Prescott Valley, AZ

This 3 BR, 2 Ba, 1864 square foot home has been reduced to $298,900. Fabulous curb appeal with steps up to front entry. Rear entry garage. Unobstructed views from the front porch of the mountains and golf course. Uupgrades include stacked cabinets, under counter lighting, Jenn-Aire appliances, executive height vanities, cabinets/sink in laundry room, pocket doors, plantation shutters, vinyl windows, granite counters, tiled and screened back porch, custom master closet, fountain in the back yard. Quality throughout. You will love it!

Visit the Virtual Tour by pasting the following in he address bar: http://vt.realbiz.com/mls-108941.html

Visit our web site at: www.prescottlistings.com

Featured Listing: SHORT SALE

9301 E Cholla Lane

$147,500

Listing Courtesy of PATRICK SCHUTTE, RE/MAX MOUNTAIN PROPERTIES

Sales volume in the distressed home market in the Prescott AZ area is up to a record high this year with 36 homes closing in the first 15 days of June. This compares to 79 homes sold by traditional resales during the same period.

The average price per square foot for REO and short sales was $91 and the average time to sell was 123 days compared to $111 per square foot and 163 days on market for traditional resales. Traditional home sellers are continuing the trend of reducing their prices to sell against the foreclosures and short sales.

Short sales about 12% of sales: of the 36 homes sold, 4 were short sales (highlighted in yellow). REOs continue to sell at a much higher rate than short sales.

Over 47% of the homes sold at or more than asking price (see green highlight). Last week we were at 42%. This continues to be amazing in a "weak market." Also note that most of the ones that sold quickly (list is sorted by Cumulative Days on Market (CDOM) received full price offers.

Some of the buyers I am working with right now are trying to get 20% off of the bank's price. You can see how futile this exercise is when the average is only 2.1% off.

See: Why short sales aren't always a good deal.

This is a screenshot. To see the orignal table go to my blog entry here.

Considering making an offer in today's distressed home marketplace in Prescott or Prescott Valley? See: Top 10 tips to win the REO multiple offer game.

For more information on any of these listings, please contact me.

Search for Prescott area REO/Foreclosed and Short Sale Listings

Free Nationwide Foreclosure Search

The Mortgage Bankers Assocation reported yesterday that Arizona residential deliquencies rose to 9.22 percent of homes in Arizona and foreclosures were started on an additional 2.52 percent of AZ mortgages bringing the total to 5.56 per cent of all homes in foreclosure.

"It is difficult to overstate the severe impact home-price declines have had on mortgage performance," said Jay Brinkmann, the MBA's chief economist, in a statement."

Brinkmann also said the MBA suspected the foreclosure numbers had been kept low by foreclosure-moratorium policies imposed by various states, lenders, Fannie Mae and Freddie Mac.

"Now that the guidelines of the administration's loan-modification programs are known, combined with the large number of vacant homes with past-due mortgages, the pace of foreclosures has stepped up considerably," he said.

Assuming the jobless rate doesn't peak until mid-2010, foreclosures and delinquencies will remain elevated until then, Brinkmann predicted.

You can see an example of this with the amount of notices of trustees sales that are scheduled in the next 3 months in the Prescott Valley Market. See map below. Yellow homes are slated for foreclosure in the next 90 days or so, and the home in green are already REOs. In the 86314 Zip Code there are 191 homes scheduled for auction and 150 already bank owned.

Prescott Valley AZ REO and Pending Trustee Sales

If you are on the market for an investment of a second home in Prescott Valley, there are bargains to be had out there and more to come. To search the current inventory of bank-owned homes and short sales in the Prescott area, click here.

Twenty new foreclosed or short sale homes came on the market last week, about one in every 4 homes being listed in the Prescott Arizona Area MLS system. 6/20 are short sale listings (see yellow highlight).

Want to see what the latest sales figures are for the Prescott Az area forelcosure market?

See: Prescott area REO and short sale homes sold 5-1-09 thru 5-15-09

To get more information about any of these listings or any others in Prescott, Prescott Valley, Chino Valley or Dewey-Humboldt areas, feel free to contact me, or you can search by MLS number, address, or lots of other ways in our Search Prescott MLS section.

You can get this report sent to you via email. Sign up here.

Note: Change to weekly report format. I will track foreclosures and short sales separately and do the analysis once a month vs. every week.

Get your Fico Scores/Reports