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Market Notes November 22, 2009: Active listings increased slightly this last week to 561, dropping in price per square foot to an average of $60.75, homes pending dropped to 401, and homes that have closed escrow year to date now stand at 2,474, up an amazing 70+ closings from just last week, closing at an average of $50.45 per square foot. The market has remained remarkably consistent over the last 6 months, with active, pending and closing statistics all within a small percentage of difference from week to week. Mortgage defaults are currently approaching 14%, meaning that 2010 could very well be another year of forclosure opportunities for first time home buyers, second home buyers, and investors. There are currently 90 bank owned homes on the market, 171 investor owned & HUD homes available, and 268 short sale homes, all of which are remarkably consistent numbers over the last 6 months. Short sale homes are still the driving force in the market, and average 60-120 days to close. Many of the more desirable bank owned homes receive multiple offers and end up in a "highest and best" situation, so many times an investor owned home can be a smart way to secure that next home. The Maricopa Real Estate Co. carries an exclusive list of investor owned, and short sale properties, so if you have had difficulty securing that second home or primary residence, give one of us a call, we'd be happy to help. And remember, don't miss your chance to get a piece of the Valley of the Sun.
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