Friday, October 1, 2010

Phoenix Notice of Trustee Sales Fall 13% in August; Evidence of Housing Market Improvement

Mount Pleasant, Pennsylvania, September 16, 2010 – Maricopa County Notice of Trustee Sales filings fell 13% in August, adding fuel to the belief that the battered Phoenix-area housing market is showing signs of stabilization.

Serdar Bankaci, CEO of Default Research, Inc., said the current Maricopa Notice of Trustee Sales filing figures reflect a growing belief -- held by a broad spectrum of housing experts -- that home prices are no longer falling, and that legislative action and government intervention is having a positive impact.

“These numbers tell a compelling tale.  They show that fewer people are in pre-foreclosure and that home prices have stopped their free-fall.  It’s a major improvement over what we’ve seen over the last couple of years -- and gives us reason to hope that the worst is behind us.”

Government intervention to pump more than $300 million into the Arizona housing market for price stabilization efforts and new laws, such as a prohibition against some Homeowner Association practices of regulating the size and placement of “For Sale” signs, lead him to believe that these efforts are working.

“The Phoenix housing market has been chewed up and spit out by this crisis.  It didn’t hit rock bottom overnight.  Nobody can wave a magic wand or snap their fingers and wish this problem away,” Bankaci said.

“We’re taking steps in the right direction.  The Maricopa County Notice of Trustee Sales filings proves it.”

There were 5,444 Notice of Trustee Sale filings in August, down 739 from July and 1,269 fewer than one year ago when 6,713 filings took place.