REO Active properties in 2009 Versus 2011

21 Sep

The number of lender owned homes for sale in many of these areas is a tiny fraction of the peak level of the winter of 2008/2009. In fact a comparison of REO single family home inventory in January 2009 and September 2011 is very revealing:

City REOs Active Now REOs Active Jan 2009 Change
El Mirage 22 295 -93%
Avondale 41 518 -92%
Maricopa 36 437 -92%
Youngtown 4 49 -92%
Tolleson 26 247 -89%
Tonopah 3 27 -89%
Anthem 9 66 -86%
Carefree 1 7 -86%
Wittmann 6 42 -86%
Queen Creek 87 569 -85%
Buckeye 83 498 -83%
Phoenix 765 4544 -83%
Apache Junction 30 152 -80%
Glendale 175 882 -80%
Coolidge 15 76 -80%
Goodyear 66 311 -79%
Litchfield Park 26 120 -78%
Peoria 109 474 -77%
Casa Grande 34 147 -77%
Surprise 135 541 -75%
Mesa 255 946 -73%
Arizona City 20 74 -73%
Eloy 6 22 -73%
Laveen 59 199 -70%
Florence 26 81 -68%
Fountain Hills 15 46 -67%
Gilbert 144 393 -63%
New River 14 36 -61%
Chandler 130 329 -60%
Scottsdale 120 284 -58%
Gold Canyon 16 37 -57%
Cave Creek 22 50 -56%
Waddell 17 33 -49%
Tempe 45 70 -36%
Paradise Valley 8 12 -33%
Sun City 48 50 -4%
Sun City West 19 16 +19%
Wickenburg 15 8 +87%
Rio Verde 6 3 +100%
Sun Lakes 6 3 +100%

 

Please go ahead and show this table to those who still talk of a “huge glut of foreclosed homes for sale”. Note that the areas most affected by the foreclosure tsunami are also the ones that have had the biggest declines in lender owned inventory between 2009 and now. El Mirage used to have more REOs than the much larger city of Scottsdale. Now it has only 18% of Scottsdale’s inventory.

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