Phoenix home sales dropped by nearly one third in August 2010, as median home prices fell to $130,000, approximately half off peak 2006 levels. Hudson & Marshall plans to hold an auction of 600 foreclosed properties in Arizona in the middle of November, and will allow out-of-town buyers to bid online. See the following article from HousingWire for more on this.
Hudson & Marshall, a real estate auction house, will put 600 foreclosed Arizona homes on the block Nov. 9-14.
The homes, located in Phoenix, Tuscon and Kingman are valued from $59,000 to $1.6 million. According to RealtyTrac, the Phoenix metro area holds the nation’s eighth highest foreclosure rate with one in every 44 homes receiving a filing in the third quarter.
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Phoenix home sales dropped 29.5% in August from the average monthly total, according to MDA DataQuick. Prices there have dropped 50.8% below the peak in July 2006 to $130,000 as of August.
Such a fall, H&M said, means good deals for investors and even owner-occupants. Buyers must make a cash or certified check deposit of $2,500 for each property won. All sales close within 30 and 45 days.
“In today’s bruised housing market, it’s a good time for people buy. First time homebuyers or those with looking to trade up for more space can really get more for their money by purchasing homes at auction,” said Dave Webb, principal at H&M.
H&M allows out-of-town buyers make a bid online. The company auctioned $2.2 billion in homes over the last five years and expects to sell another 15,000 homes in 2010.
This article has been republished from HousingWire. You can also view this article at HousingWire, a mortgage and real estate news site.