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. FWilcox@GCTA.com 62-648-123 Fletcher Wilcox, Grand Canyon Title Agency, Inc. Fwilcox@gcta.com 62-648-123 1
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 5 4 3 2 1 45 4 35 3 25 2 15 1 5 Jan-9 4797 9748 Jan-1 Jan-11 Back to Lender Compared to Short Sales Data from NetValueCentral and ARMLS 38718 1438 29 21 211 27522 1652 Jan-12 short sales short sales Note: ARMLS stands for Arizona Regional Multiple Listing Service, Inc. Fletcher Wilcox, Grand Canyon Title Agency, Inc. Fwilcox@gcta.com 62-648-123 2
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 5 4 3 2 1 5 4 Jan-9 Jan-1 Jan-11 Jan-12 Back to Lender Compared to Investor Sales (third party) Data from NetValueCentral 4797 38718 investor sales 3 2 1 1317 14452 27522 18114 investor sales 29 21 211 Fletcher Wilcox, Grand Canyon Title Agency, Inc. Fwilcox@gcta.com 62-648-123 3
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 3685 3567 327 1317 Short Sales + Investor Sales 88 1842 296 2963 Ratio of Foreclosures to Short Sales + Investor Sales 4.6 to 1. 1.9 to 1. 1.5 to 1..44 to 1. Back to Lender Compared to Short Sales plus Investor Sales (Third Party) Data from NetValueCentral and ARMLS 5 4 3 2 short sales plus investor sales 1 Jan-9 Jan-1 Jan-11 Jan-12 Fletcher Wilcox, Grand Canyon Title Agency, Inc. Fwilcox@gcta.com 62-648-123 4
Back to Lender Compared to Short Sales Plus Investor Sales Data from NetValueCentral and ARMLS 5 4 3 2 1 4797 38718 2849 34634 27522 265 29 21 211 short sales plus investor sales Fletcher Wilcox, Grand Canyon Title Agency, Inc. Fwilcox@gcta.com 62-648-123 5
Lenders Recording Less Foreclosure Notices on Single Family Properties Foreclosure Notices or Recorded Notices of Trustee's Sale (NOTS) Data from NetValueCentral 1 8 6 4 2 Jan-9 Jan-1 Jan-11 Jan-12 Fletcher Wilcox, Grand Canyon Title Agency, Inc. Fwilcox@gcta.com 62-648-123 6
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. Fwilcox@gcta.com 62-648-123 7
Fletcher Wilcox V. P. Business Development, Real Estate Analyst for Grand Canyon Title Agency, Inc. Fwilcox@gcta.com 62.648-123 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 1985. Co-listed and closed a $2.5 million dollar commercial property in 1986. Associations: Arizona State Escrow Association http://www.azsea.org/ Arizona Association of Realtors www.aaronline.com Scottsdale Area Association of Realtors www.saaronline.com Statistician for the Heart of Scottsdale Tour http://www.saaronline.com/marketing/scottsdale.php Past Education V.P. for the Arizona Mortgage Lenders Association www.azmortgagelenders.com/ Past statistician for the Scottsdale Luxury Tour http://www.saaronline.com/marketing/scottsdale.php 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. Fwilcox@gcta.com 62-648-123 8
Arrowhead - 17235 N. 75th Ave. #A-125, Glendale, AZ 8538 Mickey Garcia, Sales Representative 62-474-516 Tony Tice Manager 62-474-514 Biltmore - 273 E. Camelback Rd. Ste. 15 Phoenix, AZ 8516 Call 62-648-123 Denise Eagar Manager 62-468-7715 Commercial - 272 E. Camelback Rd. #1, Phoenix, AZ 8516 Patty Erfman 62-513-2167 Sally Hevier Manager 62-343-3425 Fountains - 1615 N. Arrowhead Fountains Ctr Dr. #175, Peoria, AZ 85382 Call 62-648-123 Heidi Velarde Manager 62-474-5126 Fountain Hills - 17251 E. Shea Blvd. #2, Fountain Hills, AZ 85268 Adam Saunders, Sales Representative 62-474-5218 Toni Kusnerz Manager 62-474-5662 Gilbert - 725 W. Elliot Rd. Ste #114, Gilbert, AZ 85233 Shannon Ellsworth, Sales Representative 62-474-5198 Tiffany Malcom Manager 62-474-521 Hayden - 167 N. Hayden Park Rd. #F-12, Scottsdale, AZ 8526 Kas Baird, Sales Representative 62-474-5142 Peggi Mathews Manager 62-474-514 Marketplace Arrrowhead - 2329 N. 59th Ave. Ste. A4, Glendale, AZ 8538 Call 62-648-123 Judi Gonshak Manager 62-474-5148 Mesa Fairways 242 S. Power Rd., Ste. 11, Mesa AZ 8529 Adam Saunders, Sales Representative 62-474-5218 Melissa Armstrong Manager 62-474-5214 Mesa Vineyard - 2152 S. Vineyard Bldg. 6 Ste. 116, Mesa, AZ 8521 Corrie Johnson, Sales Representative (62) 474-5374 Linda Pope Manager - (62) 474-5238 Metro - 1835 N. 25th Ave. #15, Phoenix, AZ 8529 Call 62-648-123 Jody Black Manager 62-474-5158 Pinnacle Peak - 738 E. Deer Valley Rd. #11, Scottsdale, AZ 85255 Sarah Green, Sales Representative 62-474-5224 Cathy Roe or Marilyn Zembsch 48-419-7575 Scottsdale North - 691 E. Chauncey Ln. #12, Phoenix, AZ 8554 Sarah Green, Sales Representative 62-474-5224 Toni Romano Manager 62-474-5178 Sonoran Village - 3446 N. 27th Dr. Bldg 9 Ste. 196, Phoenix, AZ 8585 Call 62-648-123 Cathy Weir- Manager 62-474-511 Stapley Center - 164 S. Stapley Drive Ste. 125 Mesa, AZ 8524 Call 62-648-123 Kathy Schaffer - Manager 62-474-5358 Sun City - 11 West Bell Rd. #17, Sun City, AZ 85351 Mickey Garcia, Sales Representative 62-474-516 Kathy Brooks Manager 62-474-5184 Surprise - 14239 W. Bell Rd. #18, Surprise, AZ 85374 Colleen Minetti, Sales Representative 62-474-519 Susan Sowers Manager 62-474-5186 Tempe 2-255 E. Warner Rd. #13, Tempe, AZ 85284 Greg Douthit, Sales Representative 48-73-9525 Steve Gowler Manager 62-474-522 Shannon Ellsworth, Sales Representative 62-474-5198 Fletcher Wilcox, Grand Canyon Title Agency, Inc. Fwilcox@gcta.com 62-648-123 9