Archive for the ‘Bank Owned Foreclosures’ Category

Improving Foreclosure Prices – Fact or Fiction?

Tuesday, June 5th, 2012

Improving Foreclosure Prices

Jeff Cameron has this to say about the improving foreclosure prices:

What is happening in the real estate market?

If you are hiding under a rock, you may not know our real estate market is bouncing. So, I am telling you now, check it.

When looking at the average price per square foot of a home, here is what we see: May 2012 YTD

Metro Phoenix 6.9% 22.8%

Scottsdale 3.8% 12.6%

McDowell Mountain Ranch -2.9% 18.6%

Based on this real estate agents take on things, the fore closure market is starting to improve, at least in the Phoenix metro area.

“By Steve Cook Real Estate Economy Watch Significant price increases in bank-owned foreclosures are driving gains at the national, regional and local levels, helping home prices turn the corner with small quarterly and yearly gains.”

This UPI article goes on to say:

National average prices for bank-owned foreclosures (REO) were up 8.1 percent over a year ago on a median price-per-square-foot basis, according to May data from Clear Capital, and have outpaced non-REO price declines of -0.7 percent by 8.8 percentage points. 

Well, what do you know, that’s pretty good news right? Maybe now would be a really good time to jump in and buy a house or better yet, an investment propery.

Wait, not so fast…read on

The Midwest continued to absorb price declines. With prices declining only -2.0 percent over the quarter the magnitude of the declines are subsiding, as compared to last month’s quarterly losses of -2.7 percent. 

What, so the foreclosure prices are only improving in some areas?

The Midwest is the only region that continues to see REO-only price declines on a year over year basis.

Aaah, so it’s only the midwest! Well, then it’s fair to say that this truly is a great time to buy real estate…unless you live in the midwest, but things are starting to turn around there as well. So what are you waiting for, especiall now that we are able to see ?

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Improving Foreclosure Prices – Fact or Fiction?

Tuesday, June 5th, 2012

Improving Foreclosure Prices

Jeff Cameron has this to say about the improving foreclosure prices:

What is happening in the real estate market?

If you are hiding under a rock, you may not know our real estate market is bouncing. So, I am telling you now, check it.

When looking at the average price per square foot of a home, here is what we see: May 2012 YTD

Metro Phoenix 6.9% 22.8%

Scottsdale 3.8% 12.6%

McDowell Mountain Ranch -2.9% 18.6%

Based on this real estate agents take on things, the fore closure market is starting to improve, at least in the Phoenix metro area.

“By Steve Cook Real Estate Economy Watch Significant price increases in bank-owned foreclosures are driving gains at the national, regional and local levels, helping home prices turn the corner with small quarterly and yearly gains.”

This UPI article goes on to say:

National average prices for bank-owned foreclosures (REO) were up 8.1 percent over a year ago on a median price-per-square-foot basis, according to May data from Clear Capital, and have outpaced non-REO price declines of -0.7 percent by 8.8 percentage points. 

Well, what do you know, that’s pretty good news right? Maybe now would be a really good time to jump in and buy a house or better yet, an investment propery.

Wait, not so fast…read on

The Midwest continued to absorb price declines. With prices declining only -2.0 percent over the quarter the magnitude of the declines are subsiding, as compared to last month’s quarterly losses of -2.7 percent. 

What, so the foreclosure prices are only improving in some areas?

The Midwest is the only region that continues to see REO-only price declines on a year over year basis.

Aaah, so it’s only the midwest! Well, then it’s fair to say that this truly is a great time to buy real estate…unless you live in the midwest, but things are starting to turn around there as well. So what are you waiting for, especiall now that we are able to see ?

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