Media Incorrectly Quotes Arizona Real Estate Stats
“Yesterday, two writers from the Associated Press put out a story that said that 70% of the homes in Phoenix are at risk of foreclosures. By the end of the day the story had gone viral on the Internet and was picked up by multiple large media, including the Wall Street Journal. Of course, the information is flat out wrong, and unfortunately, it was attributed to ARMLS. We are reaching out to the original writers and others who re-circulated it to get the information corrected.
The statement was a result of the writers’ misinterpretation of the correct information put out in the February issue of STAT. In that issue we stated that distressed properties accounted for 70.2% of total sales.
There’s a HUUUUGE difference between 70% of total sales, and 70% of all homes in Phoenix. There’s also a difference between “foreclosures” and “distressed properties”. A distressed property may be a foreclosure, but it may also be a short sale, divorce situation, etc.
NOTE: In anthem Country Club there are only 12% of homes that would be classified as “distressed” properties. There is only one Lender Owned property that is currently listed and just seven Short Sales, out of a total of sixty-five active listings! We have about a four month “supply” of homes and that is a seller’s market (Supply exceeds demand when there are less than six months of inventory on the market).



Avg. Sales Price: 379,000
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