RealtyTrac recently released its March 2008 U.S. Foreclosure Market Report. This report shows foreclosure activity — which is not just the number of homes foreclosed. It includes default notices, auction sale notices and bank repossessions.
Nationally, foreclosure activity was up 5% from February 2008. In Arizona, foreclosure activity dropped 5% from February.
Here are the Top 10 states for foreclosure activity rate:
Phoenix made another appearance on an unglamorous “Top 10” list.
Forbes has just compiled a list of “America’s Worst-Selling Housing Markets” (Based on price growth and sales rates). Phoenix comes in 3rd, in the company of half of south Florida.
Of course this isn’t cheery news. But if you are a buyer, given the inventory levels in Phoenix, and the historically low mortgage interest rates, it might be a good time to consider purchasing a home.
If you need to sell a home, do not despair. Yes. prices are off from the historic run up of 2005 – 2006. But properly priced and marketed homes are still sold on a daily basis. Be prepared for aggressive offers and lots of competition, but depending on your circumstances, it is still quite possible to sell your home.