As a registered Equator Agent, I receive a monthly REO Market Insights Report which provides valuable data on a national level. I thought you might find it interesting to see what is currently going on:
For the month of July 2016, Arizona had only 740 Active REO’s across the state. Incoming inventory for the U.S. was down 32%. Average days on market for REO’s was 123 days.
Here’s the top 5 Metro Areas with Active Inventory which may surprise you:
New York
Chicago
Miami
Philadelphia
Detroit
5,256
3,828
2,937
2,163
1,453
And here’s some of the lowest in the U.S.
North Dakota had only 18, South Dakota had 80, and Wyoming only had 114.
Auctions: 5% Auction vs. 95% Auction
Evictions: 33% Eviction vs. 67% Non-Eviction
Condition: 28% Repaired vs. 72% Sold “AS IS”
Type of Property:
9% Condos
4% Multi-family Properties
82% Single Family Homes
5% Other