Metro Phoenix 2008 Real Estate Statistics and Short-Sale Interesting Revelations

Metro Phoenix Statistics

Did you know that …..

· The average number of days on the market for homes to close was 108 days in January 2008 and 75 days in October 2008?

· Homes sold for 94% of their list price in January 2008 and 96% in October 2008?

· The number of homes sold via MLS was 2,900 in January 2008 and 53,008 in October 2008?

· The median price for a home in Metro Phoenix was $314,000 in January 2008 and $211,000 in October 2008?

Short-Sale Revelations

Did you know that….

· The typical workload for a loan mitigation officer at GMAC Bank is around 500 files, combined loan modification and short-sales?

· At one point Countrywide had more trainees than seasoned staff assigned to decide the outcome of loan modifications and short-sales?

· At some major banks, an employee being paid about $10 an hour decides on the future of families needing assistance with paying for or selling homes valued at up to $500,000?