New housing report show home sales are picking up

The latest housing data from a local title agency may ease any lingering speculation that Phoenix’s rebounding home values could face setbacks from a slew of foreclosures that banks are waiting to dump on the market. At the beginning of this month, the Valley had about 3,560 homes in shadow inventory, which is real estate lingo for the number of properties that already have undergone foreclosure but are not on the market, according to data released June 7 by Grand Canyon Title Agency Inc. in Phoenix. That’s a 27-percent drop, or 1,310 fewer homes, from the shadow inventory recorded for the area in May 2010, the report said. Although these homes already have been foreclosed on, the Grand Canyon report indicated many will instead end up in a short sale as banks continue shying away from putting delinquent homes up for auction.

Click here to view this article from its source.