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Market Notes November 29, 2009: Last week was nearly a mirror image of the week before. Active listings inched up to 568, listing at an an average of $60.84 per square foot, homes pending dropped to 381, down from 401 the previous week, and homes that have closed escrow year to date now stand at 2,521, up nearly 50 closings from last week, closing at an average of $50.57 per square foot. The market remains very consistent, with active, pending and closing statistics all within a small percentage of difference from week to week. Mortgage defaults nationwide are 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 92 bank owned homes on the market, 176 investor owned & HUD homes available, and 267 short sale homes, all of which changed very little from the previous week. Short sale homes, or pre foreclosure homes still dominate the market, receive multiple offers and still can average 60-120 days to close. Many of the desirable bank owned homes also receive multiple offers and often 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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