AZ Foreclosure Data

The AZ Republic had an interesting article about local foreclosures in today’s paper – Data show how foreclosures pull down Valley home values. We have certainly been seeing and selling homes that have been foreclosed upon. While these can be good deals for buyers, depending upon the condition of the property, they are probably contributing to the decrease in home values (as the article indicates). These bank owned properties on average are selling for less than those owned by sellers. In some cases these bank owned properties are not in as good of condition as the seller owned properties which is a contributing factor to the lower price. Additionally, the majority of banks will only sell the proprety “as is” and will not do any repairs to the property. The number of foreclosures and sales of foreclosures varies widely by zip code. The AZ Republic site has a link – Bank Owned Sales Prices by Zip – where you can input a zip code and get sales data. An example of the data provided for zip code 85226 in Chandler and zip code 85206 in Mesa follows.

ZIP code – 85226 (Chandler)
Resale median – $259,000
Traditional resale median -$260,000
Foreclosure resale median – $230,000
Resales – 259
Traditional resales – 232
Foreclosure resales – 27

ZIP code – 85206 (Mesa)
Resale median – $202,500
Traditional resale median – $205,500
Foreclosure resale median – $185,000
Resales – 274
Traditional resales – 246
Foreclosure resales – 28