Foreclosures are a Small Percentage of the NE Phoenix and Scottsdale Real Estate Market

Foreclosures are a small percentage of the NE Phoenix and Scottsdale Real Estate market. The May 2010 statistics have just been released, and as you can see from the two graphs below, the number of foreclosures as a percentage of all sales, is significantly less in the NE Valley once again. This geographic area includes NE Phoenix and all of North Scottsdale – including Desert Mountain.

The NE Valley is the healthiest geographic area in the Valley in terms of the percentage of sales that were foreclosures or bank owned homes (called REOs in real estate jargon).  Only 22% of all sales in Scottsdale during May, 2010, were bank owned homes or foreclosures. That is a great economic indicator that Scottsdale is turning around. There are simply less foreclosures to be sold. In other areas of the valley, including the West Valley and Phoenix, foreclosures constitute more than half of all sales.

To break it down, in May, 2010:

Only 22% of sales in Scottsdale were foreclosures compared to:

75% of sales in Tonopah were foreclosures
56% of sales in New River were foreclosures
54% of sales in Waddell were foreclosures
50% of sale in El Mirage were foreclosures

The segment of the market which is doing even better than NE Phoenix and Scottsdale are the retirement communities. The 55+ areas have very few foreclosures thus their ratios are even lower. Perhaps we should take a lesson from our senior citizens?  What do you think?

If you are interested in viewing available homes in Northeast Phoenix or North Scottsdale please contact me. I can help you compare Scottsdale golf club memberships.