Most of the sales I’ve seen in southern AZ are foreclosures...many gutted. Most are selling now at about 2/3 the price the banks tried to sell them for a year ago.
I just bought the empty lot next to me. 4 years ago, the owner wanted $196K. 1.5 years ago he offered to sell it to me at $70K. After it was bundled and sold to cover debt, the new owner offered it to me for NLT $47K. Our purchase price this month was 29K - which is more than it is worth, except it affects whether I continue to live in my current house.
196K - 70K - 47K - 29K...and still overpriced to sell to anyone else.
1 acre lot. Paved road. All utilities. Surrounding homes current value around 300K. And if I was willing to wait, I could probably have bought it for 20K.
What a great housing market! Just up, up, and away! Just ask the MSM!
I would estimate 3 short sales for every foreclosure.
My readings is that lenders are holding foreclosures and doling them out at a measured pace so as not to totally collapse the market. At this point there are so many buyers out in our area, we can use a few more listings.
My friend has San Bernardino County on soldin9days.com He has so many buyers, that he can't keep up. Always looking for houses to short sale, if the loan can't be negotiated.