Maricopa Leads in the Number of Distressed Properties for Sale

Phoenix area distressed salesIt’s pretty well-known that Maricopa has been hit hard by the housing crisis.  Many of the homes in Maricopa were built at the peak of the sub-prime loan and housing price bubble which created the perfect storm for crash of the real estate market in this community located about 20 miles south of Phoenix.  Queen Creek holds the #2 spot for distressed sales made up of REO’s (Lender owned) and short sales. 

On the other end of the spectrum, Sun Lakes which is an active adult community is the least affected at #10, with Paradise Valley holding the #9 spot.

Here are the most recent numbers showing how each community in the East and Southeast part of the Valley are being affected by Foreclosures and Short Sale Market based on homes currently active in the Arizona Regional MLS.

 

#1 Maricopa ~ 70% of all homes for sale are distressed
Short Sales 54%  
REO 16%  
     
#2 Queen Creek ~ 60% of all homes for sale are distressed
Short Sales 44%  
REO 16%  
     
#3 Gilbert Homes for Sale ~ 48% of all homes for sale are distressed
Short Sales 37%  
REO 11%  
     
#4 Mesa ~ 46% of all homes sale are distressed
Short Sales 29%  
REO 17%  
     
#5 Chandler ~ 43% of all homes for sale are distressed
Short Sales 30%  
REO 13%  
     
#6 Ahwatukee ~ 33% of all homes for sale are distressed
Short Sales 25%  
REO 8%  
     
#7 Tempe ~ 30% of all homes for sale are distressed
Short Sales 22%  
REO 8%  
     
#8 Scottsdale ~ 21% of all homes for sale are distressed
Short Sales 14%  
REO 7%  
     
#9 Paradise Valley ~ 11% of all homes for sale are distressed
Short Sales 8%  
REO 3%  
     
#10 Sun Lakes ~ 8% of all homes for sale are distressed
Short Sales 5%  
REO 3%  

*statistic obtained 9/15/2009.

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