The National Association of Realtors (NAR) yesterday released their Pending Sales Report with the “happy news” that pending home sales were up 4.3%. This was of course the month-to-month number. The more significant number- year-over-year was down 19%- but hey, who’s counting?
The NAR also reports that 34% of sales were “distressed sales”. They only count REOs however (bank owned) as distressed. M sends us these interesting figures from Phoenix however, that show that the REO count doesn’t paint a full picture of the situation.
There are currently 15,562 pending sales in the metropolitan Phoenix area. However, if you include pre-foreclosures (owners who’ve received notice but are not yet foreclosed on) and “short sales” we have 3,669 REOs and 8,331 others that are arguably “distressed” even though they do not belong to a bank, you have a total of 12,000 “distressed” properties. By this metric, “distressed sales” actually make up 77% of home sales in the Phoenix area.
In spite of the foreclosure moratoriums, homes continue to be foreclosed on. Last Friday, about 460 NOTs were recorded with the Maricopa County (Phoenix metro) Recorders Office.
So is there “good news” out there in pending sales? Not hardly.
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