Home sales in the metro Phoenix area are heating up thanks to the popular foreclosure market, according to ForeclosureDeals.com. The site reports that there were more than 10,000 home sales in the Phoenix area in March with nearly 1,500 of those sales foreclosure homes.

“Demand is starting to increase in the Phoenix area, and that’s certainly a good sign,” said James Foxx, a chief business analyst with ForeclosureDeals.com. “And a lot of

foreclosure properties are almost brand new. There was a lot of new development before the crash, and now buyers are getting some amazing deals on brand new homes. Arizona has a lot of value for foreclosures.”

Foxx says foreclosure properties offer discounts from traditional home prices as high as 50 percent or more, making them popular with buyers. Lenders also report higher than normal turnout at foreclosure sales and auctions in Arizona as a whole, Foxx said.

“The economy is beginning to rebound, and Arizona is a great place to live,” he said. “Buyers are just regaining confidence in the market. We’ve been waiting for this to happen. There are great foreclosure homes going for great prices.”

Arizona also has a high number of Fannie Mae foreclosures, many of which are multi-family units. In fact, Foxx says, almost half of Fannie Mae’s foreclosure homes are in the hotspots of Arizona, Florida, Georgia, and Ohio.

Foxx expects interest in Arizona foreclosures to rise as the state’s housing market continues to recover.

Million-dollar homes sales rise nearly 20%

“In a rapidly moving market, the appraisal process becomes more difficult,” says Robert Davis, executive vice president of the American Bankers Association. “Home prices are still falling, and there’s a lot of people who can’t believe they’re that low.”  Foreclosures are a key factor. Market researcher RealtyTrac says foreclosed homes accounted for almost 26 percent of sales last year, fetching 28 percent less on average than non-foreclosed homes. In some markets, foreclosed homes are a greater share of sales.  Appraisers may count those to determine values of non-distressed properties, and the appraisals may not reflect the superior condition of the latter, says NAHB Chief Economist David Crowe.  Beazer Homes, a national home builder, said in a recent Securities and Exchange Commission filing that “appraisals continue to be negatively impacted by foreclosure comparables,” boosting home sale cancellation rates in some markets.   Also, since 2009, new rules have aimed to lessen lenders’ ability to influence appraisers. That’s led to more lenders outsourcing appraisal selection to other firms. They may hire appraisers who aren’t as familiar with the neighborhoods of the houses they’re valuing, realtors say.   “You get people from one end of the state appraising stuff in the other end,” says Don Hammer, manager of Realty Executives in Paradise Valley, Ariz. In his office, about half of all canceled sales are appraisal-related, he says.

MEET BILL SALVATORE, REALTY EXECUTIVES East Valley / TEAM III MEMBER!

Bill and his wife are New Hampshire natives.  They have two grown children, a married daughter with 2 children who lives in the Boston area, and a son who lives in the area and works for the Arizona Diamondbacks. It was while visiting with their son, when he attended ASU, that they decided to escape the cold northeast winters for good. That was nine years ago.

The Salvatore’s home has two wonderful amenities: a patio and swimming pool.  Bill enjoys just relaxing at the pool.  The patio is more like a living room, where you can look at the stars, and watch the Diamondbacks on TV. 

Still a “died in the wool” Red Sox fan, Bill considers himself a “baseball fanatic.”  His daughter has baseball fever as well.  Bill told me that the family refers to his oldest grandchild as “The Miracle Baby.”  This is because his daughter was able to deliver her baby between the 6th and 7th games of the American League Championship Series against the Yankees 4 years ago.  I’d say that’s pretty fanatical!  By the way, Bill’s convinced that his leaving the east coast was the catalyst for the Red Sox winning 2 World Series.  Baseball fans can be pretty superstitious.

January 16, 2011

Bill Salvatore

Realty Executives TEAM I11

1166 E. Warner Rd. Ste. 117

Gilbert, AZ 85296

Dear Bill,

I am writing to "Thank You" for all your help in my recent property purchases.

Just last night I was watching "First Time Home Buyers" on HGTV and the one

advice they gave was, Fi~da  GoodReaItor. I responded with a loud "that's true!" I

may not have been a first time property buyer but I have learned that a Good

Realtor is the key to finding the right property, getting the most detailed and up to

date information, making informed decisions, having an advocate who is

knowledgeable, has great references and is a great communicator throughout the

entire transaction. You're that Good Realtor and I'm glad I found you.

I am still amazed at how quickly you responded to my phone calls or emails. Thanks

for forwarding all your communication between agents, title companies, etc. to me. I

always felt "in the loop!" I greatly appreciated all the statistical information you

provided me and when 1 had to leave Arizona, I really appreciated you providing me

with the safest and easiest way to sign documents. Basically, with your experience

in the real estate world, you made doing business easy and enjoyable.

I look forward to doing business with you again. I will definitely refer you to anyone who is interested in Arizona property.

 I only refer the best!

Sincerely,

Mrs. Jane Young