Short Sales – Major Part of Phoenix Real Estate Market

Short sales are a major part of the Phoenix real estate landscape.

Short sales continue to be a significant portion of real estate sales in the Valley of the Sun, Phoenix Arizona.

Short sales in Sun Lakes were  12% of the total home sales in June 2011.

In El Mirage, they accounted for 41% of the home sales.

Short sales in Gilbert – 35% of home sales

Short sales in Chandler – 35% of home sales

Short sales in Scottsdale – 23% of home sales.

It is reported that during the month of June 2011, a total of 91 waterfront properties that sold as short sale transactions.

Short sales provide a method for homeowners experiencing a financial  hardship to sell their home. And lenders see short sales as a way to prevent costly foreclosures. Freddie Mac CEO, Ed Haladman, summed it best when he said, “Freddie Mac is doing everything it can to prevent more foreclosures, and short sales are becoming an ever-popular tool in situations where foreclosure is imminent and modifications have failed.”   Properly  negotiated short sales also offer homeowners a way to sell their homes without a deficiency judgement and in many cases the opportunity to purchase a home within 2 – 3 years.