- A highlight on the Chandler Market is that 46% of our active listings were Short Sales, which is a huge increase from same time last year.
- Active price per sqft is highest for normal “equity” sales but the gap on closed sales between REO bank owned foreclosed homes and short sales is not nearly as great. I believe due to a lot of sellers listing for too much and then accepting less at the closing table, partially due to appraisal issues and other competition.
- We are still seeing record highs of distress, at 57.7% in Chandler, although it has come down about 5% since March which is a great sign for our area.
- A lot less REO’s are active on the market since the banks are pushing sellers now to do Short Sales (in general but Lender specific still) rather than foreclosing at a Trustee sale and having to sell themselves which loses them an average of $38k per house.
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