Mount Pleasant, PA, November 23, 2010 --(PR.com
)-- Notices of Trustee Sales
recorded in Maricopa County, Arizona (metro Phoenix) jumped in October to the second-highest reading since July 2010. 5,629 Notices of Trustee Sales lends credibility to the idea that the Phoenix housing market has a long way to go in its quest to recover from the housing downturn.
Default Research, Inc. founder Serdar Bankaci said he is deeply troubled and concerned that Phoenix real estate market conditions are far from optimal and have a long way to go before fully recovering. “These numbers are simply terrible. This is one more nail in the coffin of a real estate market that has been on life support for the last two years,” Bankaci said.
Bankaci points to twin culprits he believes are fanning the flames of the torturous Phoenix housing market: “Prices have been dropping – and they show no signs of letting up. Second, inventory has been increasing steadily since May 2010, which indicates serious trouble ahead for the Phoenix market.”
In the midst of the worst Phoenix housing market in memory, Bankaci said that there is reason for optimism. “Real estate investors are capitalizing on buying opportunities by purchasing properties directly from lenders and renting them to people that need a roof over their heads.”
“These properties have to be put to good use. Once homeowners have lost their homes, these properties become liabilities for lenders – and they don’t do anyone any good when they’re empty. People need a place to live, and this solves the problem for all concerned parties.”
Other pertinent facts about the October Phoenix housing report:
· Phoenix had 2,011 foreclosures
· Average value of homes entering foreclosure was $144,686
· Single family homes comprised 93% of all foreclosures
Requests for interviews or additional information are welcome.