12 Fletcher Wilcox, Grand Canyon Title Agency, Inc. [email protected]

5 Back to Lender Compared to Short Sales Plus Investor Sales Data from NetValueCentral and ARMLS short sales plus investor sales Fletcher Wilcox, Grand Canyon Title Agency, Inc. [email protected]

6 Lenders Recording Less Foreclosure Notices on Single Family Properties Foreclosure Notices or Recorded Notices of Trustee's Sale (NOTS) Data from NetValueCentral Jan-9 Jan-1 Jan-11 Jan-12 Fletcher Wilcox, Grand Canyon Title Agency, Inc. [email protected]

7 The statistics in this report are based on information from the Arizona Regional Multiple Listing Service, Inc. (ARMLS) and NetValueCentral. This report is for real estate agents only. Residential Focus does not guarantee the accuracy of the data in this report. Some numbers will change. Report may not reflect all real estate activity. Information should be verified. This article is of a general nature, and is not intended as investment advice, real estate advice, lending advice or legal advice. Please consult your broker, your lender, your own independent legal counsel, your certified public accountant. The information in this report may not be the opinion of Grand Canyon Title Agency, Inc. Fletcher Wilcox, Grand Canyon Title Agency, Inc. [email protected]

8 Fletcher Wilcox V. P. Business Development, Real Estate Analyst for Grand Canyon Title Agency, Inc Fletcher is proud to be a part of Grand Canyon Title Agency, Inc. The company has been closing escrows in the Valley for twentyseven years and has seventeen escrow offices in the Valley. Born and raised in Arizona, Fletcher remained in the state to receive his Bachelor of Science degree and a Master of Arts degree from Arizona State University. Obtained an Arizona Real Estate license in Co-listed and closed a $2.5 million dollar commercial property in Associations: Arizona State Escrow Association Arizona Association of Realtors Scottsdale Area Association of Realtors Statistician for the Heart of Scottsdale Tour Past Education V.P. for the Arizona Mortgage Lenders Association Past statistician for the Scottsdale Luxury Tour Fletcher is author of Residential Focus" a newsletter which provides statistics and analysis for real estate trends and market conditions in Greater Phoenix; he has been a guest speaker on KTAR, KJZZ/NPR, KFNN, channel 3, channel 1 and channel eight on Horizon. His market analysis has been mentioned in the Arizona Republic and AZCentral.com. He is a contributing columnist for the Arizona Journal of Real Estate & Business and has written for the Arizona Association of Realtors publication Arizona Realtor Magazine; He teaches renewal courses on the Residential Resale Real Estate Purchase Contract, short sales and foreclosures and on the new Good Faith Estimate and HUD-1. From 26 through 28 was chairman and MC for the Industry Partners Conference: a conference involving the Arizona Association of Realtors, the Arizona Mortgage Lenders Association and the Arizona State Escrow Association. He served eleven years as a citizen board member on the Phoenix Police Department s Disciplinary Review & Use of Force Boards. Fletcher joined Alice Cooper s Solid Rock organization as a board member. He attends Living Streams Christian Church. Fletcher started snowboarding in 28 going on six trips. He is not very good. Remember Grand Canyon Title when opening your next real estate transaction! Locations for Grand Canyon Title Agency, Inc. Fletcher Wilcox, Grand Canyon Title Agency, Inc. [email protected]

9 Arrowhead N. 75th Ave. #A-125, Glendale, AZ 8538 Mickey Garcia, Sales Representative Tony Tice Manager Biltmore E. Camelback Rd. Ste. 15 Phoenix, AZ 8516 Call Denise Eagar Manager Commercial E. Camelback Rd. #1, Phoenix, AZ 8516 Patty Erfman Sally Hevier Manager Fountains N. Arrowhead Fountains Ctr Dr. #175, Peoria, AZ Call Heidi Velarde Manager Fountain Hills E. Shea Blvd. #2, Fountain Hills, AZ Adam Saunders, Sales Representative Toni Kusnerz Manager Gilbert W. Elliot Rd. Ste #114, Gilbert, AZ Shannon Ellsworth, Sales Representative Tiffany Malcom Manager Hayden N. Hayden Park Rd. #F-12, Scottsdale, AZ 8526 Kas Baird, Sales Representative Peggi Mathews Manager Marketplace Arrrowhead N. 59th Ave. Ste. A4, Glendale, AZ 8538 Call Judi Gonshak Manager Mesa Fairways 242 S. Power Rd., Ste. 11, Mesa AZ 8529 Adam Saunders, Sales Representative Melissa Armstrong Manager Mesa Vineyard S. Vineyard Bldg. 6 Ste. 116, Mesa, AZ 8521 Corrie Johnson, Sales Representative (62) Linda Pope Manager - (62) Metro N. 25th Ave. #15, Phoenix, AZ 8529 Call Jody Black Manager Pinnacle Peak E. Deer Valley Rd. #11, Scottsdale, AZ Sarah Green, Sales Representative Cathy Roe or Marilyn Zembsch Scottsdale North E. Chauncey Ln. #12, Phoenix, AZ 8554 Sarah Green, Sales Representative Toni Romano Manager Sonoran Village N. 27th Dr. Bldg 9 Ste. 196, Phoenix, AZ 8585 Call Cathy Weir- Manager Stapley Center S. Stapley Drive Ste. 125 Mesa, AZ 8524 Call Kathy Schaffer - Manager Sun City - 11 West Bell Rd. #17, Sun City, AZ Mickey Garcia, Sales Representative Kathy Brooks Manager Surprise W. Bell Rd. #18, Surprise, AZ Colleen Minetti, Sales Representative Susan Sowers Manager Tempe E. Warner Rd. #13, Tempe, AZ Greg Douthit, Sales Representative Steve Gowler Manager Shannon Ellsworth, Sales Representative Fletcher Wilcox, Grand Canyon Title Agency, Inc. [email protected]