Phoenix foreclosures added negative statistics than positive
Phoenix foreclosures have seen a descending drop since 2007
. It is been nearly three years but there has been no optimistic sign in the real estate market. Contemplating at the figures from last year, November 2009 depicted a plunge in the prices of Phoenix foreclosures. There were nearly 10,000 houses that went under foreclosure. Around 4500 in November and 3000 in December 2009. That is just about a drop of 2 percent approximately. This figure is stumpy compared to October 2009 but is far above the ground compared to 2008 prices. The difference between the year 2008 and 2009 prices is about 8 percent approximately. The average price range that continued to dominate the market in November and December 2009 was about $140,000 to $170,000. Weighing against the prices in September and October 2009, the prices were up by 3.5 percent. This can be considered as good indication. An additional pessimistic point in the Phoenix foreclosures 2009 was that many of the foreclosed properties that were sold were re-sales of the already listed property. The re-sales properties amounted to at least 50 percent of the total sales of Phoenix foreclosures. Although the numbers are down from what they were in February to April 2009, they still are big numbers to consider them as low. Further, adding to the impasse amid the 50 percent re-sale foreclosure houses around 25 to 35 percent of houses were bought by the second time consumers and big investor. All the more, a unique phenomenon was observed in Phoenix. Because of the low prices, people preferred to buy properties through cash than loan, as this definitely is a speedy procedure and with less hassles. Therefore, many of the houses were bought by cash dealings and there was no indication of taking a loan while purchasing the property. Moving to another side of the real estate market, that is the commercial real estate. Last year Phoenix foreclosure saw one of the biggest commercial foreclosures of the state, CityNorth foreclosure. Retail industry was booming in Phoenix when it was hit by the economic downturn and started to lose its base. The CityNorth area project claims to be around whopping $290 million. There are few takers for this property and has been filed for foreclosures. It is to be seen, how much it would finally be sold for or if the developers are able to come out of this circumstances and save the property.Phoenix foreclosures added negative statistics than positive
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