Arizona Home Talk

Valley home-owners who are trying to sell have some steep competition these days: motivated lenders.  A little more than 49 percent of all the resales recorded in Pinal Country in March were bank-owned properties, according to RL Brown’s Phoenix Housing Market Letter.  These “REO” - real estate owned - homes that have gone back to the lenders through foreclosures are selling for real deals, of course.

Maricopa Country’s REO sales are climbing as well, but make up a smaller portion of the area’s housing market.  About 22 percent of all resales in Maricopa were REO in March, Brown reported.  That compared with 21 percent in February and 16.7 percent in January.

Source: Catherine Reagor, In Pinal, lender-owned properties drive market, Arizona Republic 4/27/2008