Sedona Foreclosure Properties will continue to impact Sedona Home Market in 2011
We ain't out of the woods yet for foreclosures not to impact the Sedona AZ Home Market - That's for darn sure. Those pesky Foreclosures (in seller's minds) will continue to impact the 2011 pricing and be Golden opportunities for buyers. Across the nation - Foreclosures Reached Record Highs in 2010 and buyers eager to own them came out in record numbers, says Foreclosure Deals, a news source. Those same experts are expecting foreclosures to climb even higher in 2011.
"We saw a lot more repossessions, but we also saw record numbers of home buyers at foreclosure sales," said James Foxx, business analyst for Foreclosure Deals. "Foreclosures are selling at rock-bottom prices, and they remain the best way for first-time home buyers or investors to find the best deals. I think it's clear that statistics for foreclosures in 2011 are going to look very similar to those for foreclosure filings 2010."
While in early 2010 foreclosures appeared to be dropping, experts said the problem was masked by government policies that set out to curb foreclosures. The policies provided increased funding for foreclosure education and gave lenders incentives for providing loan modification and refinancing for troubled home owners. But the new policies, experts said, only stalled foreclosures.
By April 2010, data showed foreclosures in the first quarter were 35 percent higher than in 2009. However, most of the increase was in bank repossessions and REO homes, the final stage of foreclosure. A slower growth rate occurred in new foreclosures listings coming onto the market.
For the Sedona AZ Home Market in 2010, foreclosures only represented about 5% of the active listings but represented about 30% of the solds. And that trend will be here in 2011 as well.