What is Shadow Inventory?

shadow inventory for scottsdale real estateMost of us will agree that "shadow inventory" comprises of properties that are bank owned that are not on the market for sale yet and can also include homes that will fall into foreclosure when loan modifications or short sales are not transacted.

Where Does the Scottsdale Real Estate Market Stand?

I just read an article that referenced an analysis of “Shadow Inventory” published by Standard & Poor's Rating Services. The analysis did not include any mortgages backed by Fannie Mae or Freddie Mac. I was eager to see if Scottsdale would be listed in the article, and it kind of was. The areas that were hit the hardest, such as Phoenix, Las Vegas, Detroit, San Diego, San Francisco, etc., currently have the least amount of…

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foreclosure scottsdale home for sale

As you can see from the list below, Arizona is the 2nd out of the top ten states regarding foreclosures and it affects supply and demand which then affects prices.

For the first half of 2009, here are the state foreclosure stats:

1.  Nevada (1 property in every 16 is in foreclosure)

2.  Arizona (1 in 30)

3.  Florida (1 in 33 which surprises me as I thought Florida was faring worse than Arizona, although they're very close)

4.  California (1 in 34 - again a surprise as I thought California would be first)

5.  Utah (1 in 69)

6.  Georgia (1 in 70)

7.  Michigan (1 in 74 - again, I thought this would be higher based on bad news I've heard, but since this is the entire state, we're not just talking about hard-hit Detroit)

8. …

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act now to get a great deal on scottsdale real estateI am seeing such great deals lately that I'm actually considering selling my own home.  When we purchased our home we thought it was big enough.  But after living in it we discovered we could have used a little more space.

We should not lose money on our home, although when figuring in the work we've done on it (remodeling bathrooms, putting in hardwood floors and some new windows), we'll be lucky to break even.  But we don't care.

The math is in our favor.  Even if we don't see good appreciation on our home (that we purchased in 2003 - just before prices started to skyrocket) we will more than make up for it with our next purchase.  In fact, I've seen foreclosed properties that are larger than our home going for less money, just because it's a…

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