Eleven new foreclosed or short sale homes came on the market, about one in every seven homes being listed in the Prescott Arizona Area MLS system, and one fifth of the closings were distressed sales in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt and the outlying areas of Yavapai County. This is two weeks in a row that foreclosure activity is down.
But we're not out of the woods yet. This week there were 117 Notices of Default (NOD) filed with the County Assessor...in about 104 days, we'll see most of them come on the market as REOs.
The difference between what newly listed traditional homes and Prescott foreclosed/REO and short sale properties per square foot remains large at a 30% discount.
Last year Prescott had the distinction of becoming an MSA and our first report was to be listed as the 25th MSA in the nation with foreclosures as a percentage of our households according to RealtyTrac.
See: Prescott area is 25th in foreclosures nationwide for Q1 2009
The percentage of foreclosed/REO/short sale new listings on market decreased from 18% to 14% this week. Last week 33% of the pending sales were REO or short sales, and this week they made up 64% of the deals going into escrow. The percentage of REO/short sales that closed last week went from 26% to 19% this week. REO/short sales sold about 92% faster than traditional resales.
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Prescott, AZ, REALTOR focused on the foreclosure markets in Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt in Northern Arizona.
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