Elisa Andreis J.D.
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Elisa Andreis    Phone 928-274-1521
Sedona Foreclosures
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Updated on July 5th 2013
 
Distressed sales include foreclosures, short sales and bank owned properties. 
Sedona Foreclosure Inventory Down 20 Percent from a Year Ago
By Elisa Andreis J.D. of Russ Lyon Sotheby’s International Realty
CoreLogic, a leading residential property information, analytics and services provider, released its May National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of April 2013. Foreclosure inventory shows  a 29% decline from a year ago May 2012.
Similarly in Sedona we see a 20% decline in foreclosures and short sale year over year. From Jan 2012 to June 2012, 72 foreclosures and short sales were sold in the Sedona area. From Jan 2013 to June 2013, 58 foreclosures and short sales were sold in the same area.
Here is an example of one of those few left “distressed” properties for sale in Sedona, this short sale listed for $395,000, 3Bed/2Bath, 2800sqft in Northview area in West Sedona.Click here to see full property details
As of May 2013, approximately 1.0 million homes in the United States were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.4 million in May 2012, a year-over-year decrease of 29 percent. Month over month, the foreclosure inventory was down 3.3 percent from April 2013 to May 2013. The foreclosure inventory as of May 2013 represented 2.6 percent of all homes with a mortgage compared to 3.5 percent in May 2012.
"We continue to see a sharp drop in foreclosures around the country and with it a decrease in the size of the shadow inventory. Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends," said Anand Nallathambi, president and CEO of CoreLogic. "We are particularly encouraged by the broad-based nature of the housing market recovery so far in 2013."
 
VOLUME
 
Click on chart to enlarge
 
In June 2013, distressed sales remained constant from a month ago and represented 22% of overall sales.
 
Looking forward, improving price levels, if sustained, will have a positive effect on the rate of distressed sale in the Sedona market.
 
While totally non-existent until 2008, distressed sales grew to represent up to over 40% of residential sales in 2011.
 
Distressed sales have had a negative impact on prices and are still today the principal cause of price stagnation. We need to see more volume decline before a more sustained recovery is possible.
 SALES RELATIVE TO OVERALL MARKET
 
Click on chart to enlarge
 
The ratio stands today at 22% with 11 distressed sales in June versus 49 total volume of sales.
 
Taking into account the considerable price pressure put on the market by distressed sales as discussed in the next segment, when fewer home owners default on their mortgages, property values tend to increase.
 

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Russ Lyon Sotheby's International Realty
20 Roadrunner Drive Suite A • Sedona, AZ 86336
Elisa Andreis • Phone 928-274-1521